355 Commerce Blvd Port St. Joe, FL 32456

Property Details for 355 Commerce Blvd

Year built

2023

Lot size

5.49 lot acres

Property size

54,470 SF

Property type

Self storage facilities

Description

This exceptional investment opportunity presents a brand-new, Class A self-storage facility in Port St. Joe, Florida, built in 2023. The property boasts 333 units, including 119 non-climate-controlled, 176 climate-controlled, 6 mechanical units, 1 cart, and 30 outdoor parking spaces, along with a single office. Situated on 5.49 acres across two parcels along Florida's Emerald Coast, the facility offers 54,470 gross square feet and 52,828 net rentable square feet. Currently operational and in the lease-up phase, this property presents a compelling value-add opportunity. The asking price is $5,400,000, translating to $102 per net rentable square foot, aligning with appraisal value. The property benefits from significant new residential development in the immediate area, promising substantial future lease-up growth. Projected year three stabilized cap rate is 10.65%, with a year three stabilized net operating income of $575,124. The property's location in Port St. Joe, a charming coastal town with strong tourism and a growing population, offers excellent long-term growth potential. Further upside potential exists through continued lease-up and the addition of more than 30 additional parking spaces. This is a rare chance to acquire a trophy self-storage asset in a high-demand market with no state income tax and a strong underlying demographic. The gross lease structure provides a straightforward investment model.

Location Insight

City

Port St. Joe

County

Gulf

State

Florida

Longitude

-85.297762097884

Latitude

29.829093270146