United Stor-All 3 Property Portfolio – Orlando

Property Title

Orlando, FL

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virtual property tours

United Stor-All West Colonial // View Tour
United Stor-All  Winter Park // View Tour
United Stor-All  Winter Springs // View Tour

investment highlights

  • Currently Managed by a Smaller Out-of-State Management Company – Management Upside Potential
  • Locations in Close Proximity to One Another – Max Distance of 14 Miles
  • Prominent Signage Along Well Traveled Roadways with Average Traffic Counts of 44,833
  • Institutional Quality Amenities and Two Bedroom Managers Apartments at Each Location
  • Excellent Opportunity to Acquire a Stabilized Portfolio of Sizable Scale in a Top 25 MSA
  • Average Three Mile Population of 101,683 Across the Portfolio
  • Orlando Ranked as the Fastest Growing Metro Area in the Nation for Job Growth in 2018

property summary

The United Stor-All three-property portfolio is a unique opportunity to acquire three institutional quality assets located throughout the Orlando, Florida MSA. This offering is comprised of 212,438 net rentable square feet totaling 2,008 rentable units and features a mix of traditional drive-up units, multi-story climate-controlled buildings and covered outdoor parking options.

Built from 1998-1999, the properties show well from the road and have been well maintained. Each location features high quality amenities including spacious leasing offices with retail display areas and security monitors, electronic gates with keypad access and 24-hour video surveillance throughout. Each location also features a two-bedroom managers apartment that range in size from approximately 1400-1500 square feet. All three managers have been at their facility for a minimum of 19 years.

These assets are situated on or near well-traveled roadways with average daily traffic counts of 44,833. Additionally, they are positioned along commercial corridors near numerous points of interest, national retailers and restaurants. The sub-markets in which these assets are located are poised for significant future growth as the five-mile population surrounding these assets is expected to increase by an average of 4.85 percent in the next five years. Currently the average three-mile population and household income across the portfolio is 101,863 and $76,160 respectively. Two of these assets are located about five miles from the University of Central Florida, the largest public university in the country with student enrollment exceeding 66,000, further enhancing the need for storage units in the area.  Orlando is ranked in the top 25 Metropolitan Areas in term of population. According to the Bureau of Labor Statistics, Orlando metro area ranked first in the nation for job growth adding 41,000 jobs in 2018, representing 3.3 percent growth.

This portfolio is currently being managed by a private operator located outside the state of Florida and is 85.52 percent physically occupied. A new investor could achieve additional upside by bringing on a reputable management company and implementing a more advanced revenue management system. The quality and scale of this portfolio would serve as an excellent addition to an existing portfolio in the area or serve as a prominent entry into a new market. The three properties are located at a maximum distance of approximately 14 miles from each other increasing the management efficiencies of the portfolio.

There is an existing assumable CMBS loan with a current balance of $9,637,000 (June 2019) for the portfolio. The original loan amount was $10,500,000 with an interest rate of 4.892 percent, 10 year term that matures in April 2024.

Broker Information

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

Adam Schlosser

Senior Vice President

Phone: 303.328.2044
Email: aschlosser@marcusmillichap.com
License: CO FA100050407

Ryan Nee

First Vice President

Phone: 954.245.3400
Email: ryan.nee@marcusmillichap.com
License: BK 3154667

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