Exclusively Listed By:
Anne Blackwell, Partner
EquiCap Commercial 
 

DEAL SUMMARY

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List Price:  $390,000

NRSF:        6,698

Units:         57 

Acres:        0.48

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INVESTMENT HIGHLIGHTS

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ATTRACTIVE YIELDS //  The facility has undergone extensive renovations and is now fully operational as a turnkey investment. Tenant insurance was implemented in July 2024, along with an increase in customer rates. A new owner can step in and achieve an 8.31% cap rate in the first year.

 

TURNKEY OPERATIONS //  The facility is managed remotely by the current owner, utilizing a user-friendly website and DaVinci locks to provide customers with an easy rental experience. Local labor is employed for cleaning units, performing lock checks, and other maintenance tasks.

 

RECENTLY RENOVATED //  Since its acquisition in 2022, the property has seen significant improvements, including new gravel, exterior painting, an upgraded water drainage system, replacement of door springs or doors where needed, and the installation of new lighting and a camera system.

 

MARKET DEMOGRAPHICS // Located in Martin, TN, home to the University of Tennessee at Martin, the facility benefits from a surrounding population of 12,046 within a 3-mile radius and 14,142 within a 5-mile radius. The average household income in the area is $69,100, with approximately 50% of housing units being renter-occupied which is a great demand driver for self-storage.

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INVESTMENT SUMMARY

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731 Self Storage features 57 non-climate controlled units, within 6,698 net rentable square feet on 0.48-acres.  The property was acquired by the current owner in 2022 in major distress. Since the acquisition, the owner has completely renovated the facility by laying new gravel, painting the buildings, replacing all door springs or doors, as needed, and adding new lighting and camera system.

 

The facility boasts a physical occupancy rate of 86%, demonstrating strong demand in the area. The facility is located “in town” and benefits from a surrounding population of 12,046 within a 3-mile radius and 14,142 within a 5-mile radius. The average household income in the area is $69,100, with approximately 50% of housing units being renter-occupied, indicating a stable and diverse customer base.

 

Martin, Tennessee, is a vibrant community known for being home to the University of Tennessee at Martin, ranked 27th among top regional public institutions in the South, as reported by U.S News and World Report. The town offers a mix of small-town charm and modern amenities, providing residents and students with a variety of recreational and cultural opportunities.  The City of Martin was recognized as a Top 100 Micropolitan by Site Selection magazine for 2019. Its strategic location and supportive local government make Martin an attractive place for both living and investing.

 

Priced at $390,000, or $58.23 per rentable square foot, this self-storage facility presents an excellent investment opportunity. A new owner can continue with the turnkey operations and capitalize on the current high occupancy rate to achieve an 8.31% cap rate in the first year. With its recent upgrades and strategic location, this property is well-positioned for sustained success and growth.

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