1200 E Shelby Dr - Offers Due December 12, 2024

Colliers’ de Jong | Becher team, has been retained as the exclusive advisor by the ownership to offer for sale the fee simple interest in the Public Storage 3rd party managed site at 1215 East Shelby Road, Memphis, TN. The property is comprised of a newly converted facility of 104,873 net rentable square feet including 82,980 SF of ground floor self-storage in 857 units plus 21,893 SF in 289 2nd floor units added in March 2024. This facility will be delivered on an as-is, where-is basis with any contractors’ warranties and is currently in later stages of lease-up at approximately 75% physical occupancy and in the early stages of initial ECRI’s (existing customer rate increases). Market rents in the area are reported by Yardi Matrix as $1.04/SF. In-place income on a 2024 YTD annualized basis as reported by Public Storage at $480,467. Year One projected NOI of $850,806 and stabilized NOI in excess of $1.2 mm ++.
The property is being offered for sale unpriced based on current market conditions. The property is offered on a fee simple basis plus an option for a buyer allocation to goodwill.