33,625 NRSF| 331 Units | Sorrento, FL (Orlando MSA)
Call for Offers: thursday, December 9th, 5:00 PM
Storage Masters is a value-add self storage facility consisting of 33,625 NRSF among 331 total units and is situated on 4.63 AC of land. Included is a mix of 191 non-climate units, 136 climate controlled units, and 4 parking spaces ranging from 25-200 SF, offering a diverse unit array to serve local customers. Of the non-climate units, Storage Masters currently has 58 interior units (34 10×10; 16 5×10 and 8 5×5) in the C Building (Middle Building) equipped and ready for climate control, with existing HVAC where the owner has not turned on the HVAC in several years, offering near immediate rental rate upside.
Storage Masters currently enjoys strong physical and economic occupancies of 97.6% and 93.4%, respectively. The facility offers new ownership multiple operational upsides, as current ownership has not raised asking or in place rents in several years, does not currently have a website and very limited ancillary income. Included in the sale is an adjacent vacant parcel measuring roughly 2.38 acres, offering new ownership the added benefit of immediate expansion possibility, along with another small parcel just West of Mt. Plymouth Loop Rd. which is perfectly suited for truck rentals or outdoor parking.
Storage Masters benefits from an excellent location along Sorrento Ave. which is immediately linked to the new SR-46 Expressway linking Sorrento to Northern Orlando. The facility enjoys an excellent demographic profile with median household incomes exceeding $86,000 within a 5-Mile Radius and an excellent annual population growth of 2.03% within that same trade area. Additionally, the property has an excellent supply dynamic, with approximately 3.41 SF/Capita in a 5-mile radius, and only one competitor within the trade area. There are no known incoming projects that would impact the facility.
New Ownership will be able to immediately capitalize upon booming demand by increasing both asking and in-place rental rates, converting the interior non-climate area to climate control and expanding the facility on the vacant parcels.
- 33,625 NRSF | 331 Units
- Excellent 5-Mile Supply dynamic of 3.41 SF/Capita (Yardi)
- Expansion Capability
- Immediate opportunity for expansion along with conversion of the interior non-climate portion to climate controlled by restarting HVAC system
- Outstanding annual population growth of 2.03% and Median HH income of $86,000 within 5 miles (ESRI)