Extra Space Storage (Managed)

Extra Space Storage (Managed) is a Class A trophy self-storage facility consisting of 962-units and 109,950 NRSF. The property came online in 2020 and achieved physical stabilization within three years. The property is composed of interior climate-controlled and drive-up climate-controlled units. The site is the only Class A multi-story site located within a 5-mile radius.  

MARKET HIGHLIGHTS

• Located next to Walmart and McDonald’s, across the street from the newly constructed Spartanburg High School.
• Two major Industrial Parks under development – Spartan Enterprise (3.3M square foot) and $450M Fort Prince Industrial Park (720k square foot)
• Spartanburg County is home to significant BMW and Michelin North America manufacturing facilities, and a new 1-million square
• Favorable population growth within the submarket, 1.5% in the 10-mile radius—185,000 current population density.

FINANCIAL HIGHLIGHTS

• 23% YoY total revenue increase from Jan 2023 – December 2023.
• Achieved physical stabilization at 92% prior to converting 70 10x10 units to 140 5x10 units in Aug 2023—active ownership studied leasing trends to meet customer demand.
• Strong leasing velocity with street rents ~20% below market.
• Opportunity to capture an estimated $50,000 in tenant insurance income.

PROPERTY HIGHLIGHTS

• Built in 2020, the only multi-story institutional Class A self-storage facility located within a 5-mile radius.
• Located on SR-29/Main St with ~23,000 VPDs per day, shared traffic signal and driveway with Walmart/McDonald’s.
• Offering convenient climate controlled drive-up, interior climate-controlled units and amenities with state-of-the-art security systems.
• Seller delivering (10) 10x20 (2,000 NRSF) portable units in parking lot based on higher rent per foot and exceptional demand, estimated completion Spring 2024