Right Fit Self Storage

47,500 NRSF| 416 Units | Madison, AL (Huntsville AL MSA)

Closed

Investment Description:

Located in Madison, AL, which is a part of the Huntsville AL MSA, Right Fit Self Storage offers an investor the opportunity to acquire a recently constructed, high-quality, highly viable self-storage asset with numerous value-add elements and a decidedly favorable outlook for future growth. 

Situated upon approximately 6 acres and comprised of 47,500 NRSF (21,100 Climate, 21,600 Non Climate, 4,800 Retail) among 416 total units, Right Fit Self Storage provides a diverse array of units, as well as ample room for a new operator to expand the facility to better accommodate the surrounding market and increase operational footprint within this rapidly growing trade area. Further value-add enhancements are easily achievable by a skilled operator, including the implementation of a dynamic rate-management system, increased marketing to accelerate the lease-up process, boosting the tenant insurance program and generating further ancillary income by increasing retail sales and truck rentals. 

Newly constructed in 2018, the acquisition of Right Fit Self Storage affords an investor the unique opportunity to seamlessly integrate a facility with little to no deferred maintenance, excellent quality of construction, and best of market amenities to their portfolio. Consisting of seven steel buildings and one covered RV storage area, the facility features wide cement drive aisles, keypad gate access, 19 office monitored security cameras, as well as plentiful outdoor lighting to provide secure self storage throughout the facility. Right Fit Self 

Storage offers rentable retail space, among six 800 SF Units, one of which is currently used as a rentable conference area and could be eventually converted to climate-controlled storage. Since opening, Right Fit Self Storage has realized a steady increase in occupancy, having reached 59% physical occupancy and 44.9% economic occupancy as of January 2019, which is indicative of the growing demand for self storage in the surrounding vicinity.

Right Fit Self Storage benefits from prominent frontage and visibility upon Slaughter Road and is strategically situated just south of Highway 72, a highly dense retail and residential corridor, which witnesses 48,319 VPD according to ALDOT statistics. The Slaughter Road Corridor is home to a multitude of residential developments and communities, while also providing direct access to the Cummings Research Park, which is the 2nd largest research park in the country, encompassing over 300 companies and employing over 26,000 people. The beneficial location of the facility is amplified by an extremely favorable demographic profile within the immediate trade area. Right Fit Self Storage boasts an outstanding average household income of $109,548 and a high proportion of renter-occupied housing of 37.5% within a three-mile radius, which are both positive demand drivers for self storage.

Facility Summary
Address: 1689 Slaughter Road, Madison AL 35758    
                         
County:         Madison 

Land Area: 6.0 AC +/-

Parcel #: 1507263001016001

NRSF: 47,500 (21,100 Climate | 21,600 Non Climate | 4,800 Retail)

Occupancy: 59.0% (Area) | 41.8% (Unit) | 44.9% (Economic) 

Units: 416 (189 Climate | 115 Non-Climate | 10 Covered RV | 6 Retail)

Unit Sizes: 25-450 Square Feet

Buildings: 7 Single Story Buildings and one covered RV storage area

Opened: April 2018

Access:         One Sliding Gate with PDK Integrated Keypad Access

Security:       19 Security Cameras Throughout

Drive Aisles: Cement Drive Aisles Throughout the Self Storage Areas, Gravel                           in the RV Area
Investment Highlights:
  • Newly Constructed Self Storage Facility Offering Best of Market Amenities 
  • Located in the Rapidly Growing Huntsville, AL MSA
  • Solid Lease-Up Trend: Acheived 59% Physical Occupancy (Area)  Within the First 18 Months of Operations
  • Strong Median Household Income of $88,366 and Average Household income of $109,548 within a Three-Mile Radius
  • 37.5% Renter Occupied Housing Within a Three-Mile Radius
  • Located Upon 6 Acres +/-, Providing Ample Room to Expand, Better Serving The Rapidly Growing Market
  • Prominent Visibility and Signage Upon Slaughter Road, Which Connects Hwy 72 and I-565.