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.
Property Name: Mr. Self Storage
Address: 915 W Dr Martin Luther King Jr Blvd, Seffner, FL 33584
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