APB Self Storage is a fully stabilized self-storage facility consisting of 57,250 NRSF among 431 traditional non-climate drive up units and 43 fully climate-controlled units and is situated on approximately 3.95 acres of land. Currently, the facility is 97% physically occupied (SF), with an economic occupancy of 93%.
Although this asset maintains fully-stabilized occupancy statistics, the current rates are well below overall market levels. This provides ownership a turn-key value add opportunity by having immediate ability to increase rates across the board.
Furthermore, current ownership is near the end of the process in moving the retention basin bin northwest of the property in order to create additional expansion room immediately behind the last two buildings in the back. The owner was contemplating on installing a covered parking area in the back of the facility, but a new owner would be able to configure the space however they choose upon takeover.
APB Self Storage is located off of Fern Valley Road which provides great visibility from the road and sees about 25,500 VPD. Current ownership has done considerable work to help maintain the condition of the facility. He has recently replaced the automatic gate, replaced the windows and roof for the office, seal coated the asphalt, and has repainted the facility twice since taking over. The facility will require virtually no additional capex thus creating a turn-key asset for new ownership.
Property Name: APB Self Storage
Price per SF: $109
Cap Rate: 5.08% (Yr. 1) | 5.92% (Yr. 2)
Address: 4901 Fern Valley Road, Louisville, KY 40219
Total NRSF: 57,250
Total Units: 494
Drive-Up Units: 448
Climate Units: 46
Unit Sizes: 25-300 SF
Physical Occupancy: 97%
Economic Occupancy: 93%
Buildings: 13 Single Story Buildings