606 Manufacturers Rd, Chattanooga, TN 37405

A Class A, all climate-controlled self-storage facility totaling approximately 75,520 rentable square feet across 574 units is available for sale. Built in 2021, the facility is third-party managed as “Extra Space Storage” in the Northshore/Red Bank neighborhoods of North Chattanooga, TN. The facility has maintained over 90% occupancy for over a year, with current occupancy at 95% by units and 96% by square footage, while generating 17% year-over-year revenue growth (excluding tenant insurance). Average achieved rents are $1.50 per rentable SF for ground-level units rented longer than 12 months and $1.30 per SF for elevator-accessed units. The property benefits from prominent visibility and easy access directly adjacent to Highway 27, seeing over 74,800 vehicles per day. The facility also benefits from limited competition on this side of the Tennessee River, serving residents in the Northshore and Red Bank areas as well as downtown Chattanooga commuters. No self-storage facilities are currently under construction nor in planning within a 5-mile radius. The surrounding trade area demonstrates strong economic and demographic trends. Average household incomes in a 1-mile and 3-mile are approximately $85,000 and $84,000, respectively. The population is projected to grow at 2.00% annually in the 1-mile radius and 1.70% annually in the 3-mile radius over the next five years, adding over 4,000 new residents by 2030. This growth is underpinned by over $6.2 billion in estimated value, including more than 7,200 units in planning within a 5-mile radius. The facility is also located a quarter mile from a Whole Foods, 0.6 miles from a Publix, and within 3 miles of new developments including a Chipotle, Walmart, and Starbucks.