Self Storage | 6.46 CAP | Albuquerque NM

Industrial for Sale
Catylist Listing ID: 30269967
Property Subtypes: Self Storage
Building Size (RSF): 23,841 SF
Gross Building Area: See Agent
Gross Land Area: 0.64 Acres
Sale Price: $3,000,000
Unit Price: $125.83 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.46%
Last Updated: 8/9/2018

Overview / Comments

Storage Bank is a two-story climate controlled self storage facility that spans approximately 23,841 net rentable square feet. The property is located on San Pedro Blvd, a four-lane commercial corridor that runs through a densely populated residential area. There are approximately 135,392 people and 60,270 households within three miles.

Amenities include a 24-hour surveillance system monitoring all entrances, two loading areas at the rear of the property, a commercial lift to access the second story and an on-site managers apartment. Storage Bank has been well maintained with numerous recent capital improvements. The entire roof and one cooler was replaced last year, updates to the lift have been made within the past few months and the replacement of another cooler is currently underway.

There is currently a retail space on the rst level of the facility that is occupied by a packing and shipping center. The tenant is on a month to month lease and pays $1000 per month. The owners of the shipping center also manage the storage facility with the help of another part time manager, and they live in the property’s on-site apartment.

Storage Bank is located just two miles from the University of New Mexico where the total enrollment is over 27,000 making it the largest university in the state. It is also just one mile south of the Coronado Center, a 1.1 million square foot shopping mall, and Winrock Town Center, a large mixed-use redevelopment project.

The property is currently 97 percent physically occupied based on square footage. An incoming investor could achieve upside by improving management processes, implementing advanced marketing and revenue
management systems, and raising rental rates.

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Tax ID/APN: ABQ129159

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,847 149,254 314,581
Median Age: 39.18 36.58 37.82
Households: 8,145 65,697 139,011

Contact

Photograph of Listing Agent

Matthew Reeves

Marcus & Millichap CARNM CIE Member
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