Cocoa, FL Self Storage Opportunity

Cocoa, FL Self Storage Opportunity2020-10-21T13:56:54-04:00

Project Description

The Cocoa, FL Self Storage Opportunity is Under LOI.

Call for Info – 51,270 NRSF

3835 W King St, Cocoa, FL 32926
Brevard County

The Cocoa, Florida Storage Opportunity is comprised of 51,270 net rentable square feet. The facility offers 231 climate-controlled units, 84 non-climate-controlled units, 8 lockers, 163 drive-up units and 3 boat/RV parking spaces for a total of 489 units. The facility recently completed various capital improvements, including new roofing, premium video surveillance and updated electronic gating. The subject has a physical occupancy of 83 percent, with ample room for growth within a desirable region of Brevard County, Florida. The site utilizes perimeter-wide fencing, electronic gating and 24-hour video surveillance to ensure secure self-storage.

The facility is ideally situated in a flourishing division of Cocoa, Florida, which is a key component of Brevard County along the Atlantic coast of Florida. The facility offers direct frontage along King Street, which has a traffic count exceeding 23,500 vehicles daily. Additionally, the site is half a mile from Interstate 95; this is one of the largest roadways in Florida with a traffic count of over 81,000 vehicles per day. The property benefits from its location in the rapidly growing Palm Bay-Titusville-Melbourne Metropolitan Area and is positioned for continued success as the main storage provider within the immediate vicinity; there is only one competitor within a mile of the facility.

Acquisition of the Cocoa Self Storage secures a well-maintained asset in a thriving MSA with multiple upsides. An investor can capitalize by continuing to raise occupancies in this thriving region of Cocoa, Florida. Upon stabilization, the subject can further maximize profits by raising rates to meet the comparable average; the 5×10 and 10×10 climate-controlled rates are well below market. Additionally, the subject property offers tenant insurance and truck rentals for additional income. Furthermore, the subject property represents an excellent opportunity to capitalize on a significant market presence along Florida’s desirable Atlantic coast.

Investment Highlights:

  • Excellent Opportunity to Acquire a Well-Maintained Storage Asset with Multiple Upsides in Cocoa, Florida
  • Recently Implemented New Roofing, Video Surveillance and an Updated Electronic Gate
  • Limited Competition Within the Immediate Trade Area, Demonstrating a Significant Market Presence
  • Direct Frontage Along King Street and Easy Access to I-95, with Traffic Counts Exceeding 23,000 and 81,000 Vehicles Per Day
  • Capitalize by Continuing to Grow Occupancies as the Main Storage Provider within the Region
  • Raises Rates to Meet the Market; the 5×10 and 10×10 Climate-Controlled Rates are Well Below Market
  • Impeccably Situated Along the Atlantic Coast of Florida in the Palm Bay-Titusville-Melbourne Metro Area
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as Cocoa, FL Self Storage Opportunity.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.