Take advantage of the opportunity to acquire this nearly stabilized self-storage facility located in Albuquerque, NM. Situated on 5.3 Acres, this 18,550 rentable square foot facility offers 188 drive-up units and 177 uncovered parking spaces which add an additional 74,200 of rentable space. Built in 1985, the facility holds excellent value-add potential with the opportunity to convert both large parking areas into climate-controlled storage, adding an additional 241 units. The facility is currently 85% physically occupied.
Albuquerque is home to 967,000 residents, making it New Mexico’s most populous city by far. With ample career opportunities thanks to an impressive talent pool (that ranks among the top in the nation for cities with the most college graduates) and year-round good weather, Albuquerque is consistently regarded as one of the “Best Places to Live and Retire”.
Easily accessed from I-25, the facility is situated near several major shopping centers, including Lowe’s, Target, and Cabela’s. There is a comfortable median household income of over $79,000 within a three-mile radius, holding a population of just under 65,000 residents. Additionally, 5 multifamily projects totaling 613 units are currently under construction within
3-miles of the property, supporting the growing renter population that currently makes up over 30% of residents in the trade-area.
This investment opportunity allows a savvy investor to acquire a cash flowing facility with built-in avenues for enhanced profits. In addition to the approved 241-unit expansion opportunity, the facility’s in-place rents are significantly below market levels in Albuquerque—affording the opportunity to maximize profits by bringing the facility up to current market rates.