$6,170,000 | 47,600 SF | Cookeville Self Storage | Cookeville, TN

Description

The Self Storage Group of Colliers International is pleased to exclusively offer to qualified investors the opportunity to purchase Cookeville Self Storage located at 1000 Highway 111 in Cookeville, Tennessee.  This facility is strategically located just north of Interstate 40 along Highway 111, a 4-lane primary thoroughfare utilized by 23,882 vehicles on a daily basis.

Cookeville Self Storage began leasing non-climate units in January of 2022, however, construction of the facility wasn’t completed until June of 2022.  Sitting on approximately 7.06 acres, this facility consists of two brick climate-controlled buildings and 7 drive-up metal Trachte buildings.  Cookeville Self Storage offers tenants 47,600 rentable square feet and 339 units, ranging in size from 5’x10’ to 10’x30’.  Over the last 15 months, this facility has rapidly eclipsed a physical occupancy of 95%.  There are approximately 2.5 acres of additional land included in the transaction, allowing the purchaser to immediately expand this successful operation.

Much of the operational success of Cookeville Self Storage can be attributed to the strategic location with over 1,500 feet of frontage along a primary thoroughfare as well as the area’s growing demographics.  The 5-mile population is 49,976 individuals and the average household income is $79,211.  Additionally, 43.2% of the housing units within 5 miles of the facility are renter-occupied.  According to Radius, the saturation within five miles is calculated at 11.62 sf per capita with the climate-controlled saturation being just 3.19 square feet per capita.

Cookeville Self Storage offers its tenants excellent amenities, including a sliding gate with keycode access control, a spacious management office, 20 24-hour video surveillance cameras, abundant landscaping, wide drive aisles, and security lighting throughout.

Offered at $6,170,000, Cookeville Self Storage is priced at an in-place 5.85% cap rate and just $129 psf.  The purchaser of Cookeville Self Storage will benefit from the facility’s high physical occupancy, significant revenue management opportunities, as well as the approximate 2.5 acres of expansion land.  The rapid stabilization provides confidence in the quality of asset and its location, and the purchaser can quickly propel this facility to being a market leader for Cookeville.