Drive-In Mini Storage

43,755 NRSF | 466 Units | North Miami, Florida

Call for Offers:

December 1, 5:00 PM

INVESTMENT OVERVIEW

Drive-In Mini Storage offers a generational opportunity to acquire an infill, mostly drive-up self storage facility in an extremely supply constrained market with extreme barriers to entry. Drive-In Mini Storage consists of 43,755 NRSF among 397 drive-up and 69 climate-controlled units with
current physical occupancy of 97%.

Drive-In Mini Storage is located in the affluent North Miami Submarket, immediately adjacent to Biscayne Boulevard and serving as the most convenient drive-up storage option to the wealthy residents of Bal Harbour, Bay Harbor Islands and North Miami Beach and within the path of numerous high-end residential developments. The facility is located within the Special Development and Transit Oriented Development Overlay (SDTOD) which is intended to accommodate the development of high-intensity, high-density mixed use development (up to 150 DU/Acre) further entrenching the favorable demand drivers in the immediate area.

This asset offers new ownership numerous attractive investment characteristics, primarily surrounding an extreme supply/demand imbalance within the trade area. In a three mile radius, there is a mere 1.25 SF/Capita of drive-up storage. Shortage of developable land, and land costs at extreme highs make new development of drive up storage all but impossible. Comparable drive-up rents in the general trade area are as high as $34.80 at similar comps, demonstrating the ability to immediately and drastically increase both asking and in place rents at the facility. New ownership will also be able to drive revenue further through adding ancillary sources of revenue including truck rental, tenant insurance and retail sales.

Facility Summary

Property Name Drive-In Mini Storage
Address: 1905 NE 146th St, North Miami, FL 33181
County: Miami-Dade
Total Land Area: 2.61 Acres +/-
Total NRSF: 43,755
Total Units: 466
Unit Sizes: 16-250 SF
Physical Occupancy: 97%
Economic Occupancy: 91%
Building Count: 4 Single Story Drive-Up Buildings

Investment Highlights

  • Extreme Supply Imbalance 1.25 SF/Capita of Drive-Up Storage in the Trade Area
  • Nearly Insurmountable Barriers to Entry
  • Drive-Up Rent Comps as High as $34.80 PSF
  • Located in Special Development Transit Oriented Overlay designed to encourage very high density residential development
  • Owner-operated, providing opportunity for improved/professional management

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