Grandstone Investment Sales is pleased to exclusively present Storage America, a 647-unit self-storage facility totaling 67,183 NRSF, along with 117 uncovered parking spaces, located in Port Charlotte, Florida. Offered at $11,250,000 ($167.45 per NRSF), the property presents a compelling value-add opportunity primarily driven by the implementation of professional third-party management. The facility is currently operating at 79.0% physical occupancy (78.82% economic occupancy); however, it has historically operated at 90%+ occupancy, demonstrating proven stabilization potential within this submarket.
Beyond operational improvements, the property offers future expansion potential. Ownership may elect to reposition or reduce boat/RV parking to increase storage density and enhance overall revenue per square foot. The facility is supported by strong and stable demographics, with a 1-mile average household income of $97,207 and a median household income of $70,728. The surrounding population totals 38,151 residents within three miles and 86,307 residents within five miles, providing a solid residential and commercial customer base that underpins long-term storage demand.
INVESTMENT
HIGHLIGHTS
- 647 UNITS + 117 PARKING SPACES
- 67,183 NRSF | BUILT 1988
- ATTRACTIVE BASIS AT $167.45 PER RENTABLE SQUARE FOOT
- HISTORICALLY 90%+ OCCUPANCY
- IMMEDIATE UPSIDE THROUGH PROFESSIONAL THIRD-PARTY MANAGEMENT
- EXPANSION POTENTIAL AND ABILITY TO REPOSITION RV/BOAT PARKING
- PROJECTED NOI GROWTH FROM $562K TO $787K
- 15.6% PROJECTED LEVERED IRR AND 1.98X EQUITY MULTIPLE
- STRONG HOUSEHOLD INCOMES AND GROWING POPULATION BASE
