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Fortuna Road Storage – Yuma, Arizona

11707 S Fortuna Rd, Yuma, AZ 85367, USA

Description

Read more about this closed sale here.

General Description

The investment opportunity is an income producing self storage which is leased to a mix of household and commercial storage tenants. A self service car wash operation is also included in the sale. The improvements consist of eleven self storage buildings totaling 61,618 rentable square feet and one building containing a +/- 200 square foot office and a +/- 800 square foot residence for the site manager. There are four hundred and fifty two non-climate controlled drive up storage units on site, five car wash bays and 3 industrial vacuum cleaners.

The first phase of property was constructed in 1986 and followed by several expansions most recently in 2008. The storage buildings are steel construction on concrete foundations with raised interiors. Most interior partitions are steel (block firewalls) and all buildings have steel roofs and doors. Drive aisles are wide and paved with asphalt. The perimeter fencing is block. There are two access points to the facility including one keypad/sensor controlled entry and exit gate.

 Market Overview

Visibility and frontage are excellent from Fortuna Road. The property has a proven track record with consistent revenue growth over the last 36 months. Further upside in revenues are to be realized by reducing the disparity between physical and economic occupancy and through effective revenue management and marketing of the property. There has been no new self storage construction in Yuma County (5+ years) and the rentable square feet of self storage is well below national averages at less than five square feet per person. Recent occupancy surveys of nearby facilities indicate a market average occupancy in excess of 90%. This property is located just south of Interstate 8 on the heavily traveled Fortuna Road, which is well positioned for substantial increases in revenue, cash flow, and investment value over time.

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