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On Solid Ground Cocoa Notes

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Cocoa Site Overview

Occupancy: Held steady at ~92% (physical), with economic occupancy at 80.8% — very little change in sq. ft. occupancy (~+30 sq ft).

Leads: 30 leads with 13% conversion (4 move-ins).

Rentals: 13 move-ins and 13 move-outs — net change: 0.

Revenue: $85.3K total revenue, mostly from rent; 100% collected via credit card.

Move-Outs: 12 move-outs; top reason: “Don’t need storage anymore” (7 cases).

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Key Takeaways

Cocoa is stable but not growing in occupancy or leads.

Cocoa Move-Out Reasons (12 total)

Table 1

Table 1

Reason

Count

Don’t need storage anymore

Vacated without notice

No reason provided

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🔹 The majority of Cocoa’s departures were voluntary and not due to dissatisfaction — no tenants cited service issues.

Rate Increases

Starting in December

206 Increases issued

$4,124 Total

Average $20 per increase

Average 7%

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Coleman Site Performance (Sept 17–Oct 29, 2025)

Management Summary for On Solid Ground RV & Boat Storage – Coleman (Oct 29, 2025)

1. Occupancy Growth

Coleman saw a significant increase in occupied space over the period. On September 17, 2025, physical occupancy was around the mid-70s in percent. By October 29, 2025, physical occupancy had climbed to 84.57% of square footage (84.0% by unit count). Occupied space grew from roughly ~49,600 sq ft to ~58,300 sq ft, an increase of about 7,074 sq ft. Economic occupancy reached 75.38%.

2. Lead Activity

Lead volume and conversion were robust. Total leads from Sept 17 to Oct 29: 53. Of these, 21 converted to move-ins (conversion rate: ~39.6%).

Lead Sources:

Other: 12

Returning Customer: 6

Called The Call Center: 6

Drive By: 5

Storagely – Google Search: 3

Unspecified/Misc (*): 3

3. Rental Activity

Coleman recorded 16 move-ins and 8 move-outs, resulting in a net gain of +8 rentals.

4. Revenue Performance

Total revenue: $41,806.40

Rent: $40,841.01

Fees: $475.00

Insurance: $17.00

Services: $473.39

Payments via credit card (~$42,296), ACH (~$522), and checks (~$213)

Total net receipts: $43,031.66

5. Move-Out Analysis

Total move-outs: 15

Don’t need storage: 5

Moving: 3

Location change: 3

Unhappy with service: 1

Transfer: 1

Vacated without notice: 1

No reason provided: 1

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Key Takeaways

Cocoa: Stable but stagnant growth in occupancy and leads.

Coleman: Strong growth in occupancy and lead conversion.

Most move-outs at both sites are due to lifestyle changes, not service dissatisfaction.

🚐 Unit Type Performance Summary Cocoa

Period analyzed: Current snapshot from latest production data

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Cocoa Facility

Enclosed Units

69 total, 85.5% occupancy

Highest priced at ~$800/month

Strong demand despite premium rates

Covered Units

178 total, nearly full at 98.9% occupancy

Rented at ~$287/month

Primary revenue driver with excellent utilization

Uncovered Units

33 total, only 70% occupancy

Rented at ~$160/month

Lowest performing type; demand appears weak despite being lowest cost

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🔍 Key Insights

Covered parking is the best-performing category at both sites — strong occupancy with mid-tier pricing.

Enclosed units are highly valued and command premium rent, with strong occupancy.

Uncovered units underperform consistently — lowest occupancy at both sites, despite being the cheapest.

Cocoa commands higher rental rates across the board, but pricing may be dampening demand for uncovered spaces.

No rate increases are currently scheduled across any unit types.

RV Parking Unit Performance by Type (Cocoa vs Coleman)

The On Solid Ground RV & Boat Storage facilities in Cocoa and Coleman were analyzed by RV parking unit type – Enclosed, Covered, and Uncovered. The table below summarizes key metrics for each facility and unit type, including unit counts, occupancy, and rental rates:

Table 2

Table 2

Unit Type

Cocoa Total

Cocoa Occ

Cocoa Vac

Cocoa Occ%

Cocoa Avg Rate (Curr)

Cocoa Avg Rate (New)

Cocoa Sq Ft

Coleman Total

Coleman Occ

Coleman Vac

Coleman Occ%

Coleman Avg Rate (Curr)

Coleman Avg Rate (New)

Coleman Sq Ft

Enclosed

85.5%

$802.5

N/A

51,750

N/A

Covered

178

176

98.9%

$287.2

N/A

72,276

198

172

86.9%

$246.2

N/A

77,412

Uncovered

69.7%

$159.5

N/A

11,910

79.2%

$124.5

N/A

35,230

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(Occ = occupied units, Vac = vacant units, Avg Rate (Curr) = average current monthly rental rate per unit, Avg Rate (New) = average new scheduled rate if applicable, Sq Ft = total square footage)

Cocoa Facility Performance

Enclosed Units (Cocoa): The Cocoa facility offers 69 fully-enclosed RV storage units, of which 59 are occupied and 10 vacant. This represents an occupancy of ~85.5% (mid-80s). These enclosed units command by far the highest rents – the current standard rental rate averages about $800 per month. Despite the premium price, occupancy is strong, indicating solid demand for indoor RV storage. Enclosed units also make up ~51.7k sq ft of space at Cocoa.

Covered Units (Cocoa): Covered RV parking is the largest category at Cocoa (178 total spaces) and is nearly fully occupied (~99%). Out of 178 covered spots, 176 are occupied and virtually no units are available for rent (only ~2 units not in service). This outstanding occupancy highlights very high demand for covered parking at Cocoa. The covered spaces have an average standard rent around $287 per month, significantly lower than enclosed but higher than uncovered. Covered parking comprises ~72.3k sq ft of Cocoa’s capacity. The combination of high occupancy and moderate rates makes covered units a major revenue driver at this location.

Uncovered Units (Cocoa): Cocoa has 33 uncovered outdoor RV parking spaces, which show the lowest occupancy (~70%) of the three types. Only 23 of 33 uncovered spots are occupied, leaving 10 vacant. Despite being the cheapest option (average asking rent ≈ $160/month), uncovered spots are under‐performing in occupancy. In fact, some uncovered groups are largely empty – for example, one size category had only 2 of 6 units rented (33% occupancy at ~$110 rent). This suggests that, at Cocoa, customers strongly prefer covered or enclosed options, and the uncovered spaces face weaker demand or possible overpricing relative to market interest.

Coleman Facility Performance

Enclosed Units (Coleman): The Coleman facility has no enclosed RV units, focusing instead on covered and uncovered parking. (All fully enclosed storage demand is handled at other locations like Cocoa.)

Covered Units (Coleman): Coleman offers 198 covered RV parking spots, of which 172 are occupied. This is an occupancy of about 86.9% – a healthy rate, though not as overwhelmingly full as Cocoa’s covered section. Approximately 26 covered spaces are vacant (including a few offline units). Rental rates for covered parking at Coleman average around $246 per month, a bit lower than Cocoa’s, reflecting perhaps a different market or facility attributes. Some covered size categories at Coleman are completely full (e.g. one grouping of 5/5 occupied at a $234 rate), while others have vacancies (one segment was only 75% occupied). In total, covered parking represents ~77.4k sq ft at Coleman and is the primary revenue source given its large share of units and solid occupancy.

Uncovered Units (Coleman): Coleman has 77 uncovered outdoor spaces, with 61 occupied – roughly 79.2% occupancy. This is better than Cocoa’s uncovered performance, but still lower than Coleman’s covered occupancy. About 16 uncovered spots are vacant. The average rent for uncovered parking at Coleman is around $125 per month, notably cheaper than Cocoa’s open parking rate. The uncovered section accounts for ~35.2k sq ft of the facility. Like at Cocoa, uncovered parking lags behind covered in demand – one sizeable uncovered group at Coleman is about 75–76% occupied – but overall occupancy is a bit stronger than Cocoa’s. The pricing is also lower, which may be helping drive relatively higher occupancy in this category at Coleman.

Comparison and Noteworthy Trends

Demand by Unit Type: Across both facilities, covered parking shows the strongest demand, combining high occupancy and mid-level pricing. Cocoa’s covered units are virtually full, and Coleman’s covered units are also well-occupied (~87%). Uncovered parking consistently has the lowest occupancy at each site despite being the cheapest, suggesting many RV customers prefer to pay more for at least a roof overhead. Cocoa’s uncovered occupancy (~70%) is significantly below Coleman’s (~79%), even though Cocoa charges more for uncovered space. This could indicate price sensitivity or different market conditions – Cocoa’s higher rents may be dampening demand for uncovered spots.

Pricing and Occupancy: Cocoa generally commands higher rental rates than Coleman for similar unit types (both covered and uncovered). Notably, Cocoa’s uncovered rate (~$160) is about 28% higher than Coleman’s (~$125), and its covered rate (~$287) is ~17% higher than Coleman’s (~$246). Despite these higher prices, Cocoa achieves exceptional occupancy in covered units (perhaps due to location or quality), whereas its uncovered units see much lower fill rates. Coleman’s more modest pricing is accompanied by moderately high occupancy in both categories, suggesting its rates are well-aligned with demand. Enclosed units, offered only at Cocoa, have by far the highest price (around $800) but still maintain a solid ~85% occupancy – indicating a niche segment of customers willing to pay premium for fully enclosed storage. This high revenue per unit likely makes enclosed units a lucrative segment for Cocoa, even with a few vacancies.

Capacity and Revenue Mix: Covered parking comprises the largest share of square footage (and likely revenue) at both facilities – roughly 72k–77k sq ft of covered space at each site, almost fully utilized in Cocoa and largely utilized in Coleman. Enclosed units at Cocoa, while fewer in number, contribute a substantial portion of revenue due to their high rate (59 occupied enclosed units at ~$800 each yields significant monthly revenue). Uncovered spaces, occupying the least area, contribute the smallest revenue share; their lower occupancy and lower rates make them the weakest performing segment. The trend suggests that customers value protection for their vehicles (covered or indoor), and facilities might consider converting or repricing under-filled uncovered spots if feasible to improve performance.

No Scheduled Rate Changes: The “New Rate” columns in the dataset were empty, indicating no upcoming rate changes at the time of this report. Thus, the current standard rates are the active rates being offered to new tenants (and were used for the above comparisons). Both facilities may maintain these rates in the near term, though the occupancy gaps (especially Cocoa’s uncovered vs. covered) highlight areas where pricing strategy could be revisited to balance occupancy.

Overall, Cocoa outperforms Coleman in rental rates and is nearly maxed out in covered parking occupancy, while Coleman shows steadier occupancy across its unit types at lower price points. Enclosed units (available only at Cocoa) demonstrate strong demand even at a premium price, whereas uncovered units show the most softness in demand at both locations. These insights can help target where to adjust marketing or pricing – for example, boosting promotion of uncovered spaces or considering price adjustments to improve their occupancy – and reinforce that covered (and enclosed) storage is a highly valued offering in both markets.

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