Lock Box Self Storage
Absorption & lease-up analysis — 2675 Starratt Road, Jacksonville, FL 32226
Total units
650
80,000 RSF · 6 buildings
Stabilized occupancy
90%
585 units at stabilization
Lock Box ramp
30 mo
Sage Group appraisal
SSA national avg
36 mo
Self Storage Association
Industry range
18–48 mo
Varies by size & market
Occupancy ramp: Lock Box vs. industry benchmarks
Physical occupancy (%) from opening through year 5
Lock Box (Sage, 30-mo)
Industry typical
Industry range
SSA average (36-mo)
Units leased over time
Of 650 total units — Lock Box vs. industry benchmarks
Lock Box projected
Industry typical
SSA average
Year-by-year absorption schedule
Lock Box projected occupancy vs. industry benchmarks at key milestones
| Milestone | Month | Lock Box | Industry typical | SSA average | Units (Lock Box) | Notes |
|---|---|---|---|---|---|---|
| Opening | 0 | 0% | 0% | 0% | 0 | Doors open, no pre-leasing |
| Q1 | 3 | 18% | 15% | 14% | 117 | Initial awareness / signage |
| Q2 | 6 | 25% | 22% | 20% | 161 | Google visibility building |
| End of Year 1 | 12 | 38% | 35% | 32% | 249 | Momentum phase begins |
| Month 18 | 18 | 52% | 48% | 43% | 337 | Referral engine kicks in |
| End of Year 2 | 24 | 65% | 61% | 55% | 424 | Strong leasing velocity |
| Month 30 Lock Box stabilizes | 30 | 90% | 74% | 67% | 585 | Sage target reached |
| End of Year 3 SSA stabilizes | 36 | 90% | 87% | 80% | 585 | ECRI optimization begins |
| End of Year 4 | 48 | 90% | 91% | 90% | 585 | Refi-eligible, steady cash flow |
| End of Year 5 | 60 | 90% | 91% | 90% | 585 | Mature stabilized asset |
Sources:
Sage Group MAI Appraisal (File #25456), Self Storage Association (SSA), DXD Capital, Cushman & Wakefield H1 2025 Self-Storage Outlook, SkyView Advisors Q3 2025 Industry Report, Yardi Matrix, RentCafe. Industry ranges reflect composite data from ground-up climate-controlled facilities of 50,000+ RSF in southeastern U.S. markets.
Key assumptions: Lock Box ramp per Sage Group DCF — 20% of stabilization (18% occupancy) in quarter 1, linear increase to 90% at month 30. No pre-leasing assumed. Industry typical reflects mid-range for well-located facilities with favorable supply dynamics. SSA average reflects national data across all facility sizes and markets.
Prepared by: Five25 Capital · Lock Box Self Storage Offering Memorandum
Key assumptions: Lock Box ramp per Sage Group DCF — 20% of stabilization (18% occupancy) in quarter 1, linear increase to 90% at month 30. No pre-leasing assumed. Industry typical reflects mid-range for well-located facilities with favorable supply dynamics. SSA average reflects national data across all facility sizes and markets.
Prepared by: Five25 Capital · Lock Box Self Storage Offering Memorandum