AAA Storage of brevard

53,100 NRSF| 289 Units | Palm Bay, FL

Under Contract

INVESTMENT OVERVIEW


Located in Palm Bay, Florida, AAA Storage of Brevard presents an investor
with a highly viable self-storage asset, consisting of 53,100 NRSF among 92
Climate Controlled, 156 Non-Climate, 6 Flex-Office Units, and 44 Outdoor
Parking Spaces for a total of 298 Units. AAA Storage of Brevard has historically enjoyed strong occupancy levels and boasts current physical and economic occupancies of 85.9% and 90.7%, respectively.


AAA Storage of Brevard benefits from a strategic and favorable location
on Robert J. Conlan Blvd., which accommodates approximately 17,200
VPD According to FDOT Statistics. Further, AAA Storage of Brevard has the
unique advantage of being the closest self-storage facility to the Melbourne
Causeway, which connects the affluent barrier island communities of
Melbourne Beach and Indialantic to the mainland. The Melbourne Causeway
is the most convenient point of access to the mainland for ~17 miles to
the south. Along with the beneficial location, AAA Storage of Brevard has
a favorable demographic profile within three and five miles, with strong
populations of 54,461 and 112,733 and an annual population growth rate
just under 1.5%.


New ownership will be able to immediately and decisively add value to this
asset by significantly increasing rental rates upon new and existing tenants,
adding and improving upon secondary sources of income, such as tenant
insurance, retail sales and truck rentals. Further value can be added by leasing up the remaining vacant units, the majority of which are recently vacated company units.


Constructed in Phases from 2008-2016, AAA Storage of Brevard has no
pending capex needed, and offers tenants best of market amenities and unit
diversity. AAA Storage of Brevard offers one highly sought-after Multitenant
Flex-Office Building consisting of six 30×70 units, all of which are occupied
by a single tenant, with a lease running through Summer 2021. This lease
contains one escalation based on CPI, with the increase being no less than
5% and no greater than 10% over the previous year.
 

Facility Summary
Address:              1731 Robert J. Conlan Blvd., Palm Bay, FL 32905
 
County:               Brevard
 
Land Area:          4.41 AC +/-
 
NRSF:                  53,100 (8,500 CC | 32,000 N/C | 12,600 Flex) 
 
Units:                  298 (92 CC | 156 N/C | 6 Flex | 44 Parking)
 
Occupancy:        89.2% (Area) | 85.9% (Unit) | 86.7% (Economic) 
 
Unit Sizes:          25-2,100 SF 
 
Buildings:          4 Single Story Self Storage, One Multi-Unit Flex
  
Built:                   2008-2016
 
Access:               Sliding Gate with Integrated Keypad Access   
 
Flood Zone:       Zone X (Minimal Flood Hazard)
Investment Highlights:
  • 53,100 NRSF situated upon 4.41+/- acres among 298 Total Units
  • No New Projects in the Pipeline within Three Miles
  • Nearest Facility to Melbourne Causeway –
    which connects Affluent Melbourne Beach and
    Indialantic to the mainland
  • No Needed Capex
  • Signifcantly Below Market Rents
  • Excellent Visibility and Traffc Exposure –
    Approximately 17,200 VPD
  • 34.8% Renter Occupied Housing Within Three
    Miles
  • Signifcant opportunity to boost revenues by
    adding and improving upon secondary income
    streams such as tenant insurance, increased retail
    sales, and truck rentals