$6,160,000 | 46,610 SF | A+ Storage - Memphis

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Colliers is pleased to present A+ Storage – Cordova, a well-located self-storage asset in the rapidly growing Cordova submarket of Memphis, Tennessee.

The Property is strategically situated at 1111 Macon View Drive, offering excellent visibility and access to key thoroughfares, including Macon Road and North Houston Levee Road, which experience approximately 13,221 and 8,273 vehicles per day, respectively. 
Constructed in 2018, the facility consists of three single-story buildings comprising 337 units and approximately 46,610 rentable square feet on approximately 6.5 acres. The asset features a well-balanced unit mix, including interior climate-controlled units within double-loaded corridor buildings and non-climate-controlled drive-up units along the perimeter. Each building is fully sprinklered, enhancing safety and protecting the investment. A key benefit of this offering is the inclusion of an adjacent 3.45-acre expansion parcel, which provides for a near doubling of rentable square footage and creating a enormous avenue for long-term value creation.

 
The Property is currently operating at approximately 85% physical occupancy and 82% economic occupancy, providing investors with a solid in place revenue engine as well as the opportunity to complete stabilization and drive income through improved management and rental rate optimization. The facility is supported by institutional-quality amenities, including a spacious management office, 12 security cameras, multiple sliding gates with keypad access control, timed hallway lighting, wide asphalt drive aisles, and complimentary moving carts. These features collectively enhance tenant experience, operational efficiency, and retention. Prominent signage along Houston Levee Road further strengthens visibility and brand awareness.

 
From a demographic perspective, the Property benefits from a stable and affluent customer base. The three-mile trade area includes over 35,000 residents with average household incomes exceeding $129,000, while the five-mile population exceeds 71,000 residents. According to Yardi, the 3-mile saturation is just 5.36 square feet per capita, with 2.88 square feet per capita of climate controlled storage and 2.48 square feet per capita of non-climate storage, all indicative of an undersupplied market environment. 
A+ Storage – Cordova represents a compelling value-add investment opportunity combining in-place cash flow with meaningful operational upside and significant expansion potential. Supported by strong demographics, functional improvements, and a scalable site, the asset is well positioned to deliver both near-term income growth and long-term value creation. Offered at $6,160,000 ($132 per square foot), the Property is currently producing a clear path to a stabilized cap rate exceeding 7.0% without including any expansion assumptions, but through lease-up and revenue optimization. Underwriting projects Net Operating Income growing to over $430,000, generating an attractive return profile with an estimated ~14% unlevered IRR and ~23% leveraged IRR over a seven-year hold. When coupled with the ability to nearly double the rentable square footage via the 3.45-acre expansion parcel, this investment offers a rare combination of stable income, operational lift, and long-term development upside, making it an ideal acquisition for investors seeking both current yield and durable appreciation.