DEAL SUMMARY

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List Price:   $2,250,000

NRSF:         33,323

Units:          281

Acres:         1.47​

Locations:    2

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INVESTMENT HIGHLIGHTS

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Prime Location //  Excellent location prominently displayed on Chickamauga Ave with 20,000 vehicles per day

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Opportunity Upside //  Significant operational upside through professional management with limited  REIT operated facilities

 

Area Demographics //  Current Population of 55,929 with Average Income of $69,288 in a 3-mile radius

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Favorable Market Density  //  Limited current competition with only 4.78 square feet per capita 

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INVESTMENT SUMMARY

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EquiCap Commercial, in partnership with ParaSell, Inc. is please to exclusively present Ideal Self Storage & Rentals, two self-storage facilities in the Chattanooga MSA, located at 829 Chickamauga Ave and 933 LaFayette Rd in Rossville, GA, Walker County.

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Ideal Self Storage & Rentals is independently owned and operated with significant management upside. The opportunity consists of two separate parcels; the original building is a converted furniture store with two levels at street level in the front and rear of the property while the annex site is located .2 miles to the south. Both buildings have different stages of a unit reconfiguration in process to better suit the growing market. Approximately forty units on the current unit mix are "Unavailable" due to the reconfiguration. The Net Rental Square Feet s planned to remain the same. 

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The main building is under a single roof but is sectioned off internally with four separate entrances, all with keypad entry. The facility includes lighting throughout with asphalt drive aisles, three convenient loading docks and an interior staging area on the first floor to the right of the office. A large 2- x 50 unit that is owner-occupied will be cleared out and available to rent at Closing. The Drive-up units are built on concrete pads and metal framing with lighting and cameras. The moving truck is operational and included in the sale, however, it is primarily used for signage by the current owners. Recent capital improvements with the last two years on the main building include a partially retrofitted roof, new gas heater system, new gutters and downspouts, improved drainage alongside the north of the property, extensive tree trimming and waterproofing / sump pump install on the south section of the facility.

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The annex facility consists of drive-up units and internal non-climate units. There is an ongoing reconfiguration project at this site that removes - 30 units, replacing them with larger unit sizes to meet the needs of a growing population. The building could be converted into climate control and needs a internal aesthetic improvements to truly maximize the potential. Facility amenities include lighting, secure keypad access, a single loading dock. Recent capital improvements include a new roof and gutter system in the middle and south sides of building.

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Rossville, GA is an underserved and growing market as part of the Chattanooga MSA. The city has seen a revival in recent years with extensive development under way to the north and south along Chickamauga Ave. The 3-mile radius is projected to grow 9.7% over the next five years building upon a population of 59,929 with no REIT competition. The trade area has already grown 9.3% since 2010.

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The combined opportunity is perfectly suited for the investor who is willing to acquire a cash flowing asset, put in the work to improve operations and aesthetic features of the properties, and will be rewarded with a 13.77% return in Year 2 and a 32.53% 5-year IRR.​​​​​​​​