Project Description
The Self-Storage Group of Cushman & Wakefield has been selected to exclusively market the sale of the Fort Lauderdale, FL Self-Storage Opportunity.
SOLD
Price: Market Bid
NRSF: 88,849
Acquire an established self-storage property located in the heart of Fort Lauderdale. Considered “The Venice of America,” Fort Lauderdale is a major player in the boating and tourism industries. However, due to lower business costs and year-round sunshine, Fort Lauderdale has become a draw for a wider span of industries. The job market grew by 1.9% over the last year, and future job growth over the next ten years is predicted to be 37.9%, outperforming the US
average of 33.5%.
This 88,849 square-foot facility is on NW 1st Ave between NW 4th St and NW 5th St, just south of the famous FAT Village Arts Center. Built in 2009 and expanded in 2018, the modern facility offers 943 units, including a range of storage units and lockers, climate-controlled storage, and even vehicle storage. The structure is equipped with security measures like video surveillance, secure floor access, and electronic gate access with personalized entry codes to protect belongings.
As the densely populated Miami metropolitan area expands, more affordable cities like Fort Lauderdale draw new residents. The sale of this property allows a savvy investor to acquire a new business in a growing area where self-storage remains in constant demand.
OFFERING HIGHLIGHTS
- Fort Lauderdale is considered a principal city within the fast-growing Miami metropolitan area, which has a population nearing 6.2 million.
- This high barrier to entry market features strict permitting restrictions that limit the number of new self-storage developments in the RAC-CC, RAC-AS, RAC-UV, RAC-RPO, & RAC-TMU zoning districts.
- A modern structure that was completed in 2018.
- The 88,849 square-foot facility is equipped with 943 rentable units, including lockers, climate-controlled options, and vehicle storage.
- Physical occupancy is 98.0%/97.2%, while economic occupancy is at 70.68%.
- Potential value-add opportunity to convert the monthly parking area into traditional storage.
- It is conveniently situated between NW 4th St and NW 5th St, just south of the popular FAT Village Arts Center.