The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors for the sale of Buffalo Storage. Located in Las Vegas, one of the most sought-after self-storage regions in the nation, this mom & pop-owned facility offers steady in-place cash flow. It allows an investor to realize several substantial value-add opportunities.
Buffalo Storage represents the rare opportunity to acquire an exceptional infill self-storage property comprised of 67,433 net rentable square feet and includes 598 total units. The property boasts a physical occupancy of 95.8% while allowing an investor to realize a tremendous amount of upside by taking advantage of multiple income streams as well as increasing its in-place rents to market. The property fronts on Buffalo Dr., which sees 19,000 cars per day. Buffalo Storage utilizes a very prominent monument sign and adjoins a heavily traveled retail center, increasing its excellent visibility. The property uses a 24-hour video surveillance system and electronic gating to guarantee secure storage.
Built-in 1996, the facility is ideally located on the west side of Las Vegas, which sees some of the most robust rental rates across the entire state. Less than 3 miles east of I-215, Buffalo Storage consists of 391 climate-controlled units, 177 drive-up units, and 30 Boat/RV Covered parking spaces. In addition to storage units, the property garners income from an on-site cell tower and a 640 SF additional office.
The facility represents an excellent opportunity to acquire a long-established, well-performing, infill-located facility boasting a 3-mile population of 181,093 people. Buffalo Storage offers multiple upsides with opportunities to realize incredible rental rate growth, cell tower, and office rental income. This facility represents an ideal investment within a growth market boasting little room for new competition.