4601 STATION HOUSE RD Chesapeake VA 23321-2511

The Hatcher Group of Marcus & Millichap is pleased to exclusively offer for sale Area Storage located at 4601 Station House Road, Chesapeake Virginia. The facility features 459 units, totaling 55,885 net rentable square feet and is situated on 2.90 acres of land. It also offers 28 parking spaces. The facility opened in April 2018 and already has a physical occupancy of 44.5% (based on square footage) as of March 2018. The current economic occupancy is 35.8%. This site is expected to be stabilized from an economic occupancy perspective by April 2020.

The facility is in an area with high traffic counts and has great visibility from Taylor Road. It is surrounded by many retail stores, apartment complexes,

churches, a dentist office, and restaurant chains. There are over 120,000 people living within a five-mile radius and over 64,000 people living within a three-mile radius. The three-mile population has grown 39.7% since 2000.

Area Storage offers an investor the ability to acquire a brand new, class A facility with fast lease-up in a growing area. This investment opportunity is being offered for $7,300,000.

• Class A, All Climate Controlled Facility
• 55,885 Net Rentable Square Feet; 450 Storage Units; 9 Office Suites; Additional Outdoor Parking Spaces
• Fast Lease Up - Opened in April 2018: 44.5% Square Footage Physical Occupancy; 36.35% Physical Occupancy By Units; 35.8% Economic Occupancy as of March 2019
• Expected Stabilization Date: April 2020
• Rapidly Growing Area: Three Mile Population Has Grown 39.7% Since 2000
• 64,730 People Living Within Three Miles; 120,756 People Living Within Five Miles
• $87,291 Average Household Income Living Within Three Miles
• Lot Size: 2.9 Acres