$1,975,000 | Fully Approved 63,365 SF Self-Storage Development | Tuscaloosa, AL

Description

The Colliers Self Storage Group is pleased to exclusively offer to qualified investors the opportunity to purchase a fully approved self-storage development parcel on the southeastern side of Tuscaloosa, Alabama.  This tract is strategically located along Skyland Boulevard East (19,683 AADT) and is convenient to both I-20 and the University of Alabama.

The 2.85-acre storage development site has approximately 490 linear feet of frontage along Skyland Boulevard East, which will provide commanding visibility for this well-designed facility.  This tract is designed to allow the developer to build a two-story, institutional-quality asset with ground-level access to both floors.   The owners have completed a full set of construction plans and are within 30 days of the site being permit-ready.  These plans will be assigned to the purchaser at closing and will dramatically reduce the development timeline and total project cost.

According to Yardi, the 3-mile saturation surrounding the subject site is just 5.0 sf / capita, with the 5-mile saturation being 7.03 sf / capita.   Union Realtime further breaks down the 3-mile saturations as 1.6 sf / capita of climate-controlled space. The significant under-supply of climate-controlled square footage correlates with the average age of the direct competitors within 5 miles being 31 years old and 78.3% of the total square footage within 5 miles is over 20 years old.  The average street rate for 10×10 climate-controlled units is $19.92 psf.

This highly visible parcel benefits from the area’s strong demographics.  Currently, there are 92,261 individuals within 5 miles of this tract, with 52% of housing units within 5 miles being renter-occupied.  The trade area is forecast to continue growing by an additional 2.4% by 2028, increasing the demand for self-storage in the coming years.

The developer of the Tuscaloosa Storage development site will benefit from its heavily trafficked location and the speed at which the development can be completed due to the owners’ preliminary work.  The strategic location within the growth corridor of Tuscaloosa, the dense population, and the split-level design will ensure this is a highly profitable investment for years to come.