3250 Northeast Candice Avenue - Jensen Beach, FL 34957
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Jensen Beach Storage.
An investor has the unique opportunity to acquire a stabilized asset with significant upside in Jensen Beach, Florida; a rapidly-growing community on Florida's Treasure Coast. The property offers multiple valueadd components and solid, forward-looking financials, including cash-on-cash returns of 11.8 percent and 13.2 percent in years one and two. Additionally, an investor can enhance the facility through implementing revenue management software and stronger signage, installing secured gating and upgrading interior units to traditional storage units. With its high occupancies, Jensen Beach Storage has room to grow its revenue through converting commercial office space currently leased into self-storage units, this is paired with a strategic naming convention yielding an advantageous digital marketing platform with regards to search engine optimization.
Consisting of 22,359 net rentable square feet on 1.60 acres of land, Jensen Beach Storage offers 127 nonclimate- controlled units, 26 commercial office spaces and 185 climate-controlled units for a total of 338 units. The facility has excellent physical and economic occupancies of 93.6 and 83.8 percent, respectively. The facility's strong occupancies are indicative of the need for self-storage within the region, which can be further capitalized on through the conversion of office spaces into self-storage units. The property offers video surveillance to ensure secure self-storage.
The subject offers convenient ingress and egress to and from Jensen Beach Boulevard, which witnesses a traffic count of over 11,000 vehicles per day. The property is 0.2 miles from Indian River Drive, which sustains a traffic count in excess of 10,000 vehicles per day. Furthermore, Jensen Beach Causeway is half a mile from the subject property and witnesses a traffic count of over 14,000 vehicles per day.
The surrounding vicinity highlights a blend of residential developments and points of interest. Within 0.3 miles of the facility is Publix, Subway, Wells Fargo and Dunkin' Donuts. The facility is also within a mile of PNC Bank, Winn- Dixie, CVS, BB&T, Family Dollar, Wendy's, Walgreens, Sherwin Williams and the Ocean Breeze Resort. Jensen Beach offers a wide-variety of natural amenities and resources that contribute to the area's high growth rate. The facility is surrounded by several residential developments; the region has a strong projected annual growth rate of 1.21 percent from 2018 to 2023.
Jensen Beach is a component of the St. Lucie, Florida Metropolitan Statistical Area and a popular destination along the Treasure Coast of Florida. The area is known as the pineapple capital of the world and celebrates with an annual festival which draws in large populations from throughout the region. The area offers premium outdoor amenities which provide residents and tourist with the area's best fishing, golfing, scuba diving, and surfing, among many other activities. Jensen Beach also offers unique shopping options, seafood-inspired dining and several festivals and events for all ages. The Treasure Coast is well-renowned for its unrivaled oceanside views and year-round tropical climate, which consistently attracts new residents into the area. Florida surpassed New York in 2015 as the third most populous state in the nation and has continued to maintain this rank.
Jensen Beach Storage is being offered at $3,090,000.