Special Purpose Facility

72 Florida Avenue

72 Florida Ave NE Washington, DC United States 20002-3356
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Attributes

Year Built 2020
Building Area Net
Land Area Net ()
Occupancy 38.0 %

Asset Description

LOCATION : The property is situated at 72 Florida Ave NE, Washington, DC, less than 1.7 miles Northeast of downtown Washington.


ACRES: ±0.85 acres (37,026 square feet)


TRAFFIC COUNT: ±25,400 VPD (Florida Ave NE); ±57,600 VPD (New York Ave NE); ±41,200 VPD (North Capitol St)


YEAR BUILT: March 2020


CONSTRUCTION DETAIL: The facility will consist of a single, three level building.


ELEVATOR DETAIL: ThyssenKrupp Elevator


HVAC DETAIL: Three Trane Pack and a Split System


APARTMENT: N/A


OFFICE: Roughly 1,000 Sf office to Extra Space’s specifications, in addition there is roughly 400 SF of restrooms and bike storage


CLIMATE CONTROLLED: The facility is 100% climate controlled.


FEATURES AND AMENITIES: The facility will include surveillance cameras, individual unit

locks, climate control throughout, keypad entry, and on-site management.


PERSONNEL: The facility consists of three active personnel on rotation


MANAGEMENT: The property is professionally managed by Extra Space.


SOFTWARE: ESS Software - Power BI/Microsoft


SECURITY: The facility includes a 24-hour video surveillance system, security access by floor, and electronic gate access


OPERATION HOURS (ACCESS): Every Day: 6:00 am - 10:00 pm


OPERATION HOURS (OFFICE):

Mon-Fri: 9:30 am - 6:00 pm;

Sat: 9:00 am - 5:30 pm;

Sun: 10:00 am -2:00 pm


OFFERING PRICE: Unpriced

 

RENTABLE SQUARE FEET: 111,307 SF

 

EFFECTIVE RENTAL RATE: $33.28 PSF

 

NUMBER OF UNITS: 1,752

 

CURRENT OCCUPANCY: Economic – 33.1% / Physical – 50.5%


OFFER DEADLINE: May 6, 2022

Investment Highlights

Excellent Visibility to Over 124,200 VPD

72 Florida Self Storage has excellent visibility to Florida Ave NE (25,400 VPD), New York Ave NE (57,600 VPD) and North Capitol St (41,200 VPD).


New Best in Class Construction

72 Florida Self Storage was completed to Class A Standards in March 2020. The facility is extremely modern and has an assortment of modern features and amenities – including

over 1,700 100% climate-controlled units.


Minimal Surrounding Competitive Supply

The area within a three-mile radius of 72 Florida Self Storage contains only 3.2 square

feet of storage space per person, well below what is typically required in urban areas. This makes the market extremely underserved for an area as dense as Washington, DC.


Excellent Demographics with Projected Growth

There are nearly 405,000 residents with an average household income of over $148,500

within a three-mile radius of the property. The average household income is projected to

grow at an annual rate of 2.46% over the next five years.


Abundance of New Residential Development

There are over 6,000 new apartment units proposed, under construction, or delivered

since 2019 within a 0.4-mile radius of 72 Florida Self Storage.



 


Last Updated Date: 08 Jun 2022

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Last Updated Date: 08 Jun 2022

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