840 Storage & Parking

840 Storage and Parking, located at 7069 Leanna Central Valley Rd, Murfreesboro, TN 37129 represents an intriguing investment opportunity in a rapidly growing Murfreesboro, TN market. It contains 61,874 Net-Rentable-Square-Feet (NRSF) of drive-up storage and 19,050 NRSF of covered parking, totaling 80,924 NRSF. Being newly constructed in 2018 and EOY 2023 (Phase 2), the facility boasts high quality standing seam metal roofs, a 1,024 SF office for an on-site manager, paved asphalt drives, LED lights, and cameras throughout.

This facility opened in April of 2018 with 30,000 NRSF of traditional storage. After leasing up to 91%, the owners implemented a phase-2 (50,924 NRSF) and completed that in December of 2023. The main parcel sits on 5.96 acres, but this sale includes Assessor Parcel Number (APN) 048-049.05-000, which contains another acre of a potential expansion that goes alongside to the west of the parcel, just south of the far-left building as you enter. This acre is zoned for commercial.

Still in its lease-up phase, nearing 65% physical occupancy, a new operator will possess the ability to control the trajectory through marketing and professional management. Currently achieving $.81/foot rents in lease-up on their drive-up units, there exists upside in both increased occupancy and revenue management.