Hyde Park Self Storage

Hyde Park Self Storage2019-10-22T13:36:45-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield is pleased to offer Hyde Park Self Storage, located in the heart of Tampa, Florida.

$3,150,000
NRSF – 10,896

1600 West Platt Street
Tampa, FL 33606

Hyde Park Self Storage is home to 197 climate-controlled units, ranging in size from 15 square feet to 300 square feet, on 10,896 rentable square feet. The self-managed asset features access to a cargo lift for upper-level units, and has video surveillance and a full alarm and fire system to ensure secure storage.

The facility is located at 1600 West Platt Street, near major thoroughfares State Road 60 and the Selmon Expressway. State Road 60, known as Kennedy Boulevard, is one of South Tampa’s busiest east-west roads, with outstanding day and evening vehicle traffic. The asset is also visible from the Selmon Expressway, which sees over 51,000 vehicles daily. Surrounding the facility is a superb mixture of multifamily complexes, single-family residences and retailers, including the nearby Historic Hyde Park Village, a 266,000-square foot, outdoor shopping center anchored by tenants CinéBistro, Pottery Barn, West Elm and multiple high-end restaurants. Additional retailers in the near vicinity include Walmart, Tijuana Flats, Starbucks, McDonald’s, and many others. Within this desirable residential neighborhood is a one-mile population of 22,772 and a three-mile population of 118,411, paired with a high ratio of renter-occupied housing units and a swelling population increase in both radii.

Acquisition guarantees exceptionally rare opportunity to obtain self-storage asset located in Tampa’s highest barrier-to-entry market, the affluent neighborhood of Hyde Park. Since 2017, the subject has undergone extensive upgrades, including a upgraded video surveillance system and a PTI door access system to allow for after-hours building access, in addition to new painting, landscaping and renovations to the office and bathroom. The excellent care of the facility allows an investor to acquire the asset with little maintenance required. Historically, the property has maintained high occupancies and demand continues to remain strong, as indicated by the current physical and economic occupancies of 84 percent and 96 percent, respectively.

Investment Highlights:

  • Rare Opportunity to Acquire a Secure Investment in Tampa’s Affluent Neighborhood of Hyde Park
  • High Barrier-to-Entry Market in the Tampa Bay MSA
  • Three-Mile Radius Supply Less Than the Florida Average
  • Consistent Rental Rate Growth
  • High Physical & Economic Occupancies
  • High Ratio of Renter-Occupied Housing Units
  • Outstanding Demographics with an Average Household Income Exceeding the National Average
  • Convenient Access to Major Thoroughfares State Road 60 and the Selmon Expressway
  • Fantastic Mixture of Residential and Retailers in the Immediate Vicinity and Numerous Developments
  • 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 Hyde Park Self Storage.

    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.