Project Description
The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale of Self-Storage Opportunity located in Cape Coral, FL.
SOLD
Total Size – 65,950 NRSF
The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to offer for sale Self-Storage Opportunity in Cape Coral, FL. To acquire a self-storage facility in the nation’s fastest-growing city, Cape Coral, part of the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area. The Cape Coral Self-Storage Opportunity is highly visible along a primary thoroughfare, encompassed in a surrounding area that boasts all the elements ideal for self-storage, including a record-breaking population surge and a wide array of national retailers. Cash flow can be enhanced upon acquisition by implementing a tenant insurance program and increasing rates to match the market.
Consisting of 65,950 rentable square feet among five buildings, the facility has 414 climate controlled units, 250 non-climate controlled units, ranging from 25 square feet to 200 square feet, and 11 boat/RV spaces and 45 parking spaces for a total of 709 units. To ensure secure self storage is perimeter-wide fencing, video surveillance, individual unit alarms and a gated entry and exit with keypad access. The facility is also a U-Haul neighborhood dealer, offering truck rentals for the surrounding communities. Overall, the subject features physical and economic occupancies of 93 percent and 62 percent, respectively.
Prominently situated on five acres, the Cape Coral Self-Storage Opportunity has excellent frontage on State Road 78, known as Pine Island Road, which sees traffic counts of over 42,000 vehicles daily. The facility is also in proximity to U.S. Highway 41 and Interstate 75 at 4.9-mile and 10.8-mile distances. The five-mile radius surrounding the facility is indicative of the city’s recent placement as the fastest-growing in the country with 39,447 individuals and 53,078 households.
To support the surging community are countless national retailers all within an approximate one-mile radius. Shopping centers in the immediate vicinity include the Sam’s Club Shopping Plaza, featuring Sam’s Club and anchors Buffalo Wild Wings and Culver’s, the Santa Barbara Centre, anchored by Publix, Wells Fargo Bank and Taco Bell and Pine Island Marketplace with giants Walmart, Kohl’s, Office Max and Michael’s. In addition to the multitudinous retailers lining Pine Island Road, Cape Coral’s Technical College is 1.2 miles west of the subject.
INVESTMENT HIGHLIGHTS
- May 2021 physical occupancy is 95%
- Cape Coral has seen an average of 7% population growth annually over the last 10 years
- Superb frontage along the main thoroughfare SR 78/Pine Island Road with AADT of 45,500
- Numerous national retailers within an approximate 1-mile radius to cater surging population