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.
- 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