Storage Quarters · 15415 Pine Ridge Rd, Fort Myers FL · $2,616,250

The Asset

A storage facility that mostly runs without anyone there.

Three single-story concrete-block buildings. Every unit is drive-up. Tenants pull to their own roll-up door, load, and leave. No elevators, no corridors, no carts.

Location is the headline. Gladiolus Drive is a six-lane divided arterial carrying about 21,300 vehicles a day at the frontage and roughly 44,600 a day approaching US-41. Storage Quarters sits on the signalized corner where Pine Ridge Road meets it. In an infill trade area with almost no land left, that visibility is the part a buyer cannot go build.

The customer base is south Fort Myers: boaters, contractors, retirees downsizing out of northern houses, families in the new apartments across the intersection, and snowbirds who need somewhere to leave a car for eight months. Lee County grew about 15% since 2020 to roughly 876,000 people and is projected near a million by 2045. Roughly one resident in seven moved last year, and moving is the single most reliable reason anyone rents storage.

The operation is nearly all online. Tenants reserve, e-sign, pay, and set autopay through the Cubby platform without ever meeting a person. Cubby's machine-learning revenue management watches competitor rates, occupancy, and demand, moves new tenants in at promotional pricing, and steps them up on a schedule. The result is in-place rents above street rates and about 109% economic occupancy.

A part-time on-site manager covers Monday, Wednesday and Friday afternoons and Sunday, mostly to handle cash. She is paid with the on-site apartment rather than a salary, so the business carries no cash management payroll. Required SafeLease tenant protection adds roughly $15,000 a year of ancillary income and transfers with the sale.

About $80,000 of capital went in recently: roofs in 2018, exterior paint in 2024, asphalt sealcoat in 2025, and a new high-efficiency mini-split in 2026. A new owner inherits very little deferred maintenance.

The Numbers

Where the $156,975 comes from.

The seller's books already put mortgage interest, depreciation, contract labor and charitable contributions below the NOI line, so reported NOI is already a pre-debt, pre-depreciation property figure. The recast below normalizes it. Every historical number ties to the seller's profit-and-loss statements, and those statements are posted below in full. Check our arithmetic.

Recast bridge, 2025 reported to normalized

Step	Amount	Running NOI
2025 reported NOI	—	$137,975
Revenue to the current in-place run rate	+$13,054	$151,029
Remove non-recurring cost of goods sold	+$447	$151,476
Normalize operating costs	+$5,498	$156,975
Normalized stabilized NOI	—	$156,975

Normalization nets to +$5,498. Bad debt is set to a three-year average because 2025 ran unusually high, advertising is normalized off its 2025 spike, and one-time or discretionary items are removed: closing and refinance costs, charitable contributions, entertainment, and uncategorized spend. Insurance is held at the actual current policies, so it barely moves. Contract labor was already excluded and ran to $0 in 2026.

Five-year pro forma, upside case

	Year 0	Year 1	Year 2	Year 3	Year 4	Year 5
Total income	$223,391	$241,262	$258,151	$273,640	$284,585	$295,969
Operating expenses	($66,416)	($68,409)	($70,461)	($72,575)	($74,752)	($76,995)
Net operating income	$156,975	$172,854	$187,690	$201,065	$209,833	$218,974
Cap rate at $2,616,250	6.0%	6.6%	7.2%	7.7%	8.0%	8.4%

Assumptions, which you are free to disagree with: Year 0 is the normalized stabilized figure. Revenue grows 8%, 7%, 6%, 4%, 4%, front-loaded for lease-up of current vacancy plus Cubby rate increases on the existing book. Operating expenses grow 3% a year. No cash management fee, because the manager is compensated in kind. Insurance is set at the actual current policies of $3,453 a year. Routine repairs and maintenance are held at a normalized allowance pending confirmation. This is a pro forma, not a guarantee, and it is not an appraisal.

Read this before you use the cap rate. A sale triggers Florida property-tax reassessment toward the purchase price. The pro forma above holds taxes at the seller's current bill. The calculator below lets you switch that on and watch what it does to the yield, which is what your lender is going to do anyway.

Run It Yourself

Underwrite it right here.

Change the price, the NOI basis, and your debt assumptions. Everything recalculates. Nothing here is a loan offer or a quote.

Your assumptions

Purchase price: NOI basis

Down payment: Interest rate: Amortization

Reassess property taxes at my purchase price Estimated from the 2025 bill: $19,739 of tax on $1,242,504 of taxable value, an effective rate of about 1.589%. Florida reassesses on sale. This is an estimate, not the county's number.

What that gives you

—

going-in cap rate

Net operating income —

Down payment —

Loan amount—

Annual debt service —

Cash flow before tax—

Cash-on-cash return—

Debt service coverage most lenders want 1.25 or better—

Illustrative only. Interest-only periods, reserves, replacement allowances, closing costs, and lender-required escrows are not modeled. Terms vary by lender, borrower, and asset class. This is not a loan offer, a quote, or investment advice.

Unit Mix & Occupancy

133 of 176 rented, and the vacancy is not where you think.

As of June 28, 2026. In-place rents sit above street rates, which is what pushes economic occupancy past 100%.

Size	Units	Occupied	Vacant	In-place	Street
5 x 5	28	16	12	$49	$28
5 x 10	33	27	6	$75	$46
8 x 10	2	1	1	$89	$81
10 x 10	8	7	1	$150	$125
10 x 20	25	24	1	$190	$116
10 x 25	6	6	0	$295	$253
10 x 30	3	2	1	$230	$220
12 x 12	30	30	0	$134	$92
12 x 18	2	2	0	$279	$256
15 x 20	2	1	1	$425	$239
15 x 30	3	3	0	$387	$357
Standard storage	142	119	23	—	—
RV / vehicle parking (7 x 20)	27	13	13	$77	$52
Mailbox lockers (1 x 1)	6	1	5	$10	$10
Manager apartment (40 x 40, not rented)	1	—	—	—	—
Total	176	133	41	$17,899/mo	$16,377/mo

Unit Occupancy

75.6%

All 176 spaces

Standard Storage

~84%

The revenue drivers

Economic Occupancy

109.3%

In-place over street

In-Place Run Rate

~$214k

Annualized

Read the 41 vacancies carefully. Eighteen of them are low-rate ancillary space, not storage units: thirteen outdoor RV and vehicle spots and five mailbox lockers. Of the 23 vacant storage units, eighteen are the smallest lockers, twelve 5x5s and six 5x10s. Only five mid-size or large units are empty, and every 10x25, 12x12, 12x18 and 15x30 is rented. The vacancy sits almost entirely in the cheapest space on the property, which is where lease-up upside lives and where lost revenue is smallest.

Competitive Position

Priced above the market on every storage size but one.

Benchmarked against ten competing facilities using live competitor pricing from Cubby Market Insights, prepared June 28, 2026. Storage Quarters is entirely non-climate-controlled, so the comparison covers the sizes it actually rents.

Unit type	Storage Quarters	Market benchmark	Gap	Comps offering it
5 x 5	$28.00	$17.25	+62%	4
5 x 10	$46.00	$28.00	+64%	8
10 x 10	$92.00	$51.50	+79%	8
10 x 20	$186.00	$140.00	+33%	9
10 x 25	$253.00	$192.75	+31%	4
10 x 30	$220.00	$212.00	+4%	5
15 x 20	$239.00	$127.80	+87%	1
Vehicle / RV parking	$52.00	$117.05	−56%	8

Two things a buyer should take from this

Vehicle parking is roughly 56% under market. Eight of the ten competitors rent parking, and they average $117 against the $52 here. That is the clearest near-term rate lever in the current mix, and it costs nothing to test.
Nobody here rents climate-controlled space. Competitors price climate-controlled units across thirteen sizes. Storage Quarters offers none. That is a product gap today and the reason the expansion concept below exists.

Who you are competing with

Four Extra Space locations, two CubeSmart, one StorageMart, one iStorage, and two independents across the south Fort Myers trade area. Pricing swings widely by site and unit type.

One caution, stated plainly: this source carries pricing only, not competitor occupancy. Treat the premiums as evidence of pricing power, then confirm them against the facility's own rent roll and occupancy report, both posted below, before you underwrite them into a price. One listed rate in the set, a $1,113 10x25 at Safe T Storage, looks like a data artifact rather than a real comparable.

Full Competitive Analysis (PDF)

The Market

Lee County added 115,000 people in five years.

Self-storage fills on movement, and this county does not stop moving. Figures are U.S. Census Bureau and University of Florida BEBR, used as the trade-area proxy.

Population 2025

875,607

Lee County

Growth Since 2020

+15.1%

Among the fastest in the U.S.

Projected by 2045

~1 million

UF BEBR projection

Residents 65+

28.8%

Downsizers and snowbirds

Households

327,803

Each one a customer

Moved in Past Year

~13.6%

About 1 in 7

Renter Households

~25.7%

Least storage at home

2025 Building Permits

13,547

Rooftops still coming

Traffic at the corner

Segment	2018	2022	2024	10-yr
Gladiolus Dr, site frontage	22,500	23,000	21,300	flat
Gladiolus Dr, near US-41	41,500	46,200	44,600	+15%
Pine Ridge Rd, at the site	5,200	5,400	6,400	+39%

Lee County DOT Annual Average Daily Traffic, 2024 count report. The county's stations bracket the exact corner.

Why this market rents storage

Median household income of about $76,100 and a median home value near $362,200. People here store instead of upsizing.
Winter population in coastal Southwest Florida swells by as much as 22%. Snowbirds leave cars, boats and gear behind between seasons.
A construction and rebuild economy keeps contractors and trades cycling through, and they need accessible space they can load from a truck.
New multifamily has gone up directly across the intersection. Renters have the least storage at home of anyone.

Full Market Report (PDF)

Where the Growth Is

Three ways this gets bigger.

1. Lease up the vacancy

Forty-one spaces are empty, concentrated in small lockers and RV parking. Those are the easiest to fill and the fastest to reprice. Vehicle parking is also the one line priced under market, at about 56% below the eight competitors that rent it.

2. Let Cubby keep raising rates

The revenue management engine is already running and already producing in-place rents above street. It transfers with the business. The gain-to-lease on the existing book is what carries the pro forma between lease-up and expansion.

3. Build up, not out

A concept exists to drive pilings around and through the existing buildings, carry an elevated platform above the roofline, and add a second and optional third story. Up to roughly three times the rentable area on the same land, with the ground floor staying rented through most of construction.

About the expansion concept, stated honestly

It is a planning and marketing concept, not an engineered design, and the drawings in the PDF are illustrative and not to scale. Before anyone relies on it, confirm zoning height limits and setbacks, parking and access for the added area, a structural and geotechnical study for pile design in Southwest Florida soils, flood zone and grade, and the building-code requirements for multi-story storage including fire access, egress, and elevators. What it does today is give a buyer a fundable path to add the climate-controlled product this trade area rents and this facility does not have.

Vertical Expansion Concept (PDF)

Operations & Condition

What you are actually taking over.

The software and what conveys

Cubby, an AI-native self-storage platform used by more than 400 operators. Online checkout, e-signed leases, payments, autopay, unified facility management, analytics, and call tools.
Cubby's machine-learning revenue management, which monitors competitor rates, occupancy and demand, prices move-ins, and schedules increases for existing tenants.
QuickBooks for accounting.
Tenant leases, all month to month. No single anchor tenant.
The sale includes the building and land, the business, equipment, fixtures, and furniture.

SafeLease tenant protection, and the income it throws off

Every tenant either shows proof of their own coverage for stored goods or enrolls in the SafeLease plan. Auto-Protect enrolls any unprotected unit at the minimum level, so coverage stays close to universal. The facility keeps 70% of plan revenue and SafeLease keeps 30%. It shows up on the profit-and-loss as Insurance Sales, running roughly $15,000 a year.

$2,000 of protection adds $12.00 a month to rent.
$3,000 adds $17.00 a month.
$5,000 adds $27.00 a month.

The plan is underwritten by Obsidian Insurance Company. The agreement took effect November 17, 2023 and auto-renews annually. On a sale the seller makes a good-faith effort to assign it to the buyer, with 30 days notice to SafeLease and notice within 72 hours of closing.

Staffing, and why there is no management salary

A part-time on-site manager covers Monday, Wednesday and Friday from 3:00 to 6:00 p.m. and Sunday from 12:00 to 6:00 p.m., mainly to handle cash transactions and anything physical on site. She is compensated with free rent of the upstairs apartment rather than a salary, so the business carries no cash management payroll. Move-ins and move-outs run through Cubby without her. A buyer can keep that arrangement, hire it out, or run the site remotely. Whichever you choose, model the cost yourself; the pro forma assumes the current in-kind arrangement continues.

Capital improvements, about $80,000 in recent work

2018 New roofs on all buildings. Invoice on file.
2024 Exterior repaint by Ryan Hammond, Inc. $25,733.
2025 Asphalt sealcoating by North Port Sealcoating. $53,918.
2026 New high-efficiency mini-split serving the office and the upstairs apartment.

These were capitalized as improvements rather than expensed, so they do not sit inside the NOI anywhere in this package. Roof, paint, pavement and HVAC have all been addressed recently. The invoices are posted below.

The physical facility

Three one-story concrete-block buildings, 19,720 SF gross per the Lee County Property Appraiser, built 1983.
142 drive-up storage units, each with a grade-level roll-up door. Nine-foot minimum clear ceiling height. No elevators, no dock-high doors, no truck wells, no rail.
27 outdoor RV and vehicle parking spaces, 6 mailbox lockers, and one manager apartment.
Gated and fenced. No fire sprinklers, which is typical for non-climate-controlled drive-up.
Mini-split heating and cooling serves the office and the apartment only. Storage units are not climate-controlled.
Utilities on site: electric, water, sewer, trash removal, phone and internet.
1.24 acres. Zoning is split, CG Commercial General on 58.54% and IL Industrial Light on 41.46%, with an Urban Community future land use.

Flood & Insurance

Zone AE, and it did not flood in Ian.

Insurance ends more Southwest Florida deals than price does, and usually three days before closing. Here is what we know now, up front.

What FEMA says

Flood Zone

Coastal floodplain

Base Flood Elevation

10 ft

FEMA published

This is a Special Flood Hazard Area. A lender will require flood coverage. Zone and base flood elevation come from the FEMA National Flood Hazard Layer, looked up for this parcel and written into this page, not from the MLS flood field.

The site took no flooding during Hurricane Ian, Milton, or Helene, per the owner. That is the owner's statement, not a survey finding, and it is not a promise about the future.

Get an elevation certificate. Nobody has produced one for this property yet. The gap between the finished floor elevation and that 10-foot base flood elevation is the whole story on flood pricing here, and it is the first thing a flood underwriter will ask for. Ask for it in diligence, or order one.

What the seller actually pays

Commercial property policy 2025 to 2026 policy year$2,508

General liability 2025 to 2026 policy year$945

Flood the seller carries none$0

Seller's current annual premium$3,453

These are the seller's actual 2025 to 2026 policies, and they are the figure used in the recast and the pro forma. Yours will be different. A buyer financing the purchase will almost certainly be required to add flood coverage the seller does not carry, and that cost is not in the numbers above or in the pro forma. Model it before you commit. The loss run report is posted below.

These are the seller's actual premiums, not a quote for you. An estimate is not a quote, and this is not even an estimate of your cost. We are real estate agents, not insurance agents. No carrier is named or implied, and nothing on this page is a binder or an application. We are happy to introduce you to a commercial insurance professional we work with, and we are not paid for the introduction. Sources: FEMA National Flood Hazard Layer, and the seller's own declarations pages.

No Gate, No NDA

The books are open. All of them.

Most self-storage listings make you sign a confidentiality agreement and wait for a callback before you see a single number. There is nothing here worth hiding. Every document a buyer would eventually get in diligence is on this page right now, free, with no form to fill out and nothing to sign.

✓ Profit and loss, 2023 through 2025, and 2026 year to date ✓ The recast financials and the five-year pro forma ✓ Full rent roll, unit by unit, as a PDF and a spreadsheet ✓ Occupancy statistics report ✓ The tenant lease and the protection plan addendum ✓ Boundary survey and site plan ✓ Insurance policies and the loss run report ✓ Capital improvement invoices ✓ The SafeLease partner agreement, signed ✓ The full Offering Memorandum ✓ Federal tax returns, 2023 and 2024, ID numbers redacted

Go to the Documents

The summaries on this page are drawn from those documents. Where this page and a source document disagree, the source document governs. Verify everything independently before you rely on it.

Everything, Open

Read the whole file before you call us.

Nothing below is gated. Download what you want, build your own model, and come back with questions.

Two notes. The Offering Memorandum and the recast financials still carry a "confidential" marking in their footers, left over from when this package was gated. Read past it, because this material is published on purpose. And the two federal returns are the complete Form 1120-S filings with one change: the taxpayer identification numbers are blacked out, meaning the corporation's EIN, the shareholder's EIN, and the preparer's EIN and PTIN. Not one financial figure, schedule, or statement was touched. There are no Social Security numbers in either return; the shareholder of record is an entity, Hawley Storage LLC. Unredacted originals are available on request.

Parcel and county records

STRAP / Property ID 32-45-24-00-00021.0080
Owner of record: Investors Cartel, Inc., doing business as Storage Quarters
2025 county market value $1,700,028, taxable value $1,242,504
Legal: parcel in the SW 1/4 of the NW 1/4 as described in OR 1487 PG 2164, less right of way

Lee County Property Appraiser

Search the STRAP above. We are not linking a parcel-specific URL because the appraiser's deep links do not resolve reliably.

See the corner for yourself

The site is the signalized hard corner of Gladiolus Drive, State Road 865, at Pine Ridge Road in south Fort Myers. Drive it at 5 p.m. on a weekday and count the cars.

Apple Maps Google Maps

Please view from the public right of way. Do not enter the property, and do not approach tenants or the on-site manager. All site access goes through the listing agents.

Walk the Property

Tour it by appointment.

Martin & Kim Hawley, REALTORS®

The Hawley Team · Keller Williams Realty Fort Myers & The Islands

Martin (239) 355-4040 · Kim (239) 420-9027 · martin@teamhawley.com

This is an operating business with paying tenants. Showings are by appointment through the listing agents only, who accompany every visit. Please do not disturb tenants or the on-site manager, and there is no sign on the property. Video and audio surveillance with recording capability may be in use on the premises.

Call or text and we will set a time. Working with your own broker already? Have them reach out and we will coordinate.

Call (239) 420-9027 Text to Book a Tour Email a Tour Request

Ready?

Make an offer.

No blind bid date and no call for offers. Bring a price and terms you can defend and we will present it.

Read the financials above first. Underwrite from the actual statements, not from this page.
Use a commercial purchase and sale agreement. Your attorney or broker will have one. If you do not have either, tell us and we will explain your options.
Include proof of funds, or a lender letter if you are financing. For an asset like this most buyers bring both.
State your diligence period, your deposit, and your closing timeline. Say what you still need to see.
Email the package to martin@teamhawley.com. We confirm receipt of every offer and we present every offer.

Title and closing: Venture Title Services, 12840 University Dr, Fort Myers, FL 33907, (239) 734-2400. The seller is a domestic entity, so FIRPTA withholding does not apply. The owner reserves the right to accept, reject, or negotiate any offer and to withdraw the property at any time.

Start Your Offer Email Questions First? Call Martin

Forty-four thousand cars a day drive past your sign.