Project Description
The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to sell the Key West Self-Storage Opportunity
SOLD
NRSF: 40,715
The Key West Self-Storage Opportunity is a Class A, trophy asset, completed in February 2022. The opportunity includes 40,715 net rentable square feet facility across 311 climate-controlled and 53 non-climate units, as well as a large open rental office. The Facility will be ready to open in March 2022 and will offer its tenants modern conveniences such as climate-controlled units, video surveillance and electronic gate access, online booking and reservation, and free use of moving equipment.
The facility is well located off Highway US 1 in Key West, Florida, just minutes from the Key West Historic District and Duval Street. The 7-mile strip is home to just under 25,000 people with the average household income at approximately $98,000.
As the Sunbelt continues to expand due to current and expected U.S. migration trends, this asset is expected to generate strong demand and lease-up at an impressive rate. This opportunity represents a unique opportunity to acquire a trophy self-storage asset in the Florida Keys.
INVESTMENT HIGHLIGHTS
- A brand new, purpose-built facility which will feature modern conveniences for its customers. The facility is constructed out of CMU block walls secured in all 4 corners by helical piers. This makes the building rock solid in wind as opposed to some other wood or steel structures that buckle under wind loads.
- High barrier-to-entry market with limited existing supply and future development opportunities.
- High-growth market with strong tailwinds.
- Well located off US Highway 1 and less than 7 miles driving distance from the Key West International Airport.
- Over the last year, interest in investing in real estate in small towns and places like the Florida Keys has grown tremendously. Many people are fleeing the high-tax, high-stress northern states, attracted to the tropical island dream.