Allstar Mini Storage

Allstar Mini Storage is a value-add facility consists of 498 units among 56,380 NRSF with an additional 2,100 NRSF currently under construction and expected to deliver by the end of Q2. Included is a mix of 208 climate controlled units, 245 non-climate controlled units, 7 mailboxes and 38 outdoor parking spaces. The property was built in phases, starting in 2001, and features automatic security cameras, paved drive aisles, a secure gate surrounding the property with gate code access, and an updated alarm system to ensure customer security.

The ongoing expansion will add 6 10×15 and 6 10×20 climate-controlled units totaling 2,100 NRSF. This expansion will offer an immediate value-add opportunity through the lease-up. A new investor can further expand the self-storage on site, should they wish to replace the boat & RV storage with more buildings.

Currently, the facility has strong physical occupancy of 96.6% and economic occupancy of 82.3%, which indicates significant rate upside on in-place tenants in conjunction with continued demand for storage in this trade area. This facility is the only option for residents directly to the north and the most convenient storage location for the affluent residents to the south, in Perdido Key. New ownership may achieve further success by implementing a professional management team and including revenue boosters such as ancillary fees and tenant insurance.