For Sale | Affordable Storage of Griffin

Description:

Affordable Storage is a 29,776 rentable square foot self-storage facility located in Griffin, GA. It is currently made up of 201 non-climate self storage units and 28 parking spaces on 6.23 acres. The property was built in 2008 and also includes an adjacent parcel totaling 7.12 acres for expansion. The facility is located on Hill Street just one mile from downtown Griffin and 45 minutes from downtown Atlanta. The facility benefits from a strong local base of suburban residential development and proximity to major local employers.

This property is well located, due north of downtown Griffin, with highly visible signage on North Hill Street, which carries 8,330 cars per day by the facility. Forty miles south of Atlanta, Griffin is the county seat of Spalding County which was added into what is defined as the Atlanta Metro Area in 1990. The area’s largest private sector employers include manufacturers such as: Caterpillar, 1888 Mills (a textile manufacturer), and Norcom (an office supply manufacturer) all less than five miles from the property. Just two miles away, another major employer in the area is WellStar Spalding Regional Hospital, a 160 bed regional hospital serving Spalding and the five surrounding counties. Priced at $1,850,000, or $62.13 per rentable square foot, this listing represents a cash flowing asset with tremendous upside and room for expansion in the Metro Atlanta area. Currently under-performing, this property is operating at 64.5% economic occupancy despite being 91% occupied by unit count. This is due to unnecessarily high discounting and a lack of revenue management. Fifty Four percent of current tenants are at rents discounted more than 15%. Also, 51% of current tenants have not seen rent increases in over a year with 28% percent not seeing a rent increases in over two years. The physical occupancy is evidence that the demand exists for storage at this location, and with improved management a new owner could turn this 6% CAP rate on based on Trailing 12 revenue into an 8.5% CAP based on stabilized revenue. Once the property is stabilized this offering also provides the benefit of ample room for expansion and improved visibility if an owner wishes to develop the property further

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