AAA Self Storage

Grandstone Investment Sales is pleased to exclusively present AAA Self Storage, a self-storage facility located at 7877 Cleveland Avenue Northwest, North Canton, OH. The property consists of 409 units across 49,795 net rentable square feet situated on a 5.92-acre site. Built in phases beginning in 2007, the facility offers a mix of climate-controlled, interior-access non-climate controlled and drive-up storage, office space, and uncovered parking. The property is currently operating at 74.09% physical occupancy and 68.33% economic occupancy on a combined basis; the existing storage operation remains approximately 91.2% physically occupied, with the vacant parking inventory representing the primary lease-up opportunity. At a purchase price of $6.10 million, or $122.50 per rentable square foot, the investment offers an attractive basis with a projected Year 5 disposition price of $6.89 million based on a 7.50% exit cap rate.

The facility offers three distinct storage products. Building A provides secured climate-controlled storage with heating, air conditioning and humidity control, with units ranging from 5’x5′ to 10’x20′. Building B provides secured interior-access non-climate-controlled storage ranging from 5’x5′ to 10’x15′, while drive-up storage ranges from 5’x10′ to 15’x30′, with select units featuring interior lighting. Property-wide features include cylinder-lock security, controlled 24/7 tenant access, gated entry, perimeter fencing, video surveillance, exterior lighting, secured outdoor parking, and packing and shipping supplies.

The property features durable infrastructure including concrete entrance aprons and drive paths, gutters and downspouts, dual AutoGate entry and exit gates, and approximately 30 feet of spacing between buildings. Phase One is comprised primarily of 8-foot-high units and Phase Two primarily of 10-foot-high units, with both phases including select units reaching approximately 14 feet. Additional upside is provided through future climate-control conversion potential and an approved approximately 20,000-square-foot Phase 3 expansion. The 3,600-square-foot office building contains three 1,200-square-foot rental units. The basement has direct exterior access, while the main- and second-floor units have separate locking doors accessed through a shared entrance alcove. Recent office improvements include a new roof, new A/C, and interior paint and carpet completed approximately three years ago. The property also benefits from a large lighted road sign along Cleveland Avenue.