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Havasu Boat Storage – Lake Havasu City, Arizona

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Description

Highlights

  • Irreplaceable Location
  • Nearest Fee Simple Property to Boat Launch
  • Unit Mix Contains Popular Sizes
  • Near 100% Occupancy
  • Management Upside!
  • Lake Water Level Managed at Capacity
  • LHC – 2.5 Million Visitors per Year

General Overview

Havasu Boat Storage is a 7.55 acre boat storage facility located in Lake Havasu City, Arizona. The property was initially constructed in 1971 and expanded in multiple phases. There is currently 131,528 net rentable square feet comprised of 289 enclosed storage units, 22 outside parking stalls and 16,320 SF of separately rented warehouse space.  The facility consists of ten single-story buildings and offers a combination of garage-style roll up door units and surface parking stalls.

The facility has undergone a recent renovation to include several hundred thousand dollars in improvements. Sample improvements include a keypad controlled gate entry, exterior upgrades to all buildings, new LED lighting, security camera improvements and added surface stalls. The facility is built with all-metal construction with drywall dividers between units. The site is fully paved with asphalt and has exterior lighting throughout. The facility also features an on-site manager’s office and storage customer services provided by a detailing/boat valet service tenant and a boat manufacturer.

The property is conveniently located 1.5 miles from downtown Lake Havasu City and one quarter mile from the popular Windsor Launch Ramp. Water levels on Lake Havasu are closely managed due to the obligations to downstream agriculture resulting in a recreational mecca that is well known for boat races, recreational boating and fishing which bring millions of visitors a year. The boat storage facilities in the surrounding area have high occupancy levels and very low delinquencies. These niche properties typically require minimal management effort making this a great addition to any investment portfolio.

Market Overview

Lake Havasu City, home of the historic London Bridge, is located on the east shore of Lake Havasu on the Colorado River between Arizona and California. The Community was first established in 1961, as a McCulloch master planned community, but was not incorporated until 1978. There are now currently 56,000 permanent residents in the 42 square mile city. This explosive growth in population is due mostly to the city’s strategic location and tourist appeal.

The Colorado River is a very important source of water for not only Arizona, but the entire country. It flows from the central Rocky Mountains, across the Colorado Plateau, and through the Grand Canyon, filling up several major reservoirs along the way, before ending up in Yuma, Arizona and Imperial Valley, California. This area, at the end of the Colorado River, is known as the winter vegetable capital of the country. And, despite receiving an annual average of only 3 inches of rainfall, 90% of the country’s leafy vegetables are produced here during winter months. Lake Havasu happens to be the last reservoir on the Colorado before this important farming area. So, while the water levels of the other reservoirs along the Colorado have fluctuated dramatically, Lake Havasu’s annual average water level has never dropped more than two feet.

Lake Havasu City is also situated perfectly as a recreational city. It sits about 150 miles from Las Vegas, 208 miles from Phoenix, 307 miles from Los Angeles, and 313 miles from San Diego. This strategic location has allowed the city to draw tourists from multiple major metro areas, allowing this desert oasis to become one of the number one tourist destinations in Arizona.

Each year, over 2,500,000 tourists travel to the shores of Lake Havasu. The 45-mile-long lake with over 450 miles of shoreline has become known as the “personal watercraft capital of the world”. It is home to the International World Jet Ski Final Races, multiple professional fishing tournaments, custom boat regattas, the Western Winter Blast pyrotechnics convention, Havasu 95 Speedway, the Chilln-n-Swilln Beer Festival annual charity event, and the Havasu Island Hot Air Balloon Fest & Fair. The number of events this city holds seems to keep growing and visitors are making more and more trips year-round. The Arizona Department Tourisms estimates that these visitors spend over $200,000,000 in Lake Havasu City annually.

The future for boat storage in Havasu seems bright. The importance of the water level in Lake Havasu to the produce production of America, ensures a level of stability that no other lake in Arizona can boast. The city’s ideal location, situated almost equidistant to some of the largest metro areas in the country, means that there is an enormous population of boaters to attract. Finally, Lake Havasu City’s growing popularity for boat centered events confirms it’s continually growing demand for boat storage.

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Gorden Group Associate
Gorden Group Associate

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