Four Property RV & Boat Storage Portfolio – Phoenix, MSA
Spanning over 20 acres and consisting of 878 spaces, the Phoenix MSA Four Property RV Storage Portfolio offers the rare opportunity to enter one of the most sought-after markets for RV storage in the nation. With locations throughout west Phoenix, each property is perfectly situated to take advantage of sprawling growth that Phoenix sees where the average median household incomes within a 3-mile radius of each property are just north of $76,000 and just under $80,000 within a 10-mile radius. Population growth throughout Phoenix is staggering and it is evident across the entire portfolio. Population within a 10-mile radius ranges from 100,000 at the Buckeye location to north of 813,000 at Surprise RV.
The number of spaces at the four properties, CrossRiver, Buckeye RV, Peak RV, Surprise RV, range from 100 to 323. The Surprise RV facility has been fully entitled and permitted to have an additional 164 spaces added on the adjacent four acres that the owner purchased for an expansion. Prior to the potential expansion the facility regularly sees 91% physical occupancy. Both Buckeye and CrossRiver have a retail component which provides additional residual income outside of the normal storage income stream that the properties currently see. Peak RV has achieved its current, physical occupancy of 56% in less than a year, taking into account the normal slowing of lease-up velocity during the summer travel months.
This RV portfolio presents an investor with the extremely rare opportunity to enter top recreational market within the Sunbelt states. The potential buyer will realize incredible revenue growth by implementing strategies to increase both occupancy and rental rates at each facility. Additionally, upgrading three of the four facilities with canopies will allow an owner to drive future rent rate increases. Each facility is well positioned to outperform their competitors with immediate access from both the I-10 and Loop 303, two of the most traveled roadways within the Phoenix MSA.