Alternative Storage

34,586 NRSF | 242 Units | Marianna, FL | $2,500,000

Under Contract

INVESTMENT OVERVIEW

Alternative Storage is a fully stabilized self-storage facility consisting of 34,586 NRSF among 186 Drive Up units and 56 Climate Controlled units for a total of 244 units. The facility is situated upon 4.12+/- acres, offering new ownership ample room to expand. As the premium self-storage facility in the City of Marianna, Alternative Storage offers customers a number of amenities for security and convenience.

Currently, Alternative Storage maintains outstanding physical and economic occupancies of 95% and 90%, respectively. This excellent performance is indicative of the quality of the asset, the strong demand within the trade area, and the excellent location. Rental rates at Alternative Storage are drastically low, with an in-place rent PSF of $5.85. This in-place rental income will allow a buyer considerable upside in managing both asking and in-place rental income.

Recently, Alternative Storage underwent an expansion, adding in climate-controlled units. Further expansion potential exists on the site – offering new ownership considerable upside.

Alternative Storage is priced below replacement cost at $2,500,000.

Facility Summary

Address:              3801 US-90, Marianna, FL 32446

County:                Jackson

Land Area:         4.12 AC +/-

NRSF:                   34,586 (26,650 NC | 7,936 CC)

Units:                   244 (186 NC  | 56 CC)

Occupancy:        95% (Physical) | 90% (Economic)

Unit Sizes:         30-300 SQ FT

Year Built:         2006 (Phase I) | 2019 (Phase II)

Buildings:           5 Single Story Buildings, Cement Drive Aisles

Flood Zone:       X (Minimal Flood Hazard)

Investment Highlights

  • 34,586 NRSF | 242 Units | Premier storage option in the trade area
  • Excellent physical and economic occupancies of 95% and 90%, respectively
  • Priced below replacement cost at $2,500,000
  • Ample room to expand
  • Low in-place rental rates, offering considerable upside