The Extra Space Managed Self Storage offering presents a rare opportunity to acquire a Class-A storage asset in one of the fastest growing markets in Arizona. The facility offers 650 premium, climate-controlled units ranging from 16 square feet to 300 square feet with a wide variety of options to meet the increasing demand within north Tucson. Since opening its doors in April of 2023, this state-of-the-art facility has seen dramatic lease up velocity, achieving 85.6% physical occupancy in a year while reaching 61% economic leaving incredible, unrealized upside potential for any new investor.
Situated in the Northwest region of Tucson, within the Marana market, this property dominates the landscape as you exit onto Cortaro Farms Rd from Interstate-10, which exceeds 80,000+ vehicles per day, and is the major interstate leading from Phoenix to Tucson. Seeing in excess of 23,000 vehicles per day, Cortaro Farms Rd is a major connector from I-10 to N Oracle Rd. The access paired with a median household income of $101,918 within a 1-mile radius, allows the Marana trade area to rival that of any high-net-worth region within the state and presents the opportunity for the property to see strong rate growth within a market where a majority of facilities are north of 20 years old. The low supply of Class-A, climate-controlled units in the market paired with high visibility is one of many key drivers for the accelerated lease-up.
The Extra Space Managed Self-Storage Opportunity represents an increasingly hard to find, trophy asset situated in one of the most desirable markets in the nation. With KB Homes under construction on a new single-family housing development directly adjacent to the site, along with a number of new multifamily and single-family home projects coming out of the ground within the immediate area, the unparalleled location will allow for an investor to drive both rental rates and physical occupancy even further, solidifying its position as the market leader.