The Tampa Bay Self Storage Opportunity is comprised of 72,843 rentable square feet on approximately 6.61 acres of land. The facility offers 448 fully climate-controlled units, 248 non-climate-controlled units and 50 boat/RV parking spaces for a total of 747 total units. To ensure a secure premise, the facility is equipped with 24-hour video surveillance and electronic gating. The subject has physical and economic occupancies of 86.1 and 72.4 percent, respectively. An investor can capitalize on the facility’s current lease-up phase; the site recently converted 56 units from non-climate-controlled to fully-climate-controlled in December 2018. The site offers excellent frontage along Anderson Road and convenient access to all the well-renowned amenities and resources in the Tampa Bay Area.
The facility is located at the center of an active retail corridor in the thriving MSA. The site benefits from the surrounding population of over 109,000 individuals within three miles, in addition to a projected annual three-mile growth rate of 1.1 percent from 2019 to 2024. The subject offers convenient access to and from Anderson Road and Waters Avenue, with traffic counts exceeding 26,000 and 46,000 vehicles per day. Additionally, the site is within a mile of the Veterans Expressway; a major commuter roadway which sustains a traffic count of over 69,000 vehicles daily. The Tampa Bay Metro Area is one of the fastest-growing regions in the country with over three million people.
The Tampa Bay Self Storage Opportunity allows an investor the unique opportunity to acquire this storage asset with multiple upsides in a top-10 metro area. The property has forward-looking financials with cash-on-cash returns of 10.0 and 13.7 percent in years one and two, in addition to a projected leveraged IRR of 20.0 percent in both years five and seven. Additionally, the subject’s growth potential is reflected in a proforma cap rate of 7.19 percent. An investor can increase profits by implementing tenant insurance and a truck rental program. Furthermore, the opportunity represents a rare advantage in obtaining a well-maintained facility in a thriving suburb of the Tampa Metropolitan Area.
- Capitalize on the Lease-Up Phase from Recent Unit Conversion
- Prime Frontage Near the Anderson-Waters Intersection with 72,000+ Vehicles Daily
- Cash-On-Cash Returns of 10.0 Percent and 13.7 Percent in Years One and Two
- Leveraged IRR of 20.0 Percent
- Over 109,000 Individuals Within Three Miles
- Projected Three-Mile Growth Rate of 1.1 Percent Annually
- Well-Located in a Top 10 Metropolitan Area