Socrum Self storage

91,550 NRSF | 774 Units | Lakeland, FL

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Investment Description:

The acquisition of Socrum Self Storage presents a value-add opportunity located in the rapidly growing market of Lakeland, Florida, the largest city in Polk County. This area has seen high levels of growth and economic expansion with a multitude of national employers relocating to the area as well as expanding local operations. New ownership will be able immediately take over and add value by boosting occupancy, promoting brand presence, improving management efficiency, managing and controlling expenses, and optimizing rates to drive new traffic. The growth of the surrounding area will further bolster the facility’s performance, and additional revenue can be generated through secondary income sources by implementing a tenant insurance program, increasing retail sales, and offering truck rentals. Cash flow and value will be greatly enhanced through increasing rents as the facility reaches stabilized occupancy levels, while bringing the 11 company units back into service alongside the 103 Units currently under renovation creates a significant opportunity for added top-line revenue

Investment Highlights:
  • Consisting of 774 total units, among 91,550 NRSF across 10 buildings, the acquisition of Socrum Self Storage will allow new ownership to immediately capture significant market share within this rapidly growing trade area, while taking advantage of the beneficial economies of scale coming with a facility of this size.

  • Socrum Self Storage boasts a superb mix with sizes ranging from 25 to 450 square feet with 41.9% of its units being climate controlled. The diverse array of units provided allows this facility to appeal to a wide variety of both private and commercial customers within its immediate trade area.

  • Socrum Self Storage enjoys a favorable supply dynamic, with the only competing facility being 2.8 miles away.
 
  • Constructed over three phases, from 1997-2004, Socrum Self Storage is currently undergoing renovations, with ownership in the process of replacing roofs over the “A” and “H” Buildings which together total 47,440 Gross Square Feet. The facility has new LED outdoor lighting, new seamless gutters and recently painted access doors.

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