Self Service Storage in Chattanooga, Tenn., recently sold for $1 million. Built in 1973, the self-storage facility has 65,130 square feet of rentable space. The site features 396 storage units, including 56 that are climate controlled.
Units range in size from 5-by-10 feet to 20-by-40 feet. Site amenities include perimeter fencing, video surveillance, a managers office, roll-up and swing doors, and a two-bedroom apartment.
Located approximately four miles from a new Volkswagen manufacturing complex, the self-storage property reportedly has excellent visibility from signage placed at an on-ramp for Highway 153. The highway is a main thoroughfare running North and South through Chattanooga with a average traffic count of 64,366 cars per day. Self Service Storage is also visible to westbound traffic on nearby Bonny Oaks Drive, which has an average daily traffic count of 20,551 vehicles.
Stacey Gorman, from Marcus & Millichap Real Estate Investment Services, represented both the buyer and seller in the transaction. Marcus & Millichap specializes in commercial real estate investments. The company has more than 1,000 investment professionals in offices nationwide and closed more than 5,000 transactions last year.