Ooltewah Self-Storage Facility with Expansion Capability
Sold Business Opportunity
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Overview / Comments
Hunter Road Self Storage is a well managed, income producing storage facility situated on 2.2 acres on Hunter Road in Ooltewah, TN. At 17,226 sq. ft., the business is currently at 96% occupancy and has over 100 storage units of various sizes to offer to both short term and long term renters - with 3/4 of the units being climate controlled. Rear portion of building has 6,700 sq. ft. that could accommodate 20 to 30 more units or storage pods to increase capacity. The facility also provides RV, boat, motorcycle and vehicle parking stalls as well as ground-level units with drive-up accessibility. Amenities include electronic gated access, 24 hour video surveillance, alarm system, fenced perimeter and on-site office manager during business hours. As an affiliated U-Haul Neighborhood Dealer, Hunter Road Self Storage also receives ancillary income from truck and trailer rentals along with selling boxes and moving supplies. Current management software with WebSelfStorage integrates online bill pay + reservations and tenant insurance.
At a CAP rate of 7.1% with potential for expansion, the facility thrives in its Ooltewah location that has impressive demographics and is the fastest growing community in Hamilton County. The facility's location serves a large market with a population of 48,568 within a 5-mile radius and high household incomes averaging $75,868/year within 1-mile radius. Ooltewah has experienced tremendous population growth in the last ten years driven by the job creation of the nearby Volkswagen auto assembly plant and the Amazon distribution facility. As a result, over 500 apartment units and numerous residential developments have been added to the community in recent years.This growth trend is expected to continue and will only be further enhanced by the addition of the $30 million FedEx distribution center coming to the area. Hunter Road is a heavily trafficked corridor that connects I-75 to Highway 58 and is used by the thousands of residents that live in the concentrated subdivisions located along it. Also, the location's close proximity to Lake Chickamauga and Harrison Bay State Park attracts residents and visitors to the area who are seeking waterfront recreation.
Financials and operational details are available upon request.
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