San Diego MSA, Class-A Self-Storage Opportunity – Vista, CA
1340 N Melrose Dr, Vista, CA 92083
This offering presents a rare opportunity to acquire a Class-A storage asset in North San Diego County one of strongest and most desirable MSA’s in the country. The building was converted into storage in 2021 and totals 112,790 NRSF demisted into approx. 1,200 units with an additional 72 RV/Boat parking spaces, as well as roof mounted cellular antennas. The building offers 100% climate-controlled units in a market with less than 3.5 SF per capita of climate-controlled competition. The project opened end of 1st quarter 2021 and achieved 85% occupancy within 18 months. The project has consistently shown excellent leasing velocity averaging between 60-90 move-ins per month for the past 12 months.
Situated in North County San Diego on the border of Vista and Oceanside, two of the fastest growing cities in San Diego County. The City of Oceanside does not allow new self-storage development and the subject property is perfectly positioned to capture the Oceanside customer base. The facility is located on N Melrose Drive a major north/south arterial, which boasts a traffic count of 35,900+VPD. The project is located just south of multiple new single family and multifamily developments with an additional 324 units currently in planning at the corner of Melrose Dr and Oceanside Blvd, and an additional 7,795 recenelty delivered, planned and under construction units within the 3-mile trade area.
This investment offers a unique opportunity to acquire one of the newest facilities in the immediate trade area within one of the strongest MSA’s in the nation. With its strong occupancy rate, superior quality and below market rents, this opportunity offers a rare opportunity for investors seeking both stability and growth in the Self-Storage sector to enter the San Diego market.