- 100 Percent Climate Controlled
- New Roofs in 2016
- New Coolers in 2016/2018
- On-Site Managers Apartment
- 14,542 Vehicles Per Day
- Median Customer Move-In Date is January 2015
- Non Disclosure State (Reduces Property Tax Increase Risk)
- Albuquerque Airport 13 Minutes Away
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 Boulevard, a 14,542 vehicle per day four-lane commercial corridor that runs through a densely populated residential area in Albuquerque. There are approximately 135,558 people and 60,419 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 was replaced in 2016 for $66,000. All three of the rooftop mounted coolers were replaced between 2016-2018 at $8,700 each.
There is currently a retail space on the first level of the facility that is rented by a packing and shipping business called Mail Bank. The tenant is on a month to month lease at $1,000 per month and has been a tenant since before 2003. The owners of Mail Bank also manage the storage facility (with the help of another part time manager) for $36,000/year compensation. This couple also lives in the property’s on-site apartment.
Storage Bank is located just two miles from the University of New Mexico with a 27,000 enrollment. 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.
This property is currently 85 percent physically occupied based on square footage and the last rental rate increase was back in May 2019. The current owner lives out of state and has visited the property three times since 2003. The customer base is stable and loyal as evident by the rent roll showing the median customer move in date is January 2015. An incoming investor will increase their return by implementing advanced marketing and revenue management systems, raising rental rates and decreasing economic vacancy, adding solar to reduce the electrical bill, and selling tenant insurance.