Midgard Key West

Self-Storage Investments:

Midgard Key West

  • Asset Class: Self-Storage
  • Location: Key West, FL
  • Funding Status: Closed
  • Self Storage Value Add in Key West, FL

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Midgard Key West


This facility in our opinion cannot be duplicated in this market. Based on the lack of available land, it would be extremely difficult to find a site of this size to build a comparable size and quality facility. The current competitors in the market are very small (none over 30K rentable), mostly mom-and-pop operators with far inferior locations. Our acquisitions team was onsite last week and confirmed the inferior quality of the competitors. The average occupancy of the 7 competitors on the island was 96%. This facility is located on the main commercial thoroughfare in Key West amidst several national retailers. The facility was converted from a bottling plant in 2012 and from our review has been renovated to very high-quality standards. It appears to be very well maintained and is the flagship in the market. Based on lack of any new competition and the inferior comparability of the current competitors, the subject is able to command whatever rental rates the market will bear. Right now the current rents are on average 28% higher than the market rates yet the facility is over 90% occupied with a waiting list for select unit sizes. This is an extremely unique asset that Reliant is excited to acquire.

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Investor IRR: 18%

Investor Total ROI: 149%

Preferred Return: 8%

Project Cost: $28,628,424

Total Units: 759