4565 JR Lynch Street - Jackson, MS 39209
This StorageMax portfolio consists of two properties located within five miles of one another totaling 578 climate and non-climate controlled units, 40 lockers and 26 boat/RV spaces within 74,873 rentable square feet in Jackson, Mississippi, the state’s capital.
The StorageMax Downtown facility consists of 156 climate controlled units with 22,623 rentable square feet in a two-story building located in the middle of Downtown Jackson, one block from the Federal Court House and only four blocks from the State Capital Building. Amenities include an on-site office, kiosk, keypad entry, commercial lift and convenient rear entry loading area. In addition to being located in the middle of downtown Jackson. The facility sits in a densely populated area with over 36,000 people living within 3 miles and over 118,000 living within 5 miles.
The StorageMax Metrocenter facility consists of 422 non-climate controlled units, 40 lockers and 26 parking spaces with 52,250 rentable square feet. Amenities include a rental office and newly renovated apartment for the manger, security camera’s, perimeter fence and controlled access entry. The facility sits in a densely populated area of Jackson with approximately 50,000 people living within 3 miles of the facility and approximately 20,000 cars per day traveling past the property on Robinson Road. The current owner has recently paved and improved the drainage, painted, replaced doors and remodeled the apartment including new appliances.
The two properties can easily be managed from the Metrocenter facility by utilizing a full time manager, the kiosk and a floater between the two properties. The portfolio has enjoyed nice growth over the past year as a new manager was hired summer 2017 boosting the portfolio’s trailing 9-month income 6 percent over 2017’s year-end. The buyer will enjoy the continued growth and experience 12 percent, or better, cash on cash return by the end of year 2. As of April 2018, the square foot occupancy was 81 percent and the economic occupancy was 75 percent.