Aaron And Montana Self Storage

64,850 NRSF| 504 Units | Conyers, GA (Atlanta MSA)

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INVESTMENT OVERVIEW

Aaron and Montana Self Storage is a value-add self-storage facility consisting of 64,850 NRSF situated on 6.75 acres of land. The facility is located in the outlying suburb of Conyers, GA which is a key component of the Atlanta MSA. Included is a mix of 432 single-story, drive-up units ranging from 25-250 SF, along with 72 open parking spaces. The facility was constructed in 2003 and features a spacious well-appointed leasing office, cement drive aisles, keypad gate access, and security cameras throughout.

Currently, Aaron and Montana Self Storage sustains strong physical occupancy of 96%, with an economic occupancy of 83%, which indicates ample opportunity to increase rates on existing tenants. Significant opportunity exists with regards to rate management. Rents at Aaron and Montana Self Storage are far below comparable averages, with an in-place GPI under $12 PSF, with competitors asking rents ranging from $20-33.48 PSF for 10×10 Drive-Up Units.

Aaron and Montana Self Storage benefits from its visibility, signage, and access along Iris Drive, with supplementary visibility along I-20 which witnesses traffic counts in excess of 100,000 VPD. Further, the facility is located among a multitude of dense residential developments and national retailers, including the Mall at Stonecrest, which is a 1.2mm SF indoor/outdoor super-regional shopping center.

Aaron and Montana Self Storage offers a new operator a number of easily achievable operational upsides, primarily through increasing in-place and adding ancillary income sources. The facility does not currently charge admin fees and does not have a tenant insurance program.

Further, the facility is primed for expansion, upon the underutilized outdoor parking area. This area would likely support an additional 20,000+ NRSF of self-storage.

Facility Summary

Address:            2500 Iris Dr, Conyers, GA 30094

County:              Rockdale

Land Area:         6.75 AC +/-

NRSF:                   64,850

Units:                  504

Non-Climate Units: 504

Occupancy:        96% (Physical) | 83% Occupancy

Unit Sizes:          25-250 SF

Buildings:           3 Single Story Metal Buildings

Access:                Keypad Gate Access, Security Cameras Throughout

Investment Highlights

  • 64,850 NRSF | 504 Units
  • Significant opportunity to drastically increase rental rates, as comparable averages range from $20-$33 PSF
  • Well located in the Atlanta MSA with signage and visibility along Iris Dr. and I-20
  • Expansion ready on outdoor parking area
  • Well maintained single story facility