Eagle Lock Storage

48,548 NRSF | 278 Units | Lake Wales, FL

Closed

INVESTMENT OVERVIEW

Eagle Lock Storage is a self-storage facility consisting of 48,548 NRSF among 278 total units across 13 single story buildings and is situated on a net size of 4.35 acres. The facility consists of all traditional non-climate, drive-up units ranging from 30-576 SF and collects additional income from the 8 office rentals located at the front of the property. The property has been very well maintained by current ownership. It has recently undergone capex improvements including a fresh coat of paint on the exterior buildings and a seal coating to the drive aisles. Both the annex and main property have asphalt throughout.

Eagle Lock Storage is situated within the center of the Lake Wales MSA where it will have exposure to roughly 10,000 vehicles per day. The facility has perimeter fencing, state-of-the-art video surveillance, electronic gates, and keypad access. Tenants have the ability to access their unit with the keypad 365 days out of the year. The compounded annual growth rate in the 3- and 5- mile radius is tracking at around 1.3% (YardiMatrix). Eagle Lock Storage currently maintains a physical occupancy of 99% and an economic occupancy of 71%. This illustrates the considerable amount of rate upside for a new operator to increase rents on in place tenants.

Eagle Lock Storage allows a new operator the benefit from a well-managed and physically stabilized asset with a high level of upside in rate management.

Facility Summary

Property Name:              Eagle Lock Storage

Address:                           714 N Scenic Hwy, Lake Wales, FL 33853 | 215 Osceola Ave, Lake Wales, FL 33853

County:                             Polk

Total Land Area:             4.35 Acres +/-

Total NRSF:                     48,548

Total Units:                      278

Non-Climate Units:        270

Climate Units:                 8

Parking Spaces:               0

Office Unit Sizes:            576-1,152 SF

Physical Occupancy:       99%

Economic Occupancy:    71%

Buildings:                          13 Single Story Buildings

Investment Highlights

  • 48,548 NRSF | 278 Total Units
  • Fully gated, drive-up facility featuring wide drive aisles and keypad entry
  • Closest competitors at full occupancy (Lake Wales Storage and U Lock It Mini Storage) shows high demand in the area and the opportunity to boost rental rates
  • Physical Occupancy of 99% and Economic Occupancy of 71%