The proposed self-storage development offers an investor the rare opportunity to develop a new, eight-story self-storage facility in a densely-populated region of the Miami Metro Area. The proposed project is shovel-ready with all permits in place. The subject will consist of 49,350 net rentable square feet and 721 units. The facility will be composed of 100 percent climate-controlled units with a projected lease-up period of 36 months, stabilizing at 90 percent physical occupancy.
Located on an estimated 0.36 acres at 5591 SW 8th Street, the site is situated in the heart of multiple residential communities in the thriving City of Coral Gables, a major component of the Miami Metropolitan Area. The site has excellent frontage and visibility along Highway 41 / 8th Street, which witnesses a robust traffic count of over 49,000 vehicles per day. Additionally, the property is 0.2 miles from SW 57th Avenue, which exceeds 23,000 vehicles per day. The site offers premium accessibility to the surrounding residential areas, including several multifamily developments that are underway or recently completed. The site will benefit from a population of over 200,000 individuals within three miles.
Furthermore, the opportunity is ideally situated in a high-barrier to entry market with limited supply below the market average; approval for self-storage is very difficult to obtain in this coveted primary market. Acquisition provides an investor the unique opportunity to build a Class A, state-of-the-art facility in a thriving and underserved division of the Miami MSA.
- Shovel-Ready Site for a Class A, State-of-the-Art Self Storage Facility With All Permits in Place
- Situated in the Heart of the Miami Metropolitan Area, Which is the Eighth Most Populous MSA in the Nation
- Three-Mile Population of 203,620 Individuals
- High Barrier-to-Entry Market With Below Average Supply in the Immediate Vicinity
- Prime Frontage Along 8th Street, With a Traffic Count Exceeding 49,000 Vehicles Daily