Indian River Self Storage
84,380 NRSF| 664 Units | Edgewater, FL (Daytona-Deltona-Ormond Beach MSA)
Indian River Self Storage is situated on approximately 10 Acres and is comprised of 84,380 Net Rentable Square Feet among 301 climate controlled units, 331 non-climate controlled units, and 32 outdoor parking spaces for a total of 664 units. This facility boasts outstanding physical and economic occupancies of 98.1% and 90%, respectively, which is indicative of the high demand within the immediate trade area, as well as the decidedly favorable supply dynamic enjoyed by the facility.
Indian River Self Storage serves as the primary self storage location within the immediate trade area, with zero facilities offering climate controlled self storage within a three-mile radius and only one facility offering climate controlled self storage within five miles. Further, Indian River Self Storage is bolstered by it’s excellent frontage and visibility along Ridgewood Avenue/US-1, which witnesses traffic counts in excess of 14,000 VPD according to FDOT statistics. Additionally Ridgewood Avenue/US-1 serves as the primary corridor connecting the City of Edgewater to the cities of New Smyrna, Port Orange and Daytona Beach.
Indian River Self Storage offers multiple upsides, and will allow a new operator to immediately capitalize on a number of easily achievable value-add initiatives. Currently, the facility incurs an annual variance cost in excess of $64,800, which can be quickly and easily recaptured by standardizing rates upon both new and existing customers. Further, Indian River Self Storage recently re-implemented its robust truck rental program, which drives traffic to the facility and can be optimized after takeover to increase revenue, and better serve the surrounding trade area. Additional opportunities exist for a new operator to add value by reducing the vastly above-market payroll, increasing retail sales, and reinvigorating the tenant insurance program, which currently has a 2.67% penetration rate, offering tremendous upside to improve revenue.
- Institutional Quality Self Storage Facility Offering Best of Market Amenities and Upkeep
- Vastly Superior to Surrounding Competitors, With Only One Competitor Offering Climate Controlled Storage Within a Five Mile Radius, Allowing a New Operator to Decisively Control the Market
- Outstanding Physical and Economic Occupancies of 98.1% and 90%, Respectively.
- Rare Opportunity to Immediately Capture $64,800 Annual Variance by Standardizing Unit Rates Across All Tenants
- Excellent Visibility and Frontage on US-1, Which Witnesses Over 14,000 VPD
- Extremely low tenant-insurance penetration of 2.67%, offering significant upside for a new operator