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The Megacenter Self storage facility offers an investor the opportunity to acquire an institutional quality asset within the highly desirable Miami'Dade County market. The facility has excellent visibility and access to heavily traveled NW 7th Avenue, which is a major North-South thoroughfare running parallel to I-95 through downtown Miami. The facility's Phase I (floor1), which consists of approximately 19,000 NRSF, opened in February 2015 and has leased up within nine months. Phase II (floor 2), opened in March 2016, and added an additional 19,000 of rentable square feet of self storage.The conversion includes a new roof, HVAC system, complete electrical rewiring, and a large passenger elevator install. The facility will be turned over to the buyer upon completion of phase II which includes obtaining the certificate of occupancy. The property includes Class A amenities including surveillance cameras, motion sensor lights, keypad entry, and under-roof loading/unloading bays. The population of Miami-Dade County is expected to grow over 1% annually through 2019 compared to .73% nationally. The market's demographic and housing profile of high-paying renters and a high concentration of condominiums are demand drivers specifically attractive for self storage. A limited number of storage facilities have been built in the market over the past few years causing rental and occupancy rates to increase to all-time highs. Moreover, current and future condominium developments will continue to drive additional self storage demand and maintain high occupancy rates going forward.
|Property Type:||Traditional Site|
|Rentable Square Feet:||38,654 Sq Ft|
|# of Floors:||2 Floor|
|Number of Buildings:||1 Bldg(s)|
|Room For Expansion||No|
|Days Listed:||184 Days|