Take advantage of the rare opportunity to acquire a modern self-storage property in the fast-growing Tampa Bay area. The metropolitan area is currently the eighteenth largest in the nation; 3.1 million residents call Tampa Bay home. St. Petersburg (St. Pete), the metro’s second-largest city, is growing at a rate of 0.33% annually with a notable 9.13% population increase since 2010. Multifamily rental rates have also skyrocketed to keep up with demand, exceeding 20% year over year growth in Q3 2021. Over 26 new Multifamily projects have been completed or are in planning in the 1.5 miles surrounding this core location since 2018, contributing to the downtown inventory growing by 25% in the past 5 years.
Built in 2018, this self-storage facility is located on 2nd Ave N near the intersection of Central Ave and 16th St N. The prime location is convenient for residents of St. Pete’s major neighborhoods, including the Downtown Core and Historic Kenwood, as well as students from the University of South Florida’s (USF) St Pete Campus is just 1.5 miles down the road. With an ideal size of 61,152 square feet of space, the facility accommodates a total of 582 rental units. Physical occupancy is 98.9/98.5% with economic occupancy at 72.11%, allowing for ample revenue growth opportunities as St Pete’s metro population continues to gain density.
The structure is outfitted with unique drive-thru access into the facility with state-of-the-art security features, such as electronic gate access, controlled floor access, and video surveillance. Additionally, a wide range of storage size options is available, along with climate-controlled units to guard against Florida’s heat and humidity.
- Incredible Physical Occupancy of 99% » One of the fastest growing markets in the country, downtown multifamily inventory has grown by 25% in the past 5 years.
- The average multifamily vacancy rate established a new record low in 21Q2.
- Convenient location near major neighborhoods and a short drive from the USF St. Pete campus.
- Trophy Asset, built with industry leading drive thru for ease of access.
- The facility is protected by electronic gate access, controlled floor access, and video surveillance.