Storage Zone Self Storage Portfolio
1897 West Market Street Akron, OH 44313
- 551,938 Square Feet
- Industrial Commercial-Specialty
- For Sale
The Colliers International Self Storage Group is pleased to exclusively offer for sale the Storage Zone Portfolio, which consists of 13 storage facilities located in Northeast Ohio. Totaling more than 551,938 SF and 4,621 rentable units, this offering will provide the purchaser with an immediate commanding market presence within the region. The blended physical occupancy of the portfolio is currently 91%, illustrating the tenant base is deep at the in-place rents and there is potential for the purchaser to realize rental rate upside.
The current operator has implemented multiple income streams through the years that provide significant revenue to the bottom line. The former resident manager apartments have been leased to unaffiliated occupants, cell towers and billboards have been installed at multiple locations, both Penske and U-Haul truck rental services are offered at select facilities, and tenant insurance is offered at every property.
Purchaser upside is not limited simply to rental rate increases. Eight locations include substantial room for future expansion. The current operator has systematically addressed capital expense items at various locations in recent years, including painting doors and buildings, replacing roofs where necessary, patching asphalt or complete repaving, and installing electronic gates at 12 of the 13 locations. Additional amenities that are found at the facilities include: controlled access, full perimeter fence and security cameras at every property, On-site management offices at 10 of the 13 locations, and RV parking at 8 of the facilities.
Property Status: Existing
Building Size: 551938 Square Feet
Area Available: 551,938 Square Feet
- Portfolio Price: TBD by Market
- Number of Locations: 13
- Total Existing Square Footage: +/- 551,938 sq. ft.
- Total Number of Units: 4,621
- Blended Physical Occupancy: 91%
- T-7 Actual Annualized NOI: $2,509,268
- Number of Locations with Expansion Potential: 8 Properties