joe b jackson pkwy murfreesboro, self -storage … · utilizing joe b jackson parkway to avoid...

+ 12 ACRES AT THE NEW JOE B JACKSON INTERCHANGEOFFERED AT: $1,620,000

MURFREESBORO,TENNESSEE

JOE B JACKSON PKWY SELF -STORAGE

DEVELOPMENT SITE

Colliers International

Table of Contents

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JOE B JACKSON DEVELOPMENT SITE :: + 12 ACRES

PREPARED BYSELF STORAGE GROUP:: JAMES “ASHLEY” COMPTON

National Director+1 615 850 [email protected]

TABLE OF CONTENTSConfidentiality AgreementExecutive SummaryLocation OverviewCompetition SurveyMarket OverviewDemographics

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Colliers InternationalColliers International3



EXECUTIVE SUMMARY

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THE OPPORTUNITY

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The Self Storage Group of Colliers International ispleased to exclusively offer to qualified investors theopportunity to purchase a storage development sitelocated in Murfreesboro Tennessee, which is one ofthe fastest growing suburbs in the United States.

Located at the off-ramp of a new Interstate 24interchange, this site benefits from local traffic that isutilizing Joe B Jackson Parkway to avoid traversingUS-231. Traffic along Joe B Jackson Pkwy willcontinue to grow exponentially as parcels at this newinterchange continue to be developed.

This site will have a PUD established and in placeprior to a buyer being expected to close on thepurchase of the land. This total site is 17 acres,however the seller is retaining 3 acres for acommercial services development and utilizingapproximately 2 acres for common detention. Theremaining 12 acres are available for a large selfstorage development, however the seller willconsider offers for as few as 6 acres. The 12 acreparcel will provide ingress/egress on both Joe BJackson Pkwy and Elam Road.

The seller is making Zoning Application and intendsto have all the appropriate entitlements in placeprior to closing.

The asking price for this offering is $1,620,000 for the 12acre parcel. This equates to $135,000 per acre. The lowland cost, coupled with enough acreage to build allsingle-story buildings, drastically reduces the final projectcost for the purchaser.

The purchaser of this 12 acre parcel will benefit from itsproximity to I-24, as well as the numerous residentialdevelopments taking place in the immediate area. Thedirect competitors are all 1st generation facilities that arestabilized, with no facilities currently under constructionwithin 3 miles of the subject site. The lack of newconstruction should allow for expedited stabilization withminimal rental rate discounting.

PROPERTY ADDRESS3302 ELAM ROAD

MURFREESBORO, TN 37127ASSESSOR'S PARCEL ID 126 059.02ASKING PRICE $1,620,000PARCEL SIZE APPROXIMATELY 12 ACRESASKING PRICE PER ACRE $135,000CURRENT ZONING AGRICULTURAL; REZONING IN PROCESS5 MILE POPULATION 77,218CLOSEST CROSS STREET JOE B JACKSON PARKWAYTRAFFIC COUNT (AADT) 9,833 AADT (2017)

ASSET SUMMARY


LOCATION OVERVIEW

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COMPETITION SURVEY

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COMPETITION SURVEY

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COMPARABLE KEYCOMPARABLE LABEL DISTANCE FROM SUBJECT ADDRESSSUBJECT S - 3302 ELAM RD, MURFREESBORO, TN

A+ STORAGE 1 2.9 Miles 4205 SHELBYVILLE HWY, MURFREESBORO, TN

STORPLACE 2 1.4 Miles 138 VETERANS PKWY, MURFREESBORO, TN

CUBESMART 3 2.0 Miles 2365 SOUTH CHURCH ST, MURFREESBORO, TN

CUBESMART 4 4.3 Miles 1932 CASON LANE, MURFREESBORO, TN

SALEM GLEN SELF STORAGE 5 5.0 Miles 3450 GLENSIDE CT, MURFREESBORO, TN

COMPETITION SURVEY

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COMPETITION SURVEY

DIRECT COMPARABLES

FACILITY NAME Non-Climate

Climate Controlled

Non-Climate

Climate Controlled

Non-Climate

Climate Controlled

Non-Climate

Climate Controlled

Non-Climate

Climate Controlled

Non-Climate

Climate Controlled

Non-Climate

Climate Controlled

A+ STORAGE 45.00 70.00 55.00 - 75.00 110.00 85.00 - 120.00 155.00 130.00 185.00 - -

STORPLACE - 62.00 62.00 88.00 - - 109.00 130.00 114.00 162.00 - 230.00 - 303.00

CUBESMART - - 72.00 79.00 - 99.00 97.00 127.00 160.00 136.00 161.00 213.00 - -

CUBESMART - 60.00 81.00 81.00 - - 126.00 137.00 141.00 175.00 161.00 268.00 200.00 -

SALEM GLEN SELF STORAGE 40.00 60.00 50.00 75.00 - - 80.00 110.00 120.00 155.00 130.00 180.00 - -

COMPETITOR AVERAGE 42.50 63.00 64.00 80.75 75.00 104.50 99.40 126.00 131.00 156.60 145.50 215.20 200.00 303.00

VARIANCE 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Rates per SFComps - Non Climate 1.70 1.28 1.00 0.99 0.87 0.73 0.67

Comps - Climate 2.52 1.62 1.39 1.26 1.04 1.08 1.01

10 x 3010 x 205 x 5 5 x 10 5 x 15 10 x 10 10 x 15


MARKET OVERVIEW

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Colliers InternationalColliers International15

NASHVILLE MSA MARKET OVERVIEWThe property is located just ten miles from Downtown Nashville,a ten-county market that is home to 1.9 million residents andmore than 40,000 businesses. Many corporate headquartersgiants call Middle Tennessee home, including Nissan NorthAmerica, Bridgestone Americas, Dollar General, HospitalCorporation of America, Cracker Barrel, Gibson Guitar, Lifewayand Universal Music Group. Nashville is the core for health care,transportation, banking, publishing and music.

The largest metropolitan area within a five-state region,Nashville-Davidson County has a consolidated city-countygovernment. Davidson County is highly urbanized with extensiveresidential areas, a vibrant downtown, advanced development,with 10 colleges and universities, including Belmont, Fisk,Lipscomb, TSU, Trevecca Nazarene and Vanderbilt.

Nashville is defined by a diverse economy, low costs of living anddoing business, with a creative culture and a well-educatedpopulation. Middle Tennessee is among the nation’s bestlocations for relocating, expanding and startup companies.

RECENT ACCOLADES

• “#7 on Forbes’ list of Top 25 Fastest-Growing Cities of 2018” Forbes, 2018

• “#1 Metro Area for Professional and BusinessService Jobs” Forbes, 2017

• “Nashville Named Major Market of the Year for 2017”Southern Business & Development, 2017

NASHVILLE MSA TOP EMPLOYERS

APPROXIMATE EMPLOYEES

Vanderbilt University Medical Center 20,428

Nissan North America 10,750

HCA Healthcare Inc. 10,613

Vanderbilt University 6,912

Saint Thomas Health 6,243

Community Health Systems 4,700

Randstad 4,557

Asurion 3,600

The Kroger Co. 3,523


DEMOGRAPHICS

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POPULATION 1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS

2018 ESTIMATED POPULATION 3,370 26,709 77,218

2023 PROJECTED POPULATION 3,875 30,900 89,133

2010 CENSUS POPULATION 2,206 23,042 63,793

2000 CENSUS POPULATION 1,047 15,049 47,616

PROJECTED ANNUAL GROWTH 2018 - 2023 3.0% 3.1% 3.1%

HISTORICAL ANNUAL GROWTH 2010 - 2018 12.3% 4.3% 3.5%

HOUSEHOLDS

2018 ESTIMATED HOUSEHOLDS 1,166 10,046 28,488

2023 PROJECTED HOUSEHOLDS 1,283 11,073 31,627

PROJECTED ANNUAL GROWTH 2018 - 2023 2.0% 2.0% 2.2%

HISTORICAL ANNUAL GROWTH 2000 - 2018 12.7% 4.8% 3.6%

INCOME

2018 AVERAGE HOUSEHOLD INCOME $108,470 $87,129 $70,806

2018 MEDIAN HOUSEHOLD INCOME $98,980 $70,259 $59,498

2018 PER CAPITA INCOME $37,612 $32,931 $26,564

HOUSING

2018 TOTAL HOUSING UNITS 1184 10,242 29,233

2018 OWNER OCCUPIED UNITS 83.9% 69.5% 57.4%

2018 RENTER OCCUPIED UNITS 14.6% 28.6% 40.1%

2018 VACANT HOUSING 1.6% 1.9% 2.5%

2015 MEDIAN HOME VALUE $218,100 $186,788 $181,169

EDUCATION ATTAINMENT

2018 HIGH SCHOOL GRADUATE 24.2% 24.6% 27.0%

2018 ASSOCIATE DEGREE ONLY 7.5% 6.8% 6.7%

2018 BACHELOR DEGREE ONLY 30.6% 25.6% 23.7%

2018 GRADUATE DEGREE 12.3% 11.5% 10.5%

CONTACT INFORMATION:: SELF STORAGE GROUP:: JAMES “ASHLEY” COMPTONNational Director+1 615 850 [email protected]

615 3rd Ave South, Suite 500Nashville, TN 37210+1 615 850 2700 (Main)+1 615 244 2957 (Fax)

joe b jackson pkwy murfreesboro, self -storage … · utilizing joe b jackson parkway to avoid...

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