More or Less storage

16,175 NRSF | 147 Units | Saint Cloud, FL 

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Investment Description:

More or Less Storage is a 142 Unit, all Non-Climate Controlled Self Storage Facility located within the rapidly growing City of St. Cloud, located in the Orlando-Sanford Kissimmee MSA.

More or Less Storage was constructed in two phases, with the first phase being completed in 2000 and more recently, phase two was newly completed in 2015, which allows new ownership to enjoy the benefit of newly constructed buildings.

More or Less Storage provides a new investor the opportunity to immediately take over a property with tremendous upside through increasing collections, which have been historically sub-optimal, eliminating multi-unit discounts, increasing rates on select unit sizes, and implementing sophisticated management practices.

Investment Highlights:
  • After years of far below-market rents, a rent raise was implemented in 2018. However, rents remain below market, allowing a new operator to increase top-line revenue through raising rents and reducing concessions. The 2018 rent increase was well absorbed, with physical occupancy remaining high at 96%.

  • More or Less Storage boasts a favorable unit mix, with 30.3% of the total unit count being 10×20, which remain consistently 100% occupied at below market rates.

  • Implementation of a website, and a self-service rental kiosk will further increase management efficiency, drive traffic and optimize cost-controls

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