Gorden Group

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Eagle Canyon Storage – Phoenix, Arizona

3050 W Camelback Road, Phoenix, AZ
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General Overview

The investment opportunity is an income producing self storage which is 79% leased to a mix of household, student and commercial storage tenants. Projected gross revenues for the coming five years range from $1,280,367 to $1,623,527 as a result of modern storage marketing and management practices, effective revenue management and introducing the sale of tenant insurance.

This is a high growth submarket of Phoenix, Arizona driven by the redevelopment of surrounding parcels by Grand Canyon University.

The improvements consist of six self storage buildings totaling 85,197 rentable square feet, with one office and one residence totaling approximately 2,285 square feet. There are 605 units of HVAC cooled self storage, 146 units of drive up self storage and 4 vehicle storage spaces as currently configured.

Construction is steel on concrete foundations. All interior partitions are steel. All buildings have metal roofs with steel doors. Drive aisles are asphalt. There is one access point with a PTI keypad controlled entry and exit gate.

The property has excellent visibility with frontage on well traveled Camelback Road at the entrance to Grand Canyon University and is well positioned for substantial increases in revenue, cash flow and investment value over time.

Property Highlights

  • A-Class Asset/Building
  • Located in front of Grand Canyon University
  • Signage & Visibility on well travelled Camelback Road
  • Easy Access to Interstate 17
  • Upside in Occupancy and Collections
  • On Site office & Retail Center
  • Redevelopment Opportunity

Market Overview

Phoenix is located in the heart of the fastest growing and most dynamic metropolitan area in the country with a population of over 4 million people. The City of Phoenix has a population of 1.6 million and is the fifth largest city in the United States, forecast to be at least #4 by 2020. Adjacent cities include Scottsdale, Mesa, Chandler, Gilbert, Glendale, Goodyear, and Surprise – and other nearby cities include Tucson, Yuma, and Flagstaff. The U.S. Census Bureau estimates that by 2030 the population of Phoenix will grow to 2.2 million, and the population of the metro area will reach 6.3 million. Phoenix is the capital of the state of Arizona, located in Southwestern United States adjacent to the states of California, Nevada, Utah, Colorado (at “4 corners”), and New Mexico. Arizona shares a vibrant border with Mexico that facilitates trade between the U.S. and Latin America.

The municipal governments in the greater Phoenix region are planning for a population growth of at least two million residents the next two decades. To prepare for that population growth, an enormous amount of infrastructure is planned, from new freeways to expansions of the light rail lines. Construction is occurring at the Phoenix Sky Harbor International Airport on the new PHX Sky Train™, anelevated and automated train that will transport people between the nearest Metro light rail station and the main terminal. That first phase was completed in 2013. The second phase extension to the west will connect the other two terminals and the rental car center by 2020.

People move to Phoenix not just for the weather and high quality of life, but also for jobs. And companies move to Phoenix to take advantage of the highly skilled labor force, low operating costs and low risk of natural disasters. Phoenix was awarded the distinction of All America City in 2009 by the National League of Cities based on the completion of innovative projects with community input. Those projects included the Sonoran Preserve Initiative, the teen program at the public libraries and the development of the downtown campus for Arizona State University.