Russellville Road Self Storage
For saleUnder contract5521 Russellville Road, Bowling Green, KY 42101
$7,800,000677 units94,300 SF
Self Storage$11,521/unit$83/SF1973
Property type
Self Storage
Unit / Space count
677
Price
$7,800,000
Rentable area
94,300 SF
Year built
1973
Occupancy
92.15%
Stories
1
Lot size
8.99 Acres
Number of buildings
25
Sold/status
Under Contract
Price per SF
$82.71
Property description
Broker Of Record Darron Kattan Kentucky BOR License No. 285311 Firm License No. 281966 813-839-7300 FSIVS@FranklinSt.com Franklin Street Real Estate Services LLC
Property highlights
- Seller Financing Offers Will Be Strongly Considered, Inquire With Broker for Details
- Highly Occupied Self Storage Facility With Tremendous Upside Offered at an Attractive Basis.
- Sprawling Facility Featuring 85 Climate-Control Units Totaling 10,460 NRSF, 592 Non-Climate Units Totaling 81,420 NRSF, 2 Warehouse Spaces Totaling 2,420 NRSF, and 11 Outdoor Parking Rentals.
- Physical Occupancy Above 90% and Economic Occupancy Below 70% Provides a Clear Path to Upside Through the Implementation of Existing Customer Rent Increases.
- Facility Sits on an 8.99-Acre Parcel That Includes Additional Room for Future Expansion.
- Opportunity to Increase Revenue Through Maximizing Fee Income and the Implementation of Tenant Insurance Sales.
- Warehouse Space Can Be Properly Leased Out or Converted into Additional Climate-Control Units.
- Strong Demographics Within Five Miles of the Property Featuring an Average Household Income of $78,429 and a Population of 66,737 Residents Growing at 2% Annually.
- Bowling Green is Ensconced Among the Rolling Bluegrass Hills of Southern Kentucky, Approximately 60 Miles Northeast of Nashville, Tennessee.
- The Bowling Green MSA is the Third Largest in the State of Kentucky and is Home to 197,180 Residents.