A Main Street Storage

30,410 NRSF| 326 Units | Statesboro, GA

Under LOI

INVESTMENT OVERVIEW

 

A Main Street Storage is a fully stabilized asset, advantageously located in the heart of Statesboro, Georgia and consisting of 30,410 NRSF among 326 total units. The facility is comprised of 3 separate properties, all within 1 mile of each other. The main location is advantageously located on Main Street which is at the heart of Statesboro and minutes away from Georgia Southern University. The facility boasts a traditional array of unit sizes ranging from 5×5 units to 17×30 units.

A Main Street Storage currently enjoys a strong physical occupancy of 92.3% and an economic occupancy of 81.2% which illustrates the rate management upside of the facility. A Main Street Storage benefits from limited competition within the trade area, as well as a prominent, central location on Main Street, within a mile of downtown Statesboro.

A Main Street Storage offers an investor a stabilized self-storage facility, with additional long-term upside through increasing rental rates to comparable averages, reducing expenses, and eliminating the in-place rental rate variance, which is currently approximately $2,550 per month. Further value can be added by implementing a comprehensive tenant insurance program, increasing retail sales, and implementing fee-income drivers as there are zero ancillary income sources that current ownership maintains.

Facility Summary
Address:              443 S Main St, Statesboro, GA 30458
                               52 Brannen St, Statesboro, GA 30458
                               6 Ed Moore St, Statesboro, GA 30458
 
County:               Bulloch
 
Land Area:          1.81 AC +/-
 
NRSF:                  30,410
 
Units:                  326
 
Occupancy:        93.2% (Physical) | 81.2% (Economic) 
 
Unit Sizes:          25-510 SF 
 
Buildings:           14 Standard Drive-up Buildings including attached Office
 
Investment Highlights:
  • 30,410 NRSF | 326 Units | Centrally located on Main Street
  • Excellent physical and economic occupancies of 92.3% and 81.2%, respectively
  • Favorable supply conditions with only 8.6 rentable square feet per capita in a 3-mile radius
  • Strong growth in the 3-mile radius – 1 year population growth is 1.6% (2018 Radius)
  • Significant opportunity to boost revenues by
    adding secondary income streams as the current ownership has zero ancillary income sources