Affordable Storage East is a value-add self storage facility consisting of 52,969 NRSF among 324 total units situated on 4.19 acres of land. Included is a mix of 312 single story drive up units ranging from 50-330 SF along with another 12 uncovered parking spaces. This facility was constructed in 2001 and features a well appointed leasing office, cement drive aisles and keypad gated access. The parking area is situated upon a concrete pad of roughly 8,900 GSF which could support future expansion efforts to meet demand in the market.
Currently, Affordable Storage East sustains strong physical occupancy of 98%, with an economic occupancy of 86%, indicating ample opportunity to increase both street rates and rates on existing tenants. Rates at Affordable Storage East are far below comparable averages, with an in-place GPI of approximately $9.70 PSF, with competitor asking rents ranging from $17-24 PSF for 10×10 Drive Up Units, offering considerable immediate upside. Further, this facility has no website, and new ownership would benefit from implementing ancillary income sources such as retail sales, tenant insurance and truck rental income.
The facility is located in the outlying suburb of Covington, GA which is a key component of the Atlanta MSA and benefits from its prominent visibility, signage and access along McDonough Highway which witnesses traffic counts in excess of 20,000 VPD. Further, Affordable Storage East benefits from an unmatched supply dynamic, with only 2.3 SF/Capita within the three mile trade area. There is one project in the planning phase, which is estimated to bring future supply to a mere 6.6 SF/Capita.
Affordable Storage East offers a new operator a number of easily achievable operational upsides, primarily through increasing asking and in-place rates and adding ancillary income sources. This facility has no website, does not currently charge admin fees, and does not have a tenant insurance program.
Property Name: Affordable Storage East
Address: 5272 GA-20, Covington, GA 30016
Total Land Area: 4.19 Acres +/-
Total NRSF: 52,969 NRSF
Total Units: 324
Total Non-Climate Units: 324
Total Parking: 12 Spaces
Unit Sizes: 50-330 SF
Physical Occupancy: 98%
Economic Occupancy: 86%
Buildings: 12 Single Story Metal Buildings
Access: Keypad Gate Access, Security Cameras Throughout