Cocoa, FL Self Storage Opportunity

Cocoa, FL Self Storage Opportunity2021-01-07T11:49:01-05:00

Project Description

The Cocoa, FL Self Storage Opportunity has recently sold.

Sold – 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

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