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  • For sale
Smyrna Mini Warehouses - #1
Smyrna Mini Warehouses - #2
Smyrna Mini Warehouses - #3
Smyrna Mini Warehouses - #4

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.