The Storage Bins

23,225 NRSF| 318 Units | Venice, FL

Under Contract

INVESTMENT OVERVIEW

The Storage Bins is a value-add self storage facility consisting of 23,225 NRSF among 318 total units and is situated on 1.74 AC of land. Included is a mix of 56 drive up units, 33 climate controlled units, 170 interior non-climate units 56 parking spaces and 3 outdoor sheds, offering a diverse unit array to serve local customers. This facility boasts a number of security features and amenities, including secure fencing, a state of the art camera system, and a well-appointed leasing office. The Storage Bins is strategically located in Venice, FL which is a key component of the Sarasota MSA. The facility benefits from prominent signage along with its location upon highly trafficked US-41, which witnesses traffic counts in excess of 40,000 VPD. Recently, The Storage Bins was painted, and had all asphalt resurfaced.

Currently, The Storage Bins enjoys strong physical and economic occupancies of 95.9% and 96.2%, respectively, which is a roughly 24.1% gain in occupancy from January 2021. This positive trend indicates easily achievable opportunity for a new buyer to continue managing rental rates while also demonstrating the continuing demand for self-storage in the trade area.

New Ownership will be able to immediately capitalize upon this booming demand by increasing rental rates, converting the interior non-climate area to climate control and expanding the facility. Additionally, the facility does not charge admin fees.

Facility Summary
Address:              2359 S Tamiami Trail, Venice, FL 34293
 
County:               Sarasota
 
Land Area:          1.74 AC +/-
 
NRSF:                   23,225
 
Units:                   318
 
Occupancy:        95.9% (Physical) | 96.4% (Economic)
 
Unit Sizes:          25-440 SF 
 
Buildings:           2 Story Main Bldg, with one small addition non climate building. 
 
Access:               Keypad Gate Access, Security Cameras throughout 
Investment Highlights:
  • 23,225 NRSF | 318 Units
  • Recent Capex including exterior paint and asphalt resurfacing
  • Strong physical and economic occupancies of 95.9% and 96.2%
  • Prominent signage along US-41, with traffic counts exceeding 40,000 VPD
  • Immediate opportunity for expansion along with conversion of the interior non-climate portion to climate controlled
  • Outstanding annual population growth of 1.42% within 3 miles (ESRI)