묘사

Jones Lang LaSalle ("JLL"), as exclusive advisor, is pleased to offer to qualified investors the opportunity to acquire Orlando Self Storage (the "Property" or "Offering"), a Class A Storage conversion located in Orlando, FL. The Property was recently converted in 2021 and is comprised of a single two-story building totaling nearly 100,000 rentable square feet across 1,162 climate-controlled units. The facility recently replaced the third-party management company and is currently 41.0% occupied. A new owner would have the opportunity to immediately add value through improving curb appeal, marketing, and operations to improve occupancy. In addition, ECRIs will allow the new owner to continue increasing revenue after reaching physical stabilization. All-in-all, the Offering represents an excellent opportunity to acquire a well located self storage facility in a dense market at a discounted price with large value-add upside.

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개요

단위 수

1,162

Rentable Square Feet

99807

점유율

41%

토지 총면적

1.34 헥타르

건축년도

2021

미디어

투자 하이라이트

Immediate Value-Add Opportunity - The facility was converted in 2021 and was privately and operated until this year. The buyer has an immediate value-add opportunity to make improvements to the property to enhance overall value. Specific improvements to upgrade the Property include improving curb appeal and specific unit cosmetic upgrades to increase property desirability from a leasing standpoint.

Significant Revenue Upside - There is significant opportunity to increase revenue by increasing ERCIs for current in-place tenants and overall occupancy of the facility. A new owner will have excellent upside to continue to increase income month-over-month during the lease-up period through marketing and cosmetic improvements.

Dense Residential Trade Area - This asset is located on a very busy roadway in the Orlando MSA with a dense residential population, strong self storage demand drivers, and excellent trade area demographics and accessibility. Within a 5-mile radius, the average household income tops $89,000 with a population of more than 320,000. In addition, there are several in-demand retail centers located along Colonial Drive (48,000 VPD) as well as multiple new residential developments.

Resilient Asset Class - The self storage asset class is not as sensitive to macroeconomic downturns as other real estate sectors and has a lower loan delinquency rate. Storage benefits from a wide range of demand drivers including everyday life occurrences such as death, divorce, downsizing, moving, etc. In addition, operators’ ability to adjust rents monthly provides flexibility and protection in shifting economic and interest rate environments. This can also provide an inflation hedge for operators. Public REITs have only seen two years of negative same-store revenue growth since 2003, per GreenStreet. Self storage's resiliency is evidenced by the fact that it has consistently performed well relative to other real estate property types (industrial, multifamily, retail, and office) over the past five, 10 and 15 year periods. Self storage was the only REIT sector to post a positive total return during the Great Financial Crisis and the asset class performed well during the COVID outbreak. Self storage has shown much more favorable trends when it comes to delinquency, outperforming other commercial property types during the recession and into recovery.