Extra Space Storage (Managed)

Unpriced

Under Contract

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Interior Photos

Exterior Photos

Deal Highlights

Property Highlights

Institutional storage conversion with additional phase one and two expansions delivered in summer 2022.
Superior asset quality and security relative to competitors with primarily second generation drive up units in the market.

Market Highlights

Prime infill location adjacent to Target, Belk, and Bel Air Mall.
26,000 VPD on Airport Blvd and 14k VPD on Bel Air Blvd.
Dense population 3M: 69,306 and 5M: 156,144.
Mobile’s commercial airport swap is on track to be completed by 2024. This will provide international service to Mobile Aeroplex at Brookley, a 216- acre industrial complex southeast of downtown Mobile with a price tag of $400M.
Airbus’ first U.S.-based commercial aircraft manufacturing facility has recently celebrated 5 years in Mobile and grown from an initial workforce of around 250 staff producing A320 Family aircraft, to 1,000 employees.

Financial Highlights

Two expansion components to the property that are currently underway resulting in an additional $719,364 in GPR.
82% YoY increase in achieved rates from Dec 2020.
90% physical occupancy achieved within 11 months of operation.
Opportunity to capture over $30k per year in tenant insurance revenue.