Lighthouse Self Storage represents a new, state-of-the-art facility comprised of 137,727 rentable square feet on approximately 4.1 acres of land. The facility offers a large variety of premium options, including 1,086 climate-controlled units, 32 drive-up units and 45 parking spaces for a total of 1,163 units. The property was built in 2018 and is experiencing a lease-up phase with a current physical occupancy of 57.5 percent since opening in 2018. There have been no rental increases since the facility opened. Additionally, there is a unique opportunity to purchase and potentially expand upon 6.1 acres of adjacent land to accommodate the swelling population in West Palm Beach, in addition to converting 40,000 square feet of interior boat/RV parking to climate-controlled storage. To ensure a secure premises, the facility is equipped with video surveillance, keypad entry and electronic gating, in addition to sizable loading bays and elevator access for consumer convenience. The subject property benefits from its location in West Palm Beach; a major component of the Miami Metropolitan Area.
The subject property is ideally situated within a thriving corridor of West Palm Beach and benefits from a robust population exceeding 164,000 individuals within three miles of the site. The facility offers direct frontage along South Military Trail, which sees traffic counts of over 44,000 vehicles daily. Additionally, the site is approximately 3.5 miles from Palm Beach International Airport and Southern Boulevard, witnessing daily traffic counts of over 76,000 vehicles daily. An investor can capitalize on the facility’s location along the East Coast of South Florida; the Miami Metro Area is one of the most populated regions in the United States with over six million individuals. West Palm Beach is a principal city of this MSA and is conveniently situated 65 miles from Downtown Miami.
The opportunity allows an investor the ability to acquire a newly built, class A self-storage asset with multiple upsides. The facility represents a unique opportunity to capitalize on a steady lease-up phase in one of Florida’s most iconic and populated markets. Upon stabilization, an investor could potentially expand upon the sizable adjacent land, which is available to separate purchase. There is further upside through bolstering the current tenant insurance program and implementing truck rentals. The facility’s new construction and premium amenities paired with an impeccable location in West Palm Beach comprises an ideal storage investment positioned for significant growth in the coming years.
- Newly-Built, Class A Facility in the Densely Populated City of West Palm Beach, Florida
- Over 164,000 Individuals Within Three Miles of the Site
- 6.1 Acres of Expansion Potential Adjacent to the Facility; This Land is Available for Separate Purchase
- Opportunity to Convert 40,000 Square Feet of Interior Boat/RV Parking to Climate-Controlled Storage
- Direct Frontage on Military Trail, Witnessing Over 44,000 Vehicles Per Day
- Prime Opportunity to Solidify a Strong Market Presence with Limited Competition Within a Mile of the Site
- West Palm Beach is One of the Most Desirable Components of the Greater Miami Metro Area, Which Contains Over Six Million Individuals