Premier Self Storage

57,150 NRSF | 413 Units | Mobile, AL

Under Contract

INVESTMENT OVERVIEW

Meridian Storage Group is pleased to exclusively present Premier Self Storage, a value-add facility located in Mobile, AL. Premier Self Storage is comprised of 57,150 NRSF among 413 total units across ten single-story buildings. Included is a mix of 138 Climate Controlled units and 275 drive-up units along with ample expansion area, part of which is currently on a month-to-month lease with a mobile home dealer. Unit sizes at Premier Self Storage range from 50-200 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 as rental rates drastically trail the broader market, no ancillary income sources are in place and the facility currently does not have a website.

Currently, Premier Self Storage benefits from outstanding physical and economic occupancies of 99.5% and 96.3% respectively, indicating immediate rental rate upside for a future operator as well as robust demand for self storage within this market. Rental Rates at Premier Self Storage are significantly below market averages, with a current GPI of roughly $9.05 Per SF and achieved rent of $7.94 Per SF. Asking rents at nearby competitors are significantly higher.

Oxford Self Storage is strategically located with prominent signage and visibility along Moffett Road which witnesses traffic counts in excess of 24,000 VPD.

Facility Summary

Property Name:              Premier Self Storage

Address:                           6441 Moffet Rd, Mobile, AL 3618

County:                             Mobile

Total Land Area:             7.4 Acres +/-

Total NRSF:                     51,750

Total Units:                      413

Drive-Up Units:              275

Climate Units:                 138

Unit Sizes:                        25-200 SF

Physical Occupancy:       99.5%

Economic Occupancy:    96.3%

Buildings:                          7 Single Story Buildings

Investment Highlights

  • 51,750 NRSF | 413 Units | Expansion Area
  • No Website, No Management Software, No Ancillary Income
  • Significant opportunity to increase rates, as current rents are far below market averages
  • Excellent physical and economic occupancies of 99.5% and 96.3% which indicate strong market demand
  • Strong visibility along Moffett Rd. | Over 24,000 VPD