Mr Self Storage

34,538 NRSF | 342 Units | Seffner, FL

Under Contract

INVESTMENT OVERVIEW

Mr. Storage Seffner is a value-add self-storage opportunity located within the rapidly developing Tampa Bay MSA. Current ownership recently inherited the property, which has been drastically mismanaged through the years, resulting in below-average occupancy and performance. Despite this, there is significant opportunity for a new operator to greatly enhance operations, expedite lease up, and quickly stabilize this asset.

The facility consists of 34,538 NRSF among 342 total units along with an additional retail tenant occupied at $1,750 per month. This unit mix is spread among 8 single-story buildings, along with one two-story climate-controlled building. Current ownership has avoided renting out these upper-level units, and they are currently vacant, offering significant upside for a future operator. Currently, physical and economic occupancy is 64% and 50% respectively.

Mr. Self Storage benefits from an excellent location with prominent signage and visibility along Martin Luther King Blvd,  which witnesses traffic counts in excess of 35,000 VPD. This property currently enjoys a nearly unheard of supply dynamic, with a mere 3.89 SF/Capita within the three mile radius. There is currently one facility under construction in the three mile trade area, which is estimated to bring the supply to approximately 4.74 SF/Capita, which is well below national averages.

Current street rates at comparable facilities in the market are outstanding, with 10×10 climate-controlled rents over $22 PSF, indicating a strong demand for self-storage within the trade area.

A new operator will have the opportunity to significantly increase cash flow through the lease-up phase in this rapidly growing market, and will have the ability to optimize rental rates into the future.

Facility Summary

Property Name:                Mr. Self Storage

Address:                             915 W Dr Martin Luther King Jr Blvd, Seffner, FL 33584

County:                              Hillsborough

Total Land Area:              2.53 Acres +/-

Total NRSF:                      34,538

Total Units:                       324

Climate Units:                  194

Non-Climate Units:        148

Unit Sizes:                         25-600 SF

Physical Occupancy:       64.0%

Economic Occupancy:    50%

Buildings:                          8 Single Story Buildings, 1 Elevator Building

Investment Highlights

  • 34,538 NRSF | 324 Units
  • Value Add Opportunity
  • Easy path to lease-up. Current ownership not renting out upper-level units
  • Strong rates within the market, at or around $20 PSF
  • Significant opportunity to capitalize on existing and incoming housing communities within the immediate trade area.
  • Extremely favorable supply dynamic, with under 4 SF/capita currently