https://www.colliers.com/p-usa1108762
- For sale
For Sale
$1,880,000 USD
The Colliers Self Storage Group is pleased to exclusively offer to qualified investors the opportunity to purchase a stabilized self-storage facility located at 435 9th Avenue in Smyrna, Tennessee. Smyrna Mini Warehouses is located adjacent to Smyrna/Rutherford County Airport and the 117th Regional Training Institute for the Tennessee Army National Guard
Originally built in 1988, Smyrna Mini Warehouses is a well-maintained operation that consists of five single-story drive-up buildings. Sitting on approximately 1.49 acres, this facility offers tenants 190 units totaling 23,460 RSF of non-climate storage. The seller has recently completed an aggressive capital improvement program, including all new roofs (with 25 yr warranty), new asphalt sealant, and a electric sliding gate with keypad controlled access.
In-place physical occupancy is 93.6%, highlighting the strength of this asset and its immediate proximity to over 89,848 individuals within 5 miles of the facility. Yardi calculates the 5-mile saturation as 8.64 sf per capita, which reflects that the market is essentially at equilibrium. Additionally, Yardi does not indicate any new construction or expansions within 3 miles of the subject property. Smyrna Mini Warehouses offers its tenants amenities that include an on-site management office, one-bedroom resident manager’s quarters, full perimeter security fence with sliding gate, keypad access control system, individual unit lights, and security lighting throughout.
Priced at $1,880,000, Smyrna Mini Warehouses is valued at an In-Place 6.00% cap rate. The purchaser of Smyrna Mini Warehouses will be acquiring a highly financeable asset with a proven operational track record and a strong in-place revenue stream. Current rents are on average 31% below market rates, providing the purchaser the immediate ability to significantly increase revenue.
