For Sale

Extra Space Storage (EXR managed)
Listing #: 2402

Memphis, TN
NRSF: 59,510
Offering Price: $12,000,000
No. Units: 588

Highlights:

  • Institutional, Class-A asset.
  • Planned expansion to 75,000 NRSF as the market is calling for additional smaller units.
  • Kroger conversion and completely new build with all major capX replaced during construction (electrical, HVAC, roof, plumbing and paving).
  • Achieved 86% occupancy within the first year of operation and maintained strong occupancy throughout the slow season.
  • Located in a dense apartment market.
  • High security property with 2 entrances and 3 exits.  The property is 8′ fenced with 3 tier barbwire.  Fully automated – office features remote door access and transaction window with level 4 bullet resistant glass to service customers from outside if needed.  The site has not had any crime or break in issues to date.
  • Extra Space corporately owns 18 of the 20 stores that they operate in the Memphis market.

Morning Star Park (In Contract)
Listing #: 2209

Elverta, CA
NRSF: 172,498
Offering Price: $8,000,000
No. Units: 524

Highlights:

  • Existing site sits on 11.77 acres.  There is an additional 15 acres zoned M1 which would allow for expansion.  Property is on one parcel.
  • The expansion land is priced at $2,600,000 or $3.98/SF.  The additional land must be purchased with the existing asset making the aggregate price $8,000,000.
  • Indoor parking helps meet the needs of recreators who want access to their vehicles at their convenience.

EZ Storage Depot (Closed 09/14/23)
Listing #: 2307

Visalia, CA
NRSF: 72,673
Offering Price: $7,861,600
No. Units: 745

Highlights:

  • Current occupancy is 96%.  The metal storage units are 100% occupied and the average unit size exceeds 135 NRSF.  The exterior wood lockers are 89% occupied and the interior wood lockers are 77% occupied.
  • Upside through operations.  The property currently does not have a tenant insurance program and the current asking rents are below market rates.
  • Wooden 5x8s outside (143 units) and inside (224 units) could be replaced with metal units which would provide for greater ease of management by eliminating the need for a forklift operator used to stack the portable units.

Garden Highway Self Storage (In Contract)
Listing #: 2312

Yuba City, CA
NRSF: 46,875
Offering Price: $5,600,000
No. Units: 438

Highlights:

  • The property is currently 87% occupied.  The drive-up storage units are 90% occupied and the parking spaces are 70% occupied.
  • Attractive unit mix and layout.  The property offers a wide range of storage options from 5×5 to 20×40.  The drive isles are ample and secured access and surveillance assures customers of a secure environment for their belongings.
  • The onsite-manager’s residence is currently vacant.

Mr. Storage 1 & 2 (Closed 12/15/23)
Listing #: 2205

Oceano & Grover Beach, CA
NRSF: 17,470
Offering Price: $2,100,000
No. Units: 206

Highlights:

  • Upside in rents as the subject property has some of the lowest rents in the submarket.
  • 2-property portfolio with 1.6 miles between the properties.
  • Both sites have manager’s units
  • Rents have not been raised since 2022
  • The properties do not have a website, nor traditional self-storage management software.
  • No tenant insurance is offered.

Powerline Mini Storage (Closed 02/29/24)
Listing #: 2302

Olivehurst, CA
NRSF: 26,600
Offering Price: $1,900,000
No. Units: 302

Highlights:

  • All-metal construction.
  • Upside through operations.  The property currently does not have a tenant insurance program and the current asking rents are roughly half of the current market rates.
  • Ample room for expansion.  The property sits on 3.91 acres with only 26,600 NRSF constructed.  The new owner could significantly expand the property to increase density and revenue.