INVESTMENT OVERVIEW
The Sun Self Storage Portfolio is a seven-property self-storage platform located in the Auburn–Opelika market (Lee County, Alabama) and has been self-managed since inception, resulting in a highly consolidated ownership position with meaningful operational upside. The portfolio spans 496,429 net rentable square feet across 3,708 units on 79.23 acres, strategically positioned throughout the core Auburn and Opelika trade areas.
On a pre-expansion basis, the portfolio operates at 86.27% physical occupancy by units and 89.89% by square footage, demonstrating strong underlying demand across the stabilized legacy asset base. Reported as-is occupancy reflects the inclusion of recently delivered space at Farmville and soon-to-be-delivered climate-controlled space at Frederick, rather than any deterioration in operating performance. Notably, all seven assets achieved year-over-year storage rent revenue growth, reflecting portfolio-wide pricing power and consistent operating performance.
The portfolio represents an estimated 33.8% share of the total self-storage inventory in Lee County, providing a level of market control and operating leverage that is rarely available in a single transaction. This concentration creates immediate economies of scale, centralized management efficiencies, and pricing and marketing synergies for a professional operator. For an institutional buyer, this scale enables overhead rationalization, centralized staffing, and portfolio-level revenue management that are difficult to achieve through individual asset acquisitions.
Recent and near-term expansions include 152 units totaling 20,700 NRSF at 50 Auburn Lakes Road (delivered) and 141 climate-controlled units totaling 16,270 NRSF at 1704 Frederick Road (coming online shortly). These additions provide a clear, visible runway for near-term NOI growth without land acquisition, zoning, or entitlement risk.
In addition to storage rental income, the portfolio benefits from diversified ancillary revenue, including in-place billboard leases and a cell tower lease, with further upside available through professional management, ancillary program implementation, and expense optimization. Given its scale, market share, land coverage, and infill positioning, the Sun Self Storage Portfolio represents an irreplaceable platform that could not be replicated today in the Auburn–Opelika market.
INVESTMENT HIGHLIGHTS
Dominant Market Position with ~33.8% Share of Lee County Supply: The portfolio controls an estimated one-third of the total self-storage inventory in Lee County, providing immediate scale, pricing leverage, and operating control in one of Alabama’s fastest-growing counties. This level of market share is exceptionally difficult to assemble through individual acquisitions.
Irreplaceable Infill Footprint Across 79.23 Acres in Core Auburn–Opelika Locations: The portfolio spans 79.23 acres across the heart of Auburn and Opelika, with facilities positioned along key corridors and infill trade areas. Zoning constraints, land scarcity, and rising construction costs make replication of this footprint effectively impossible today.
Balanced, High-Quality Unit Mix Supporting Durable Demand: The portfolio totals 496,429 NRSF, comprised of 224,729 NRSF of climate-controlled storage and 271,700 NRSF of non-climate drive-up storage, providing broad customer appeal across residential, student, and small-business demand drivers. This balanced mix supports stable occupancy and pricing power across market cycles.
Strong Stabilized Performance with Visible Near-Term NOI Upside: Excluding recent and imminent expansions, the portfolio operates at 86.27% occupancy by units and 89.89% by SF, with all seven assets achieving year-over-year storage rent growth. Delivered and near-term expansions totaling 36,970 NRSF, combined with upside from professional management and existing billboard and cell tower leases, provide a clear, execution-ready path to near-term NOI growth.
LEAD BROKER
Brady Mast | Vice President of Investments
O: 727.214.2950 | M: 404.660.5170
Bmast@meridianstoragegroup.com
AL Broker Lic. 000175703-0
FACILITY SUMMARY
| OVERVIEW | |
| Properties |
7 |
| Market |
Auburn–Opelika (Lee County, AL) |
| Total Land Area |
79.23 Acres |
| PORTFOLIO SIZE | |
| Total Units |
3,708 Units |
| Total NRSF |
496,429 NRSF |
| Climate-Control NRSF |
224,729 NRSF |
| Non-Climate NRSF |
271,700 NRSF |
| Expansion Units Included |
293 Units |
| Expansion NRSF Included |
36,970 NRSF |
| Stabilized Units (Pre-Expansion) |
3,415 Units |
| Stabilized NRSF (Pre-Expansion) |
459,459 NRSF |
| OCCUPANCY | |
| Occupied Units |
2,946 Units |
| Unit Occupancy |
79.45% |
| Occupied SF |
413,002 NRSF |
| SF Occupancy |
83.19% |
| Economic Occupancy |
78.10% |
| OCCUPANCY (PRE-EXPANSION IN 2026) | |
| Unit Occupancy |
86.27% |
| SF Occupancy |
89.89% |
| INCOME | |
| Gross Potential Storage Income |
$455,245 (Monthly) |
| Actual Storage Rental Income |
$355,549 (Monthly) |
| RECENT & NEAR-TERM EXPAMSIONS | |
| 50 Auburn Lakes Rd |
152 Units | 20,700 NRSF (Delivered) |
| 1704 Frederick Rd |
141 Climate Units | 16,270 NRSF |
| ANCILLARY INCOME | |
| Billboard Lease |
Yes (169 Location) |
| Cell Tower Lease |
Yes (280 Location) |
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