The proposed self-storage development offers an investor the opportunity to develop a new, five-story self-storage facility in a densely populated region of the Miami Metro Area. The proposed project is fully entitled and approved, zoned and site-planned for storage on five floors, with ground floor retail. The subject will be ready to break ground in the near future. The facility will consist of 149,430 gross square feet and approximately 100,568 net rentable square feet. Moreover, the subject will be environmentally friendly and consist of fully-climate-controlled units with a projected lease-up period of 36 months, stabilizing at 92 percent physical occupancy.
Located on an estimated 1.29 acres at NW 79th Street, the site is situated at the center of a densely populated corridor in the heart of Hialeah, a major component of the Miami Market. The site has excellent frontage and visibility along NW 79th Street, which witnesses a traffic count of over 27,000 vehicles per day. Additionally, the property is approximately three miles from Interstate 95, a major thoroughfare with an exceptional vehicle count in excess of 227,000 daily. The heavily-utilized Miami Metro Rail is directly overhead and there is a major metro rail train station within one block of the site. The subject offers premium access to the surrounding residential areas, national retailers, highly-regarded schools and multifamily communities. The land is ideally situated directly across the street from a new Super Walmart, new Ross 4 Less and 30 additional acres of newly-opened, class A retail stores. The surrounding area is booming with construction and activity, which is indicative of the area’s growth. The site will benefit from a population of over 205,000 individuals within three miles and a strong renter-occupied housing rate of over 41 percent, demonstrating the strong need for self-storage within the immediate vicinity. The subject property offers convenient access to all of Miami’s world-renowned beaches, dining and countless entertainment options.
Furthermore, the opportunity is ideally situated in a highly-populated area of South Florida with supply below the market averages. Approval for self-storage is very difficult to obtain in this coveted primary market and this location will be delivered with all site-plan approvals in place. Acquisition provides an investor the unique opportunity to build a Class A, state-of-the-art facility in an underserved division of the Miami MSA.
- Fully Approved Site Plans in Place for a State-of-the-Art, Class A Facility
- Situated in the Heart of the Miami Metropolitan Area, which is the Eighth Most Populous MSA in the Nation
- Over 18,000 Residents with Only One Competitor Within One Mile of the Subject
- The Surrounding Area is Booming with Construction and Development Activity, Which Indicative of the Area’s Growth
- Over 205,000 Individuals and a Solid Renter-Occupied Housing Population of 41 Percent Within Three Miles
- Prime Frontage Along NW 79th Street, with a Traffic Count Exceeding 27,000 Vehicles Daily