Extra Space (Managed) Miami – 143rd Ave

Deal Highlights

• Substantial Rent Growth Runway: Current GPR of $21.04 per SF is projected to reach $35.06 per SF at stabilization
• Severely Undersupplied Market: Only 3.5 – 4 SF of storage per capita within 3–5 miles—roughly half the national average.
• Limited New Supply Risk: No new facilities are planned within 2 miles; competing projects are largely years from delivery
• Powerful Income Growth Tailwind: Median household income is projected to grow 3.6%–4.3% annually through 2031, driving continued tenant affordability and rent-growth potential
• High-Income Customer Base: $116,677 median household income within 1 mile—well above the national average
• REIT-Dominated Competitive Set Supports Premium Pricing: With leading national operators competing for high-quality customers in a severely undersupplied trade area, the market is positioned for continued top-of-market rate discovery rather than commodity pricing
• Positioned Within a Rapidly Evolving West Miami Corridor: The facility serves a dense 3- and 5-mile trade area of nearly 110,000 and 291,000 residents, respectively, with household incomes projected to grow 3.5%–4.3% annually through 2031
• Zoning-Constrained Supply Creates Durable Barriers to Entry: Miami-Dade County requires self-storage facilities to maintain at least 2,500 feet of separation from one another in applicable districts, while further limiting development through use restrictions and public-hearing approvals—making new competing supply difficult to entitle and reinforcing the value of established Class A facilities