The subject property consists of 107,081 net rentable square feet across 7.57 acres of land. The facility offers 372 climate-controlled units, 450 drive-up units and 25 boat/RV parking spaces for a total of 848 units. The property offers wide aisles and ground-level access throughout for consumer convenience. Additionally, the subject offers a 2 bed/1 bath on-site manager’s apartment. The facility has a physical occupancy of 66 percent, with ample room for growth within a desirable region of Brevard County, Florida. The site utilizes perimeter-wide fencing, electronic gating and 24-hour video surveillance to ensure secure self-storage.
The portfolio is ideally situated in Rockledge, Florida, a key component of Brevard County along the Atlantic coast of Florida. The facility offers premium access from Viera Boulevard, which has a traffic count of over 39,000 vehicles daily. Additionally, the site is easily accessible from U.S Highway 1 and Interstate 95, which are two of the state’s most heavily frequented thoroughfares. The facility benefits from its location in the rapidly-growing Palm Bay-Titusville-Melbourne Metropolitan Area; the Rockledge facility has a projected three-mile annual growth rate of 1.1 percent from 2020 to 2025. Furthermore, the facility will benefit from an average three-mile household income exceeding $103,000 annually.
Acquisition of the Rockledge Self Storage Opportunity secures a well-maintained storage asset in a thriving MSA with multiple upsides. An investor can capitalize by continuing to raise occupancies in this expanding region of Brevard County. Upon stabilization, the subject can further benefit by raising rates to meet the market; the 10×10 climate-controlled rates are currently below the comparable average. Additionally, the site offers tenant insurance and truck rentals for additional income. Furthermore, the subject property represents a prime opportunity to establish a significant market footprint along Florida’s desirable Atlantic coast.
- Prime Opportunity to Acquire a Well-Maintained Asset in an Affluent Corridor of Brevard County, Florida
- Average Three-Mile Household Income Exceeding $103,000 Annually
- The Subject Will Benefit from Limited Competition Within the Trade Area
- Three-Mile Population Growth Rate Above the National Average, Signifying the Area’s Rapid Expansion
- Easily Accessible from U.S. Highway 1 and Interstate 95, Which are Two of the Most Frequented Roadways in the State
- Capitalize by Continuing to Increase Occupancies in a Thriving District
- Raise Rates to Meet the Comparable Average Upon Stabilization; the 10×10 Climate-Controlled Rates are Currently Below Market
- Impeccably Situated Along the Atlantic Coast of Florida in the Palm Bay-Titusville-Melbourne Metro Area