Converted in 2016, the multistory self-storage facility offers 74,940 rentable square feet and 676 modern storage units. From climate-controlled and non-climate controlled storage units, ranging in size from 25 square feet to 1,050 square feet, to boat/RV parking spaces, the property caters to the surrounding area’s comprehensive storage needs. The occupancies are indicative of a successful lease-up phase at a current 88.1 percent physical occupancy and 68.6 percent economic occupancy, with the ability to further add units on the extensive property’s second floor. The professionally-managed facility has multiple loading bays and is secured by on-site management, 24-hour video surveillance and keypad access. Strategically, the property boasts multiple streams of revenue, including a strong tenant insurance program and two parking leases to utilize the spacious lot occupied by its tenants, along with the overall high volume of tenant traffic at the storage site.
The facility resides on approximately 4.78 acres and benefits from its impeccable situation at 2320 West Hillsborough Avenue in Tampa, Florida; this location is on the signalized intersection of Hillsborough Avenue and Armenia Avenue, resulting in a combined traffic count of over 91,100 vehicles daily. Hillsborough Avenue individually sees over 66,500 vehicles daily, while Armenia sees over 24,500 vehicles daily; the site is advantageously accessible from both thoroughfares. The intersection houses national retailers, including Publix, CVS, Thornton’s and numerous others to match the populous location. Within a five-mile radius is a population of 315,479 individuals and 126,512 households, while the three-mile radius also boasts a large population of 133,194 individuals and 51,704 households. The five-mile population is projected to rise by 7.5 percent within a five-year span from 2019 to 2024, exceeding national growth. Furthermore, both radiuses have a population that is over 50 percent renter-occupied; historically, renters utilize storage at a higher rate than owners.
EXR-Managed Tampa is poised to continue its growth as the area itself continues to benefit from an influx of residents and national retailers migrating into the corridor. With high-traffic counts along the Hillsborough-Armenia intersection, the opportunity leaves room to capitalize on optimal signage to enhance visibility. Upon stabilization, an investor can further expand the facility by taking advantage of the vacant second floor of the facility and outfitting the area for storage units to meet the growing demand, along with raising facility rates that are below market, such as the property’s 10×10 climate-controlled units at $25 beneath immediate competitors. The property is equipped with quality features and units, ensuring success for years to come in a prime location, and benefits from many streams of additional revenue in place. These major upsides are paired with forward-looking financials entailing both a projected stabilization and a cash-on-cash return of 11.2 percent in year two. With the facility’s ideal location on a well-traveled thoroughfare in an area swelling in population growth, the site advantageously resides in Hillsborough County’s City of Tampa, a principal of the Tampa Bay Area, one of the fastest-growing metro areas in the country. The county alone has a population higher than that of 10 states, and ranks outside of the Miami counties as the most populous in Florida.
- Multistory Self-Storage Facility Converted in 2016 with Professional Management and a Successful Lease-Up Phase
- Boasts Several Streams of Revenue in Place: an Effective Tenant Insurance Program and Two Parking Leases to Utilize the Spacious Parking Lot
- Multiple Loading Bays for Ease of Migrating Belongings into Storage
- Growth Potential Through Raising Rates Currently Below Market, Expanding the Facility to Offer Storage on its Second Floor and Implementing Stronger Signage for Enhanced Visibility on Heavily-Traveled Thoroughfares
- Forward-Looking Financials, Including a Year Two Projected Stabilization and a Cash-on-Cash Return of 11.2 Percent
- Lease-Up Activity Demonstrating a Current Physical Occupancy of 88.1 Percent
- Impeccable Location on the Signalized Intersection of Hillsborough Avenue and Armenia Avenue, Resulting in an Intersection Traffic Count of Over 91,100 Vehicles Daily and Housing National Retailers Publix, CVS and Thornton’s, Among Others
- High Renter-Occupied Housing Population Exceeding 50 Percent in the Heart of the Tampa Bay Area’s Principal City, with a Three-Mile Population of 133,194 Individuals