Steel City Storage

Opportunity to purchase a ~35,000 square foot storage facility at below replacement cost $/ NRSF of $82.52
Value Add Opportunity: Property has huge value add potential due to low physical and economic occupancy. Increasing advertising expense and/ or implementing 3rd party management will boost occupancies and revenues on the property.
Ideal Location: In a 3 and 5 mile radius around the property, the Sqft/ capita is between 8- 8.8 according to TractIQ. Additionally, there are no known self storage developments in progress in a 3 and 5 mile radius around the property according to TractIQ. This low Sqft/ capita as well as lack of future developments paints a good picture of future success and stabilization at the property.
Diverse income streams: This property offers 4,000 square feet of leased retail up front that brings in $51,000 a year, as well as a cell tower lease that brings in $24,500 a year, and increases 2% every year. These in place revenues help to hedge the risk for a self storage investor’s value add process on the actual facility and business.
Expansion opportunity: Either additional buildings or increased vehicle parking, both of which will increase the property’s Gross Potential Revenue.

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