The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to offer for sale the Storage Center Portfolio. This offering presents a unique opportunity to acquire two (2) economically stabilized self-storage projects with significant room for rental growth in Tallahassee, Florida.
The Portfolio totals 189,582 in NRSF that includes 8,770 SF of Office Space and 20,880 SF of Warehouse Space. The portfolio offers a good mix of Climate and Non-Climate Units (42% of the storage units are climate) with Non-Climate units that offer Drive Up accessibility which is in high demand in the Florida market.
The population surrounding the sites exceeds 119,000 and the average household income is north of $60,000 within 5 miles. The portfolio has a combined
unit occupancy of 90% with rental rates well below market rents within the 3-mile radius and has shown strong historical occupancy. In addition, the portfolio offers the opportunity to increase non rental income to industry standard levels and provides an excellent opportunity for expanding your footprint in the sun belt, which has shown consistent growth in recent years. Both facilities are in Leon County which shows strong GDP growth, low unemployment, and potential for increased growth in the near term.
- Properties offer a total of 189,582 rentable SF and 1454 rentable units
- Stable facilities with combined 90.23% SQFT occupancy and 90.17% economic occupancy
- Strategically located near the FSU campus and the Apalachee Pkwy
- Value add opportunity with significant room to increase revenue
- NOI projected to increase by 50% by year 3