Encanto & 83rd Self Storage – Phoenix, Arizona

Read more about this closed sale here.

Highlights

• A-Class Asset/Building
• Signage and Visibility on Well Traveled Encanto Blvd.
• Easy Access to Interstate 10
• On Site Office & Retail Center

General Description

The investment opportunity is an income producing self storage which is leased to a mix of household and commercial storage tenants. Significant opportunity existed to improve the income potential and value of this asset through an in expensive conversion of less popular large unit sizes to more popular small unit sizes. Specifically conversion of 10’ x 25’ and 12’ x 30’ units into a number of 5’ x 6’ and 5’ x 8’ units. The property currently has a lengthy waiting list for these smaller unit sizes. We have projected a conversion of 20 of these larger units into the smaller sizes.

The improvements consist of six self storage buildings totaling 42,255 rentable square feet, with one office and one residence totaling approximately 1800 square feet. There are 128 units of HVAC cooled self storage and 156 units of drive up self storage which can be increased to approximately 246 units through a minor conversion process resulting in a 374 unit facility.

The property has excellent visibility with frontage on well traveled Encanto Blvd next to a popular concert venue and is well positioned for substantial increases in revenue, cash flow and investment value over time. 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.

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.