Meridian Storage Group is pleased to exclusively present Oxford Self Storage, a value add facility located within the thriving Villages MSA. Oxford Self Storage is comprised of 63,775 NRSF among 491 total units among seven single-story buildings and is situated on approximately 6.71 Acres of Land. Included is a mix of 132 Climate Controlled units, 310 drive-up units, and 49 uncovered parking spaces. Unit sizes range from 25-600 SF, offering a diverse array of sizes to meet the needs of the thriving local market. This single-story facility offers an investor multiple, easily achievable upsides with little to no deferred maintenance expected. Recent capital improvements include asphalt, gravel in the parking area, and on the three Western buildings two roofs have been replaced in the last month with the third to be replaced prior to closing.
Currently, Oxford Self Storage benefits from outstanding physical and economic occupancies of 94.5% and 90.1% respectively, indicating immediate rental rate upside for a future operator as well as robust demand for self-storage within this market. Rental Rates at Oxford Self Storage are significantly below market averages, with a current GPI of roughly $9.46 Per SF (not inclusive of uncovered parking) and achieved rent of $8.53 Per SF (not inclusive of uncovered parking). Asking rents at nearby competitors range from $16 PSF for non-climate controlled units to $18 for climate-controlled units.
Oxford Self Storage capitalizes on the booming market growth through a robust Penske truck rental program which generated over $52,000 in 2021. Further upside can be achieved by implementing admin fees and tenant insurance, neither of which are currently offered.
Oxford Self Storage is strategically located just West of The Villages along Highway 301 N and further benefits from its proximity to CR-466 which witnesses traffic counts in excess of 16,000 VPD. Oxford Self Storage is well within the path of growth, with a number of new residential developments in the trade area offering considerable potential for future revenue growth.
Property Name: Oxford Self Storage
Address: 11203 US-301, Oxford, FL 34484
Total Land Area: 6.71 Acres +/-
Total NRSF: 63,775
Total Units: 491
Drive-Up Units: 310
Climate Units: 132
Parking Spaces: 49
Unit Sizes: 25-600 SF
Physical Occupancy: 94.5%
Economic Occupancy: 90.1%
Buildings: 7 Single Story Buildings