THIS PROPERTY IS CURRENTLY UNDER CONTRACT.
Extra Space Storage Portfolio is a four property self-storage portfolio located in the Miami, FL MSA. This is an opportunity to own a self-storage portfolio situated on a total of 2.41 acres of land, with a total of 258,379 net rentable square feet, and 3,341 total units. The locations reside in Miami and Hialeah, FL.
Investment & Market Highlights:
- The Miami MSA is the largest urban economy in Florida and the 12th largest GDP in the U.S.
- The Miami MSA ranks as the country’s 4th most valuable housing market at $864 billion
- City of Miami and Miami-Dade County approved an ordinance that requires a minimum 2500-foot distance between self-storage
facilities in any direction, applies to T5-O and T6-O zoning areas
- Miami market is prime for self-storage demand with 68% renter-to-homeowner ratio
- Irreplaceable visibility and market presence in Downtown Miami, I-95 corridor into Downtown/Biscayne Blvd with 210,000 VPD
- Institutional quality product in core market with strong physical lease-up trajectory
- Opportunity to capture $159,144 in TI revenue with 88% average tenant insurance penetration across the portfolio
- Favorable demand characteristics significantly below industry square foot per capita thresholds