Self Storage Facilities
Island Estate Group LLC is now taking our knowledge of Multi-Family Investing into Self-Storage Facilities. We will take our business model for the multi-family and apply it to the self-storage facilities. If you are interested in investing in a Self-Storage property Contact Us.
Polk Line Road South, RV Parking
In June we closed on the land across from our Osceola Polk Line Self-Storage facility. We will be building covered luxury RV parking and self-storage units. Stay tuned for more details.
Highway 27, Davenport, Florida
We have closed on the land and have entitlements in hand are ready to commence construction on the new A class 113,000 sq ft of self-storage. The property has frontage on one of the most heavily traveled north-south arterials. This piece of land has traffic visibility in excess of 42,000 vehicles per day! This build will take about 10 months from start to finish and supply the growing demand in the market for storage.
Osceola Polk Line Road, Davenport, Florida
Our Osceola Polk Line Road self-storage facility is getting ready to open mid November. The facility will consist of 1,193 units, totaling 153,150 rentable square feet, on the 14 acre property. This property will be managed by CubeSmart.
After stabilization and seasoning of 36 months, we plan to refinance the property at a new projected value of at least $23,832,686 at a 7% cap rate or less. We will take equity out of the property and based on a conservative 70% LTV, we would be able to pay off the initial loan balance with $16,682,882 allowing a distribution to investors after reserves. While our valuation is based on a 7% cap rate, large facilities are selling for closer to a 5-5.5% capitalization rate
Click Here to see an updated picture of the construction progress.