The surrounding market is supported by strong fundamentals, including meaningful population growth, no competing facilities within a 1-mile radius, and no other planned or in-progress self-storage developments within a 5-mile radius. In addition, there are 4+ institutionally owned or managed assets within 3 miles, underscoring institutional confidence in the submarket.

The site spans 8.27 acres and is fully approved for a Class A, single-story drive-up facility totaling 98,100 NRSF (859 units), in addition to 81,334 SF of unenclosed, canopied RV parking (150 stalls).

Our rent comp analysis indicates non-climate rents averaging $1.31 PSF/month, with T-12 averages of $1.48 PSF/month, signaling continued upward pressure on rates.

Climate-controlled rents are currently averaging approximately $1.85 PSF/month, with T-12 averages near $1.80 PSF/month, reinforcing strong demand across product types.

Assuming construction costs of ~$59 PSF in Year 1 and a conservative lease-up commencing late Q1/early Q2 of Year 2, we are underwriting a measured absorption curve. Stabilization is projected in Year 5, with additional rate optimization beginning in Year 6. On this basis, we are targeting a stabilized valuation north of $20MM.