Description

This is a multifaceted business which derives income from self-storage rental space, vendor booth rental space and from a percentage of vendor retail sales and administrative fees.

Originally founded in 1960, this business remodeled to adapt to the marketplace trend as a multi-use facility in 2011. The facility was completely rented up within 6 months of opening and has maintained 100% occupancy to the present. A+ Self Storage draws tenants from a waiting list and walk-ins whenever units come available. The Atrium Mini Mall draws new vendors from a substantial 8-10 month waiting list of over 100 possible vendors.

The Facility is a 20,000sf open span metal building with a 700sf atrium façade and 14,000sf of rental space. It is 100% climate controlled and has 152 roll-up door storage and mini mall units. A newly paved 32 space parking lot is adjacent to the building. There is a loading dock at the back of the building with 4 key-pad 24/7 secured entry doors.

Self- Storage rental rates run from $1.10 to $1.15 per square foot. Atrium Mini Mall rental rates run from $1.15 to $1.25. The business takes a 10% commission on all retail sales.

The self-storage market draws tenants from the city of Meridian as well as Lauderdale County and surrounding counties. The Mini Mall draws vendors and customers from a wider range of market sectors. Vendors come from surrounding cities and shoppers are local as well as from out of town. North Meridian, greater Meridian/Lauderdale County area as well and east Mississippi and west Alabama encompass the bulk of the area served.

The business uses TV, newspaper and social media to market the Mini Mall as well as storage. Vendors draw their own customers and push their products using social media. Vendors control their inventory and displays. The business doesn’t own any inventory

Summer hours are Mon. through Sat. from 10:00am to 5:30pm. Winter hours are Mon. through Sat. from 10:00am to 5:30pm and Sunday from 1pm to 5pm.

There are 2 part-time employees who operate all aspects of the business from open to close. One part-time owner shares 1/3 the work schedule. The business can be grown in a number of ways, increase rental rates on storage units, increase rental rates on vendor booths and increase commissions on retail sales. Employ a more aggressive social media presence and encourage vendors to use social media.

Posted Sep 22, 2016

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