Newly Developed Self-Storage
For Sale
$71,830,000
4355 Cherry Rd, West Palm Beach, FL 33409
Three newly developed Class A self-storage facilities totaling 3,187 units in South and Central Florida.
Property Size319,781 SF
Price / SF$224.62
Days on Market94
Property Features for 4355 Cherry Rd
General Information
Standard status
Active
Size
319,781 SF
Property subtype
Self Storage
Additional Details
Cap Rate
7.07%
Listing Agency:
Nashville
Listed By:
Ashley Compton · License #77340
(615) 850-2774
Source:
Colliers
Added: Jul 24
Changed: Oct 15
Last Checked: Oct 24 at 1:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Nashville
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Investment Insights
Based on property information with market context.
Colliers presents a managed Public Storage Florida portfolio featuring three newly developed, institutional-quality self-storage assets totaling approximately 319,781 rentable square feet and 3,187 units. The portfolio includes a mix of operating, newly delivered, and expansion-oriented facilities across South and Central Florida.
West Palm Beach serves as the cornerstone asset, a recently completed Class A facility at 4355 Cherry Road totaling 86,853 rentable square feet with 869 climate-controlled units. Opened in May 2025, it has achieved approximately 70% physical occupancy and is positioned for visibility near North Military Trail. A Phase II expansion of approximately 45,000 rentable square feet is planned post-closing, increasing the facility to approximately 122,853 rentable square feet and 1,229 units.
Lake Worth is a newly developed Class A facility currently under construction and scheduled for delivery in December 2026 on Hypoluxo Road, with approximately 77,363 rentable square feet and 860 climate-controlled units. Palm Bay is scheduled for completion in September 2026 along the Minton Road corridor, totaling approximately 119,565 rentable square feet and 1,098 units, including both climate-controlled and drive-up storage. The portfolio is offered for approximately $71,830,000 and is projected, upon stabilization, to generate approximately $5.07 million in blended NOI, equating to a stabilized 7.07% cap rate.
West Palm Beach serves as the cornerstone asset, a recently completed Class A facility at 4355 Cherry Road totaling 86,853 rentable square feet with 869 climate-controlled units. Opened in May 2025, it has achieved approximately 70% physical occupancy and is positioned for visibility near North Military Trail. A Phase II expansion of approximately 45,000 rentable square feet is planned post-closing, increasing the facility to approximately 122,853 rentable square feet and 1,229 units.
Lake Worth is a newly developed Class A facility currently under construction and scheduled for delivery in December 2026 on Hypoluxo Road, with approximately 77,363 rentable square feet and 860 climate-controlled units. Palm Bay is scheduled for completion in September 2026 along the Minton Road corridor, totaling approximately 119,565 rentable square feet and 1,098 units, including both climate-controlled and drive-up storage. The portfolio is offered for approximately $71,830,000 and is projected, upon stabilization, to generate approximately $5.07 million in blended NOI, equating to a stabilized 7.07% cap rate.
Key Highlights
- Three self‑storage facilities totaling approx. 319,781 rentable SF and 3,187 units across South and Central Florida
- West Palm Beach asset at 4355 Cherry Road: 86,853 rentable SF and 869 climate‑controlled units; opened May 2025 with ~70% physical occupancy
- West Palm Beach includes a post‑closing Phase II expansion of 45,000 SF, increasing to approx. 122,853 rentable SF and 1,229 units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$3,561,849
Cap Rate
4.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$71,236,980
$71.2M
Cap Rate 7%
$50,883,557
$50.9M
Cap Rate 9%
$39,576,100
$39.6M
Market Conditions
NOI Build-Up for 319,781 SF
Gross rent
$4.60M $14.40/SF
− Vacancy
−$414.4K −$1.30/SF
EGI
$4.19M $13.10/SF
− OpEx
−$628.6K −$1.97/SF
NOI
$3.56M $11.14/SF
Area
West Palm Beach, FL
Vacancy
9.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$71,236,980
Cap Rate 7%
$50,883,557
Cap Rate 9%
$39,576,100
Alternative Uses
Best Use
Warehouse
$50.88M
$44.52M – $59.36M
NOI $3,561,849 @ 7.0% cap · market cap 4.96%
Second Best
Self Storage
$46.89M
$41.03M – $54.71M
NOI $3,282,488 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$225.21M
$197.06M – $262.74M
NOI $15,764,538 @ 7.0% cap · market cap 21.95%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 33409, FL
33,061
Population
13,715
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
80%
High-School Grad
6.3 sq mi
ZIP Area
5,248
Density / Sq Mi
$65,206
Median Household Income
$34,994
Median Earnings
$1,633
Median Rent
$282,900
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Self storage facility - Three newly developed Class A self-storage facilities totaling 3,187 units in South and Central Florida.
Where is this self storage facility located?
The property is located at 4355 Cherry Rd West Palm Beach, FL.
What is the asking price?
The asking price for this property is $71,830,000.
What are key features of this property?
This property features: Three self‑storage facilities totaling approx. 319,781 rentable SF and 3,187 units across South and Central Florida; West Palm Beach asset at 4355 Cherry Road: 86,853 rentable SF and 869 climate‑controlled units; opened May 2025 with ~70% physical occupancy; West Palm Beach includes a post‑closing Phase II expansion of 45,000 SF, increasing to approx. 122,853 rentable SF and 1,229 units
