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TractIQ Self-Storage Case Study Orlando, Florida

MONDAY, SEP 05, 2022

Colonial Town Center

Pine Hills

Winter Springs

Orlando

The largest city in central Florida is best known – and rightly so – as the House of Mouse. Boosted by Disney World, conventions, and other amusement park options, Orlando has profited from an almost-return to normal in the wake of the COVID-19 pandemic. Tourism and hospitality, after all, provide about 80 percent of jobs in the metro area.

That’s not all there is to the Orlando economy, though. It’s a good thing: Tourism and hospitality jobs may be abundant and not subject to seasonal restrictions in the Sunshine state, but the paychecks have traditionally been small.

Seeking to offset its reliance on the tourism economy, Orlando has added manufacturing, biotech, and aerospace jobs to the mix.

The results have been mixed. On the population front, the state added 2.4 million people over the decade to post a growth rate of 12.8 percent. Orlando, meanwhile, grew by 15 percent, with more than 300,000 new residents to help it beat the statewide growth figure.

The economic outlook for most residents, however, didn’t age quite as well. Median household income in the state grew only 2 percent to $57,703, and only 1.9 percent in the Orlando metro area, to $61,229 – a far cry from the relatively anemic 5.5 percent national increase over the decade to $64,994.

Still, the metro area has geography in its favor.

Sitting in the middle of the state, it avoids the worst of the hurricanes that have leveled coastal Florida. It’s also approximately halfway between the state’s economic capital of Miami and its political capital of Tallahassee. Two major interstates run through the heart of the metro: Interstate 75, which stretches from Fort Lauderdale to the border between Canada and Michigan, and Interstate 4, which connects Tampa and Daytona Beach. Florida’s Turnpike, a 265-mile toll road stretching from Miami Lakes to Sumter County in north-central Florida, also crosses through the metro area.

Unlike other major metros, Orlando’s housing has almost kept up with its population growth over the last decade. Between 2010 and 2020, it added about 137,000 housing units, a 14.9 percent increase – just shy of the 15 percent population increase.

The housing boom hasn’t stalled yet, either.

A TractIQ review of building permit records since 2020 finds roughly 119,000 housing units worth an estimated $44 billion have been in various stages of planning or construction within a 20-mile radius of the Orlando city center.

Colonial Town Center, Zip Code 32803

The 32803 zip code includes the Colonial Town Center neighborhood, as well as major parts of Audubon Park, Park/ Lake, and the Milk District, as well as the corporate Orlando Executive Airport. It borders I-4 and downtown on the west, stretching almost all the way to Semoran Boulevard on the east.

The neighborhoods are bisected by State Road 50, which runs from Titusville on the Atlantic Coast to Weeki Wachee on the Gulf of Mexico coast. The Holland Expressway roughly forms the southern border, and the zip’s northern boundary is more or less set by a series of lakes, including the 143-acre Lake Sue.

The area is generally one of the more well-to-do zip codes in Orlando. Its median household income of $82,111 exceeds the Orlando metro area’s median of $61,229 and far outpaces the median of $57,703 for Florida households. An estimated 81.2 percent of residents have lived in the same house in the zip code for a year or more.

Housing Stats 

The zip is attracting a number of young professionals;

only 43.5 percent of households in 32803 consist of families, and only 54.2 percent of homes are owned, much less than the national 64.4 percent average. About 62 percent of housing units in the area are single-family homes.

The median value of a home in the zip code is $302,300, according to the 2016-20 American Community Survey; the median value for a home in the Orlando metro area was $242,100.

Self Storage Stats

The neighborhood has one of the better prospects for self-storage expansion in the metro area.

It only has 2.82 square feet of self-storage space per resident, only a little more than half of Orange County’s 5.48 square feet and much less than the national average of 8 square feet per person.

Costs in the near-downtown zip code are higher than other parts of the metro, but that’s to be expected, given the price of real estate near major urban downtowns.

In any event, the average cost for self-storage space of $2.08 per square foot matches the state average and is less than the $2.15 national average.

Pine Hills, Zip Code 32808

The 32308 zip code is located northwest of the center of Orlando. Its southern boundary runs along West Colonial Drive, and it extends to Clarcona Ocoee Road to the north. North Powers Drive marks the western edge of the zip, which goes east as far as State Road 423 (the John Young Parkway) and U.S. 441, the Orange Blossom Trail.

The zip code is one of the poorer in the Orlando metro area. The typical household reported only $39,187 in income, according to the 2016-20 American Community Survey. Despite its relative poverty, population in 32308 grew 30.5 percent between 2010 and 2020, double the metro Orlando rate over the same period.

Housing Stats 

Homeownership rates in the zip code are low,

checking in at only 40.6 percent, or barely two-thirds of the metro rate of 62 percent. Almost 56 percent of housing units in the zip code are single-family detached homes, and the median value is $150,900, much less than the typical $242,100 recorded by the 2016-20 American Community Survey. Two-thirds of households in the zip code consist of families.

Self Storage Stats 

There are at least five self-storage facilities in the zip code.

Still, the typical zip code resident has access to 4.09 square feet of self-storage space, much less than the Orange County average of 5.48 square feet.

Costs per square foot also are cheaper than most parts of the metro area, running $1.90, a considerable discount from the state average cost of $2.08 per square foot and the national average of $2.15 per square foot.

Winter Springs, Zip Code 32708

Nestled at the southwest end of Lake Jesup, the 32708 zip code includes almost all of the Seminole County suburb of Winter Springs. The community is typically ranked among the best places to live in Florida and offers a wide range of recreational family activities. The northwestern boundary follows U.S. 17, then descends in a sawtooth pattern to the southeast to Red Bug Lake Road. Florida State Road 17, a toll road, forms most of the eastern boundary.

The area grew 10.8 percent over the decade, less than the metro growth rate of 15 percent but still more than the national average. Its median household income of $76,542 handily outpaced the metro median household income of $61,229.

Housing Stats 

Almost 70 percent of households in the Winter Springs area consist of families,

and 76.3 percent of homes in the zip code are owned, rather than rented. Slightly more than 70 percent of housing units are single-family detached homes, with a median value of housing estimated to be $264,700, according to the 2016-20 American Community Survey. Approximately 88 percent of residents have lived in the same house for a year or more.

Self Storage Stats 

The zip code has five self-storage facilities,

giving it an average of 3.09 square feet of self-storage space per resident.

Self-storage costs in the zip code are generally in line with outer suburban neighborhoods in Florida, running $1.93 per square foot. The amount is still considerably less than the $2.08 average cost of self- storage in the state and the $2.15 self-storage cost for the United States.

 

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