CubeSmart Self Storage (Managed) – Panama City, FL

Property Location

2125 Lisenby Ave
Panama City, FL 32405

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investment highlights

  • Premier Class “A” Facility in the Trade Area
  • Seasoned Operation with Favorable Annual Revenue Growth and Strong Occupancy
  • Upside in Stabilizing the Recently Completed RV/Boat Outside Storage Expansion
  • Less than Two Miles from Walmart Super Center, Sams Club, and Gulf Coast Medical Center
  • High Occupancy Trade Area- Average 90%+
  • High Barrier to Entry Market- Limited New Construction over the Last 10 Years

property summary

CubeSmart Self Storage (Managed) is a 52,807 net rentable square foot class “A” facility comprised of 374 climate and 15 non-climate controlled
units located in the heart of Panama City, Florida. Built in 2007, the facility features a three story all metal building with exterior brick masonry
veneer with first floor drive up units as well as a smaller single story all metal drive up building along the southern perimeter. The facility was
expanded in 2019 with the addition of a fully paved and gated surface parking lot with 72 spaces to store boats and RV’s. The property has
maintained consistently strong operating history and is currently 90.74 percent physically occupied as of July 31, 2020.

The property features institutional quality finishes and amenities throughout. With tenant accessibility in mind, the facility was designed with
two high speed commercial elevators at the front and towards the rear of the property with two covered loading areas. There is an on-site
leasing office with two security display monitors prominently located behind the leasing desk. The grounds and building interior are secured
via 16 video surveillance cameras as well as wrought iron perimeter fencing with two keypad accessible gates. The facility features a large,
elevated back-lit sign on the front of the main building and a monument sign by the facility’s entrance.

CubeSmart Self Storage (Managed) is well located on Lisenby Avenue with no obstructions, making signage easily visible to the passing 7,300
vehicles per day. The five-mile trade area has taken on limited new self storage supply over the past decade allowing for high rates and tight
occupancy across the submarket. The property is surrounded by multiple retail centers and many residential communities. Nearby retailers
include a Walmart Super Center, Home Depot, Publix Super Market, Sam’s Club & the Gulf Coast Medical Center. The property is situated near
the center of the city with approximately 37,656 people and 16,366 households within a three-mile radius with an average household income
of $65,923.

Cubesmart Self Storage (Managed) is an excellent opportunity to make a dominate entry into the Panama City market with one of the areas
best assets. Limited like-kind competition and high barriers to entry allow this property to maintain sizable market share among the areas more
affluent tenant base creating favorable pricing power. Upside opportunities exist through pushing the newer outdoor parking expansion’s rental
rates and improving the economic occupancy in the current self storage operation.

Broker Information

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

Adam Schlosser

Senior Vice President

Phone: 303.328.2044
Email: aschlosser@marcusmillichap.com
License: CO FA100050407

Ryan Nee

Broker of Record

Phone: 954.245.3450
Email: ryan.nee@marcusmillichap.com
License: BK3154667

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Contact The LeClaire-Schlosser Group