Orange Self Storage consists of 73,460 rentable square feet on approximately 5.47 acres of land. The facility offers a large variety of well-maintained options, including 50 climate-controlled units, 423 drive-up units and 11 RV and boat parking spaces for a total of 475 units. The facility is stabilized with excellent physical and economic occupancies of 95 percent and 91 percent, respectively. Additionally, the subject offers two office spaces totaling 1,500 square feet. There have been no rental increases since the facility opened. Moreover, there is a prime opportunity to convert interior boat and RV parking to climate-controlled storage to accommodate the growing population in this thriving area of Tallahassee. To ensure a secure premise, the property is equipped with computerized gate access, in addition to wide aisles for consumer convenience.
The subject property is situated in the heart of Tallahassee, Florida and benefits from a solid population exceeding 73,000 individuals within three miles of the site. The facility offers direct frontage along West Orange Avenue, which sees traffic counts of over 20,000 vehicles daily. Additionally, the subject property offers convenient access to Florida State University and Florida A&M University; both of these major institutions have allowed Tallahassee to become one of the most recognized college towns in the United States. Moreover, this facility benefits from limited competition and is the main storage provider within the immediate vicinity, serving the large student population and the surrounding residential areas.
The opportunity allows an investor with the ability to acquire a stabilized asset with multiple upsides. The facility represents a unique opportunity to capitalize by raising rates; the 10×10 and 10×20 drive-up rates are well below the market average. The property has excellent projected financials with cash-on-cash returns of 12.3 percent and 15.8 percent in years one and two, in addition to leveraged IRRs of 25.2 percent and 23.6 percent in years five and seven. There is further upside through bolstering the current tenant insurance program and implementing truck rentals. The facility’s established reputation and ideal location in the center of a major college destination comprises a turn-key storage investment in the current and future market.
- Stabilized Self Storage Asset with Value-Add Potential in the Heart of Tallahassee, Florida; One of the Premier College Destinations in the United States
- Over 73,000 Individuals Within Three Miles of the Site
- Cash-on-Cash Returns of 12.3 Percent and 15.8 Percent in Years One and Two, in Addition to a Leveraged IRR of 25.2 Percent in Year Five
- Excellent Physical and Economic Occupancies of 95 Percent and 91 Percent, Respectively
- Expansion Potential with Ability to Convert Interior Boat/RV Parking to Climate-Controlled Storage
- Direct Frontage on Orange Avenue, Witnessing Over 20,000 Vehicles Per Day
- Established Market Presence with Limited Competition Within the Immediate Trade Area
- Low Three-Mile Supply 2.92 NRSF Per Person
- Two Planned Communities with Continuous New Home Construction Through 2023