Clearwater, FL Self Storage Opportunity

Clearwater, FL Self Storage Opportunity2020-10-20T16:37:26-04:00

Project Description

The Clearwater, Florida Self Storage Opportunity is Closed.

Under Contract
NRSF – 73,668

16803 US Highway 19 North
Clearwater, FL 33764

The Clearwater, Florida Self Storage Opportunity is comprised of 73,668 net rentable square feet across 7.5 acres of land. The property was constructed in 1965 and underwent a conversion in 1996 to improve the building structure. This facility offers 700 climate-controlled units, 36 drive-up units, 74 rental parking spaces and one office space for a total of 811 units. The site offers a wide variety of amenities, including wide aisles, 13-foot ceilings, premium visibility from U.S. Highway 19, excellent signage and a large selection of well-maintained units to accommodate Clearwater’s high demand for storage. The subject offers a state-of-the-art video surveillance system and premium gating to ensure maximum security. An investor has the unique opportunity to profit from an established facility with a significant market footprint; the subject’s premium location in one the nation’s top metro areas will provide a stable investment for years to come.

The property is situated directly along U.S. Highway 19 in Clearwater, which witnesses a robust traffic count exceeding 87,000 vehicles per day. This thoroughfare is one of the most heavily utilized in the tri-county area, leading to maximum exposure on a daily basis. Additionally, the subject is approximately half a mile from Roosevelt Boulevard, which sees over 63,000 vehicles daily. The site benefits from its location in a densely populated corridor of Clearwater, containing over 94,000 individuals within three miles. Clearwater is a key component of the Tampa-St. Petersburg-Clearwater Metro Area, which is the 18th largest in the United States and second largest in Florida. The area is nationally renowned for its high quality of life, year-round tropical weather and beautiful beaches along miles of shoreline, drawing in thousands of tourists and new residents annually.

Acquisition of the Clearwater, Florida Self Storage Opportunity secures a stabilized asset with multiple upsides in one of the most desirable regions of Florida. The purchaser will benefit by raising occupancies which are already strong; the facility current has physical and economic occupancies of 80 percent and 75 percent, respectively. The cash-flowing asset has solid projected financials with leveraged IRRs of 22.3 percent and 20.1 percent in years five and seven, in addition to a cash-on-cash return of 10.7 percent in year three. There is approximately 3.5 acres of expansion potential directly behind the facility to further accommodate the dense population; this is an underserved market with only one competitor within a mile of the site. Moreover, the facility offers U-Haul truck rentals where new management could implement a tenant insurance program for additional revenue. The opportunity will allow an investor to acquire a reputable storage facility with ample room for growth in one the most captivating metro areas in the country.

Investment Highlights:

  • Cash-Flowing Facility with Expansion Potential & Upside in the Tampa-St. Pete-Clearwater MSA
  • Over 94,000 Individuals Within Three Miles
  • Premium Visibility from U.S. Highway 19, Which Exceeds 87,000 Vehicles Per Day
  • Cash-On-Cash Return of 10.7 Percent in Year Three, in Addition to a Leveraged IRR of 22.3 Percent in Year Five
  • Stable and Competent Local On-Site Management
  • Expansion Potential Directly Behind the Facility to Further Accommodate the Dense Population
  • Capitalize on an Underserved Market; There is Only One Competitor Within a Mile
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