McCoy Mini Storage

42,950 NRSF | 465 Units | Gainesville, FL

Closed

INVESTMENT OVERVIEW

McCoy Mini Storage is a value-add self storage facility consisting of 42,950 NRSF among 465 total units across 15 single story block buildings and is situated on 4.04 AC of land. The facility consists of all drive-up non-climate units, ranging from 50-300 SF. Included is a well-appointed leasing office, along with an extra area above that could be used for an on-site apartment. The facility was constructed in phases beginning in the early 1980s and concluding in the mid 1980s using block construction and shingle roofs. The drive aisles are asphalt, and the property has two separate gates for convenient ingress and egress.

McCoy Mini Storage will afford a new operator the ability to capitalize on multiple upsides, primarily regarding rate management. The facility currently sustains an in-place rate under $10 PSF, which is significantly below comparable market averages. Currently, the facility sustains very strong physical and economic occupancies of 93%, which is indicative of the strong demand for self-storage within the MSA. The owners maintain a number of company units, accounting for a large part of the economic vacancy. This facility benefits from an incredibly favorable supply dynamic, with a mere 4.24 SF/Capita within a 3-mile radius, underscoring the significant rental rate upside.

McCoy Mini Storage is situated within the Northeastern quadrant of the Gainesville MSA, which is home to the University of Florida, which maintains a student body of nearly 60,000. The facility is located just off of Main Street, which witnesses over 16,000 VPD, and features signage along the road.

New Ownership will be able to immediately capitalize upon booming demand by increasing both asking and in-place rental rates, and implementing market-standard ancillary income sources such as admin fees, tenant insurance and retail sales.

Facility Summary

Property Name:                 McCoy Mini Storage

Address:                            2160 NE 1st Blvd, Gainesville, FL 32609

County:                             Alachua

Total Land Area:               4.04 Acres +/-

Total NRSF:                         42,950 NRSF

Total Units:                        465

Non-Climate Units:           465

Unit Sizes:                            50-300 SF

Physical Occupancy:          93%

Economic Occupancy:       93%

Buildings:                            15 Single Story Buildings, Shingle Roofs, Asphalt Drive Aisles

Investment Highlights

  • 42,950 NRSF | 465 Drive-Up Units
  • Excellent 3-Mile supply dynamic of 4.24 SF/Capita (Yardi)
  • Strong physical and economic occupancies of 93%
  • Immediate rental rate upside – In-Place Rate below $10 PSF
  • No current ancillary income sources at the facility