This offering presents a rare opportunity to acquire a newly developed, class A quality self-storage project in the highly sought-after market of San Diego County. The project is located in the East County community of Jamul – a high-end, high-income suburb with a median household income of $151,435 within a 3-mile radius.
Built in 2021, the 59,438 square-foot project has an excellent mix of drive-up units as well as rare, high bay indoor RV & Boat parking units. Approximately 63% of the total square feet of the project offers drive-up access with those units at 97.8% occupancy after only 8 months of leasing. The store has seen tremendous leasing activity since delivery in December 2021 with physical occupancy at 72.4% (by units) as of the end of August 2022. With physical occupancy nearing stabilization and economic occupancy at 60%, this project provides a tremendous opportunity to immediately and aggressively raise rental rates driving value-add type returns.