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Van’s Storage – Fountain Hills, Arizona

Description

Read more about this closed sale here.

General Overview

The investment opportunity is an income producing self storage which is 87% leased to a mix of household  commercial and vehicle storage tenants.

The improvements consist of twelve self storage buildings and a Boat & RV storage area totaling 102,316 rentable square feet, with one office and one residence totaling approximately 1,303 square feet. There are 315 units of drive up self storage and 210 RV/Boat storage spaces.  With roughly half of the property land area under-improved and used for vehicle parking, there is ample room to expand this facility for increased cash flow.

Market Overview

Fountain Hills is a scenic desert community located adjacent to Scottsdale and the Phoenix MSA. Only about 25 minutes from Sky Harbor International Airport, the town has experienced rapid growth in recent years. From 2000 – 2009, Fountain Hills grew by 29.0%, reaching an estimated 26,107 residents. The Maricopa Association of Governments estimates that the population of Fountain Hills will continue to grow to a build-out population of between 30,000 and 35,000. The Phoenix MSA population estimated at 4.5 Million per the Economic and Business Research Center, The University of Arizona.

The town continues to attract residents who are building large custom homes to take advantage of the scenic vistas surrounding our mountain community. The town is surrounded by mountains with sweeping mountain views including Four Peaks, the Superstition Mountains and the McDowell Mountains, and boasts a natural desert landscape.

Fountain Hills is a master planned community established in 1970. Prior to 1970 the area was a cattle ranch and was part one of the largest land and cattle holdings in Arizona. The land was purchased by Robert McCulloch in the late 1960s.

One of the community’s most valuable assets is its natural beauty. Incredible views and natural desert terrain provide for a wide range of outdoor activities including hiking, biking, boating and golf. In fact, Fountain Hills contains some of the more challenging and picturesque golf courses in the State of Arizona.

Growth in Fountain Hills is driven by easy access to Phoenix and surrounding cities all while delivering a high quality of life in a scenic locale. Numerous niche manufacturing businesses call Fountain Hills home and the community attracts significant tourism dollars.

A recent analysis of 65 cities in the state ranked Fountain Hills 15th among the best places to start a business in Arizona.

The centerpiece of Fountain Hills is a beautiful fountain which is one of the world’s tallest man-made fountains. It serves as a focal point for the community and attracts thousands of visitors each year. The fountain was built in 1970 by Robert McCulloch. The fountain sprays water for about 15 minutes every hour at the top of the hour. The plume rises from a concrete water lily sculpture in the center of a large man-made lake to heights of around 300 feet. When built, it was the world’s tallest fountain and held that record for over a decade.

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