investment highlights
- STRONG MARKET RENTS // Heated units from the comparable properties average $2.89 per square foot. The average unit size of Northland Maxi Vaults is 53 square feet per unit which averages $3.14 per square foot. The property currently achieves $2.34 per square foot providing immediate upside to the next owner.
- OPERATIONAL UPSIDE // The current ownership has relied on drive-by traffic or word-of-mouth to maintain occupancy. There has been little to no budget allocated to advertising or driving online rentals. Recently, tenant rates were increased by 10 percent and suffered almost no attrition and maintain rates well below market average.
- RECENTLY COMPLETED CAPEX // Since 2021, the south side of the roof was replaced with a six-inch membrane, and the North Side was replaced with a seven-inch membrane in 2022, resulting in a 31 percent decrease in gas heating costs. All roof drains and Modine heater exhausts vents have been replaced, LED driving lane and exterior lights were installed.
property summary
Northland Maxi Vaults is a 353-unit, 18,294 net rentable square foot self-storage facility located in Anchorage, Alaska. The property sits on approximately 0.48 acres of land, was initially converted to stor-age in 1974 and was expanded in 2024.
Northland Maxi Vaults has many amenities including large pull-through loading bays, a professional leasing office with retail and security monitor display. All customers check in via the manager with access during business hours making it one of the most secure facilities in Anchorage. The facility has six Modine heaters and 18 security cameras. There is the opportunity to add more units in “warehouse” space.
The facility is in North Anchorage just minutes from Downtown Anchorage. There are major drivers in the immediate area such as Elmendorf Air Force Base and Merril Field Airport. Anchorage is a stable midsized market, over 400,000 in the MSA based in strong industries from the military, oil and gas, and fishing. Anchorage has strong storage fundamentals, strong occupancy, rental rates, and average household incomes exceeding $86,000 a year.
