All Aboard Storage
56,625 NRSF| 339 Units | Bunnell, FL
All Aboard Storage is a value-add self storage facility consisting of 56,625 NRSF among 339 total units including 267 drive up units, 39 recently constructed climate controlled units, 6 gated parking units and 27 non gated parking units. This facility boasts a number of security features and amenities, including secure fencing, and a state of the art camera system. The property also includes a well-appointed leasing office within the fronting business park, that is on a 50 year rent-free lease, allowing a new operator the benefit of frontage, signage and visibility with minimal associated costs.
Beginning in 2020 this asset underwent a complete operational overhaul, including implementing institutional management, intensive capex program and a 3,605 NRSF climate controlled expansion completed in March 2021. This expansion quickly leased up, having achieved physical and economic occupancies of 92.4%.
Currently, All Aboard Storage enjoys strong physical and economic occupancies of 88.4% and 88.3%, respectively, which is a roughly 20% gain in occupancy from January 2021. This positive trend indicates easily achievable opportunity for a new buyer to continue lease-up while also demonstrating the continuing demand for self storage in the trade area.
All Aboard Storage benefits from a strong demographic profile, with outstanding population growth of 2.27% with a 3-mile radius coupled with strong median and average household incomes of $53,396 and $71,178 within that same area.
All Aboard Storage has a unique supply dynamic, with only 9.65 SF/Capita in a three mile radius, but of that supply none is institutionally operated. Street rates at institutional facilities within the market currently range from $20-24 PSF for Drive Up units, while First Floor Climate units range from $29-31 PSF, indicating significant future upside for a new operator to continue managing rents at this facility.
- 56,625 NRSF | 339 Units
- Recent Capex, Education, and Management Improvement
- Strong Physical and Economic Occupancy of 88.4 and 88.3%
- Favorable supply dynamic with no institutionally managed comps within the 3-mile radius
- Street rates at institutional comps in the market range from $20-24 PSF for drive-up and $29-31 PDS for 1st floor climate units
- Outstanding annual population growth of 2.27% within 3 miles (ERSI)