Utah Three Property Self Storage Portfolio

Property Location

Salt Lake City, UT

investment highlights – marina cove

  • HIGH-QUALITY CONSTRUCTION & AMENITIES // The facility’s high-quality finishes command the highest rents in its trade area and cater to the RV and Boat clientele. The facility has been built in phases from 2016-2019 and has been expertly maintained with a professional leasing office.
  • FULL-SERVICE BOAT & RV STORAGE // One of the only full-service boat & RV facilities along the Wasatch Front. The facility provides service and valet service to boat & RV customers creating additional streams of income and high demand from an affluent customer base.
  • EXPANSION OPPORTUNITIES // The total property is approximately 15.08 acres with nearly 10 acres undeveloped. With the growing demand for outdoor storage and covered outdoor storage in convenient locations, there are many opportunities to utilize the undeveloped land.
  • GROWING LOCATION // American Fork is in the heart of the Silicon Slopes and the property’s three-mile radius is projected to grow 12.89% in the next five years with a strong push west of the I-15. Marina Cove is located 0.5 miles from the American Fork Marina it the most convenient location for those boating on Utah Lake.

investment highlights – HERRIMAN STORAGE

  • PROMINENT LOCATION // The facility is located on, and highly visible, from 12600 South which has 26,143 cars per day. Herriman Storage is within walking distance of multiple townhome developments, three developments with 186 on the south side of Ashfield Drive, and the Herriman Town Center Apartments that feature 304 units.
  • HIGH PHYSICAL OCCUPANCY // The facility was 96% occupied as of the end of September 2020 and has historical occupancy in the low to mid 90 percent range. While the management has maintained strong physical occupancy, and their street rates in line with the market, there is a great opportunity to increase economic occupancy. The facility is currently 75% economically occupied.
  • UNDER SUPPLIED MARKET // Currently there are 4.4 square feet per capita in a three-mile radius and 5.64 square feet per capita in a five-mile radius. The three-mile radius population is projected to grow 24.84% over the next five years, making Herriman one of the fastest-growing submarkets in the Salt Lake Valley.
  • HIGH INCOME AREA // The average household income in the three-mile area is $119,260 and $124,468 in the five-mile area. With more luxury residential developments planned just north of the facility.

investment highlights – Parkway Storage

  • PROMINENT LOCATION // The facility is located on, and highly visible, from Geneva Road which has 13,279 cars per day. Located less than one mile from I-15 and Utah Valley University, Utah’s largest university with 40,936 students. The property is within two miles of 51 multifamily properties, both student and traditional, that consist of 5,535 units and 7,353 beds.
  • QUALITY CONSTRUCTION & AMENITIES // High-quality masonry construction with steel pitched roofs and professional leasing office with quality finishes and space for commercial or retail displays. Parkway Storage also offers climate-controlled storage in a market with limited climate-controlled supply.
  • UPSIDE TO NEW OWNER // The facility is currently 89% Physically Occupied and 72% Economically Occupied with rates below market. A new owner should be able to come in and capitalize on the strong physical occupancy and work on the economic occupancy to increase overall cash flows and returns.
  • PORTABLE STORAGE // An additional amenity and service provided through Parkway Storage are portable storage or moving pods. These storage pods are stored at Parkway and Marina Cove and can be used as portable, relocatable storage onsite or continued to be used for moving services.

Broker Information

Jordan Farrer

Investment Associate

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

Adam Schlosser

Senior Vice President

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

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

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