The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to sell a Public Storage Managed facility in Sacramento, CA.
This offering represents an exceptional opportunity to acquire a state-of-the- art facility comprised of 79,704 rentable square feet stretching over 5.5 acres of land. The property features 862 climate-controlled units and 64 Boat/ RV Parking units. The owners have secured permit-ready city approvals for expanding the Boat/RV parking to add 31 additional spaces. The well-maintained facility is equipped with 24-hour video surveillance to ensure a secure premise.
Situated in the heart of North Sacramento, this REIT-managed property benefits from solid demographics with a population of 126,183 within 3-miles while only seeing a per capita self storage supply of 6.25. The property boasts a physical occupancy of 94% while allowing an investor to realize a tremendous amount of rental upside by increasing the current economic occupancy of 72.12% and utilizing the future additional 31 Boat/RV spaces. Additionally, the clear heights within the interior of the facility would allow for an additional floor of internalized self storage units for future expansion.
Converted to self -storage in 2018, the facility has outstanding frontage visibility off Pell Circle, which sees 142,800 cars per day. The subject’s prime location within the North Sacramento neighborhood will allow consistent growth and stability. This Class-A property features superior construction and a wide variety of options to meet the region’s high demand for self-storage. The fully climate-controlled facility offers an investor the opportunity to garner a strong footprint within a highly sought-after market where the average household income pushes $73,000. An investor will see day one positive cash flow and will benefit from the substantial increases in returns simply by bringing rents to market and stabilizing the additional parking spaces. Additionally, due to the existing ceiling height there may be an opportunity to add a second floor and dramatically increase the net rentable square footage.