Pollard Road Storage

19,800 NRSF | 130 Units | Daphne, AL | Offering Price: $2,500,000

INVESTMENT OVERVIEW

Pollard Road Storage is a Class B, newly built self-storage facility, located in the highly sought-after Mobile, Alabama MSA. The facility is a new build which is comprised of 122 total units and offers tenants both climate and non-climate units, for a total of 19,800 NRSF. Pollard Road Storage first opened about a year ago and is on pace to meet the industry standard lease-up timeline. Current physical occupancy is at 72% and economic occupancy is about 67%. These figures represent roughly $12,000 in average monthly income with a GPI of $18,000.

The property has state-of-the-art features such as automatic gate access, 24/7 surveillance, and contactless renting, among other features. An experienced storage operator will be able to implement more robust marketing and advertising initiatives in order to fill the remaining units. The owners of the property currently run the facility from their other business office which creates challenges in day-to-day management. Furthermore, the owners of the property recently sold a different business which caused further attention to be taken away from Pollard Road Storage.

The facility sits on roughly 2.49 acres with only half of the acreage being utilized for storage. The owners of the storage property contemplated a Phase II to double the size of the facility, but in recent months they felt that they would consider handing the project off to the next operator as they make additional steps towards retirement. There are approved plans for the expansion which saves a new investor ample time.

Facility Summary

Property Name Pollard Road Storage
Address: 26246 Pollard Rd, Daphne, AL 36526
County: Baldwin County
Total Land Area: 2.39 Acres
Total NRSF: 19,800
Total Units: 130
Unit Sizes: 100-300 SF
Physical Occupancy: 67%
Economic Occupancy: 62%
Buildings 2

 

Investment Highlights

  • Upside through implementing best management practices to bring up to stabilization
  • 19,800 NRSF | 122 Units + Approved Expansion
  • Physical Occupancy 72% and Economic Occupancy 63%
  • Newly built and opened doors in 2021
  • Great visibility from a highly trafficked main road
  • Favorable economic outlook in the immediate trade area
  • Strong demographic in trade area

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