124 St Johns Commons Road - Saint Johns, FL 32259
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale the Jacksonville MSA CubeSmart-Managed Facility in Saint Johns, Florida with a call for offers deadline of Thursday, December 20, 2018.
Strategically situated in the Jacksonville Metropolitan Statistical Area, the subject offers exceptional upside with strong demographics in an area poised for excellent growth. An investor has the unique opportunity to acquire a Class A, professionally-managed facility with state-of-the-art amenities indicating its new construction. There's opportunity for incredible growth potential through the continuation of lease-up activity at this facility, which showcases the best of the market. The subject currently offers tenant insurance and moving supplies for additional revenue; an investor can further benefit from the implementation of a truck rental program. The five-year population growth is projected to flourish at a high rate of 4.05 percent annually from 2018 to 2023. The area's robust growth rate signifies the strong demand for self-storage within the region. Furthermore, the subject offers convenient access to and from Interstate 95 and is encompassed in an active residential corridor with a multitude of resources and points of interest. There is a household income of over $120,000 within three miles of the property, far surpassing the national average.
The subject property resides on 2.38 acres and is comprised of 55,435 rentable square feet. The facility currently offers 476 fully-climate-controlled units in a newly-constructed, multistory building with convenient elevator access to its upper-level units. There are physical and economic occupancies of 83.1 and 71.2 percent as the facility continues its lease-up phase. To ensure security for the premises, the property is equipped with keypad entry, premium video surveillance and optimal lighting.
The property is situated directly along Old County Road 210, which witnesses a traffic count of over 25,000 vehicles per day. The subject is within a mile of Interstate 95, a major thoroughfare which has a traffic count in excess of 84,000 vehicles per day. Additionally, the subject is approximately four miles from U.S. Highway 1, which sustains a traffic count of over 19,000 vehicles per day. These heavily traveled roadways offer convenient access to both Jacksonville and St. Augustine.
The subject property is encompassed in a flourishing residential and retail corridor in Saint Johns, Florida. The property has visible signage from Old County Road and shares an easement with CVS Pharmacy. The subject is adjacent to a major retail plaza which includes Dominos, UPS, Regions Bank and Winn Dixie. The facility is 0.3 miles from SunTrust, Firehouse Subs and Dunkin Donuts. Within 1.5 miles is Publix, Bank of America, Wells Fargo, Verizon, Starbucks and Sherwin Williams. Furthermore, the property is with close proximity of Liberty Pines Academy, Patriot Oaks Academy, St. Johns Golf and Country Club, Cimarrone Golf Club and several active residential zones.
St. Johns County is a key component of the Jacksonville Metropolitan Area. The region consistently attracts new residents with its highly-coveted resources and close proximity to the Atlantic Coast of Florida. St. Johns County offers the highest-rated educational system and the lowest overall tax structure in the state. This rapidly-growing region offers convenient accessibility to downtown Jacksonville and historic St. Augustine; the oldest city in the United States. Overall, the Jacksonville Metropolitan Area contains over 1,500,000 individuals and offers a thriving economy with several wellrenowned corporations. The region's unique amenities and year-round tropical climate contribute heavily to the expanding population.
The price of the Jacksonville MSA CubeSmart- Managed Facility will be determined by market bid.