$6,900,000 | Alabama Ave Development Site | Nashville, TN

Description

Colliers is pleased to offer to qualified developers the opportunity to purchase a .87-acre development parcel located adjacent to Interstate 40 in between the burgeoning neighborhoods of The Nations and Sylvan Park in Nashville, Tennessee.

The Alabama Avenue storage development site provides approximately 200’ of frontage along I-40 (133,921 AADT).  The current zoning for the parcel is CS with an Urban Zoning Overlay.  Self Storage would require the developer to receive a SP, however that precedent was set by the CubeSmart Storage located at 4311 Alabama Avenue. This parcel provides the opportunity to develop an institutional quality multi-story asset with unparalleled visibility along a primary east/west thoroughfare.

According to Yardi, the 3-mile saturation surrounding the subject site is 8.29 sf / capita.  This cumulative supply is further broken down as 3.77 sf / capita of climate-controlled and 4.99 sf / capita of non-climate. The significant under-supply of climate-controlled square footage correlates with high occupancies and market rates of the nearby competitors.

This highly visible parcel benefits from the area’s strong demographics.  Currently, there are 198,455 individuals within 5 miles of this tract, with an average household income of $128,338.  The trade area is forecast to continue growing by almost 2.7% annually, increasing the demand for self-storage in the coming years.

The developer of the Alabama Avenue Storage site will benefit from the heavily trafficked location in this growing western suburb of Nashville.  The ability to capitalize on the aging and antiquated competitors with a modern climate-controlled development as well as the commanding visibility will accelerate the  lease-up timeline of this facility.