Red Storage – Tooele, Utah (Greater Salt Lake MSA)

Property Location

1264 N 80 E
Tooele, UT 84074

investment highlights

  • BELOW MARKET RENTS // Management has rarely increased rents on existing tenants, typically bumping rates once per year. Current street rates average 35 percent below market rate. Market 10×10’s rent for $103 per month with Red Storage currently achieving $75 per month.
  • EXPANSION OPPORTUNITY // The owner has plans that were approved by the city for expansion. The seller did not complete the expansion and the approval would need to be obtained again prior to construction. The expansion has the potential to increase the property’s gross potential rents by nearly 80 percent.
  • STRONG POPULATION GROWTH // Tooele has been one of the fastest growing regions in Utah over the last decade. As housing affordability becomes a growing concern, Tooele has emerged as an affordable option within a reasonable commute of the Salt Lake Valley. Population is expected to grow 10.49 percent over the next five years.
  • GREAT CENTRAL LOCATION // Red Storage is located just off Main Street, which sees 29,508 vehicles per day, and directly across from the core retail center for the community. Retailers include Walmart, Café Rio, Maurice’s, Chubby’s Café, Panda Express, Apollo Burger, and Toole Urgent Care among others.

Broker Information

Jordan Farrer

Senior Associate

Phone: 801.736.2643
Email: jfarrer@marcusmillichap.com
License: UT 9220604-SA00

Adam Schlosser

Senior Managing Director

Phone: 303.328.2044
Email: aschlosser@marcusmillichap.com
License: CO FA100050407

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