Athens Storage Development

Highlights

• Climate-Controlled Units in Demand – Absorption rates for climate-controlled storage will remain below equilibrium even with new developments, making this a strategic investment opportunity.
• Efficient Use of Space – The proposed facility will have a four-story structure including a basement, maximizing rentable space within a small footprint.
• Favorable Demographics – The local population of 72,649 is projected to grow by nearly 4% over the next five years, surpassing the national average.
• Growing Residential Market – The area is experiencing significant residential growth, with 2,000 apartment units under development within one mile of the site, creating a steady influx of potential customers.
• High Traffic Volume – The property is located near a major shopping center, which includes a well-known supermarket, ensuring high drive-by visibility.
• Limited Future Competition – With only a handful of proposed storage projects in the region, there is minimal risk of market oversaturation.
• Limited Modern Competition – Most competing self-storage facilities in the area are older, first-generation facilities that lack modern amenities such as climate control and security.
• Minimal Parking Requirements – Athens-Clarke County zoning regulations only require parking for the office portion of the facility, optimizing land use for revenue-generating storage units.
• Prime Location – The site is situated near U.S. Highway 29, a major thoroughfare with significant traffic, providing excellent visibility and accessibility.
• Projected Strong Revenue Growth – Feasibility study financial projections estimate an annual revenue of $1.72 million, with a stable 90% occupancy achieved by year three.
• Proximity to Universities – The area benefits from a high number of students who require storage for dormitory items, further driving demand.
• Strong Demand for Self-Storage – Current facilities in the market are at over 85% occupancy, indicating a strong demand for storage space.
• Strong Household Incomes – The average household income in the area is $60,334, which exceeds the self-storage industry’s ideal threshold of $50,000, increasing the likelihood of rental affordability.
• Zoning & Permitting pending final approval – The site has received favorable zoning status for self-storage development, reducing regulatory hurdles and expediting project approvals.

Location

Getting Around

• Walk Score ®

  23/100 Car-Dependent

• Bike Score ®

  30/100 Somewhat Bikeable

Points of Interest