Assured Storage - North Parkway

Assured Storage of North Parkway consists of 2 facilities located just 550’ from each other and operate as one location.  The primary address is 1654 North Parkway, while the annex is located at 41 Warehouse Courtyard.  Assured Storage – N Pkwy consists of fifteen single-story metal buildings built with metal roofs and garage-style metal roll-up doors.  The current owner recently converted a large bay warehouse into a modern management office as well as 42 climate-controlled units.

Assured Storage of North Pkwy offers tenants 59,620 rentable square feet and 421 units, ranging in size from 5’x 5’ to 18’x 30’. This asset has been phase built starting in 1985 through 2019.  The Warehouse Courtyard location has significant expansion capabilities, as that location sits on 5.78 acres. 

Jackson is Tennessee’s 8th largest city and home to six colleges and universities, providing a top-ranked labor pool.  Currently, there are 60,405 individuals within 5 miles of this facility, with an average household income of $62,049.  Assured Storage – N Pkwy offers an excellent range of amenities including a gated entrance with key code access, on-site management office with an upstairs one-bedroom apartment, 24-hour video surveillance cameras, full perimeter fencing and security lighting throughout.

This asset is being offered for $6,970,000, which is a Year 1 5.92% cap rate and just $116 psf.  Assured Storage of North Parkway is a perfect candidate to be an unmanned storage facility, which would allow for a sizeable reduction of the current $41k payroll.  The purchaser of this asset will financially benefit from the highly financeable in-place income stream while also having tremendous future upside through the expansion parcel and implementing a revenue management program.