Skyline Self Storage

43,940 NRSF| 497 Units | Cape Coral, FL

Closed

INVESTMENT OVERVIEW

Skyline Self Storage offers an investor the opportunity to acquire a state-of-the art facility offering best of market security, amenities, and energy efficiency. The facility is currently comprised of 73 Non Climate Units, 341 Climate Controlled Units, and 82 Outdoor Parking Spaces totalling 43,940 NRSF and 497 total units. Skyline Self Storage offers a new investor ample area for expansion with approximately 37,246 Gross SF planned and approved, currently used as uncovered parking.

Skyline Self Storage has enjoyed an exceptional lease-up period since opening in November 2019, having achieved strong physical and economic occupancies of 81.1% (SF) and 78.6%, as of December 2020. This rapid lease up, despite the COVID-19 related shutdowns that occurred soon after opening is a testament to the viability of both the asset and its market. Currently, Skyline Self Storage is achieving outstanding in-place rents of $19.72, with competitors in the market at or above those rates.

Skyline Self Storage is well-located just off of Skyline Blvd. which witnesses traffic counts of approximately 21,000 VPD, according to FDOT statistics. Further, Skyline Self Storage benefits from a strategic location within a rapidly growing submarket with strong demographic fundamentals. Numerous residential development projects are underway in the surrounding area, including the recently delivered Cape at Savona Class A Multifamily development of 320 units.

Skyline Self Storage offers unmatched amenities within the market, including

  • Janus Noke Keyless Entry systems through the majority of the facility
  • Motion Activated Power Through Ethernet LED Lighting Throughout
  • Solar Panels to Maximize Energy Efficiency
  • 31 Security Cameras Throughout to Ensure Customer Safety and Facility Security

This asset, with second-to-none quality of construction, impeccable location and outstanding demographic fundamentals will allow a new investor to continue the strong performance, and further capitalize on a multitude of value-add initiatives including: leasing additional units, further expansion, and the addition of a comprehensive tenant insurance program.

Facility Summary
Address:             824 S. 42nd Terrace, Cape Coral, FL 33914
 
County:              Lee
 
Land Area:         4.84 AC +/-
 
NRSF:                  43,940 NRSF 
 
Units:                  496 (341 CC | 73 NC | 82 Parking)
 
Occupancy:        80.8% (Unit) | 81.1% (Area) | 70.6% (Economic)
 
Unit Sizes:          36-280 SF 
 
Buildings:          6 Single Story Self Storage Buildings
  
Built:                   2019
 
Investment Highlights:
  • 43,940 NRSF | 497 Units, representing best of market amenities and energy efficiency

  • Strong median and average household incomes of $60,256 and $84,760, respectively.

  • ¬†Excellent three-mile population growth of 1.57% annually

  • Rapid lease up, despite COVID. Achieved 81% occupancy in 12 months.¬†

  • Ample room for expansion of approximately 37,286 Gross SF

  • Significant opportunity to boost revenues by adding and improving upon secondary income streams such as tenant insurance, increased retail sales, and truck rentals