2166 Drew St - Bison Storage

Cushman & Wakefield’s Self Storage Advisory Group has been exclusively retained to offer for sale, the Bison Storage Self-Storage Opportunity in Clearwater, FL.
This offering presents an excellent opportunity to acquire an established self-storage facility in Clearwater, FL. Built in 1982, the 23,968 rentable square foot facility includes climate and non-climate controlled first floor units, drive-up units, mailbox and parking spaces, as well as a portable container, totaling 483 units. The facility was achieving an 82% physical occupancy as of Feb. ’24 month-end. Buyers also have the option to purchase the adjacent parcel, comprising of 4 retail spaces in a single building. The additional space can be kept as retail or converted into additional climate-controlled units.
Centrally located within the larger Tampa-St. Petersburg-Clearwater MSA, the major downtown districts of all 3 cities are within a 20-minute drive of the facility. The MSA is ranked #24 by population and is home to over 3 million people, growing rapidly in the last few years. The facility is situated along the heavily trafficked Drew Street, a major throughfare that stretches the all the way across Clearwater, FL. The busy roadway provides an excellent daily average traffic volume of 33,500 vehicles traveling directly by the facility. The facility garners additional eye traffic from the nearby retail and restaurant locations, with shopping centers located next door and directly across the street. The facility also benefits from its densely populated trade-area, boasting an impressive 121,964 residents within a 3-mile radius.
This investment is an excellent opportunity to acquire an established self-storage facility in a top 25 MSA. The facility benefits from a densely populated, 3-mile trade, with over 120,000 residents supporting a strong demand for storage. Buyers will have the opportunity to stabilize the facility’s occupancy with room to increase rents to market levels, as well as implement professional management to increase operational efficiency. The option to additionally purchase the adjacent retail parcel will provide new ownership with an additional revenue stream or an expanded unit mix through converting it to self-storage units. Buyers are expected to achieve levered returns in the high teens based on C&W’s projections.