Class-A Lease-Up Miami Gardens, FL

The Miami Gardens Self-Storage Opportunity is a Class A, purpose-built self-storage facility that opened in March 2021.

This 94,411 net rentable square foot facility includes 875 climate-controlled and 34 drive-up units (behind the main facility), as well as a large open rental  office. It boasts premium features including 2 elevators, 2 loading areas, 88 security cameras, key fob access, and a paved asphalt parking surface. The build features a concrete foundation, block structure, and thermoplastic polyolefin roof with a warranty extending through March 2051.

The facility is well located in the Miami Gardens area of Miami, Florida, adjacent to the Carol City Shopping Center. The 3-mile trade area has 161,521 people and a median income of $45,477. The dense population yields significant multi-family supply, including a proposed 4-star mid-rise project just a 3.5-mile drive distance. It is also located close to major retail, fast food, and grocery stores.

The area has recently experienced rapid population growth which has increased the overall density and income levels. It is apparent upon review of this site’s operating results month-over-month since its opening that it will become physically stabilized in less than 1.5 years allowing the buyer to achieve double-digit returns.

INVESTMENT HIGHLIGHTS

• An early-stage lease-up deal with excellent occupancy trends.
• Densely populated trade area with a 3-mile population of 161,521 people.
• Proforma returns are expected of 12.5% cash-on-cash and 15.4% leveraged IRR.
• Exceptional visibility with approximately 52,000 annual average daily traffic volume.
• Well located off NW 27th Avenue near I-95 and the Palmetto Expressway.