BoxVault Storage Miami

Location: Miami, FL
Type: Self Storage
Price: $13,400,000

SMC has provided a $13,400,000 ten-year fixed rate mortgage for the refinance of BoxVault Storage Miami, a nine story self-storage building located in downtown Miami, Florida, adjacent to Interstate-95, off of North River Drive. The Property was developed in 2016 and consists of 799 climate controlled storage units, one ground floor commercial suite and a rooftop event space, which together total approximately 83,078 SF. The facility is fully climate controlled and the Property was approximately 91% occupied as of the twelve months ended July 2020. The area surrounding the Property is comprised of a mix of commercial and multifamily properties within the downtown Miami CBD. The neighborhood boasts strong demographics with a population of 171,088 and 364,082 and an average household income of $77,350 and $78,047 within a 3- and 5-mile radius of the Property, respectively.