Fig Garden Self Storage

Fig Garden Self Storage2020-11-17T18:43:35-05:00

Project Description

The Fig Garden Self Storage in Fresno, California is under contract.

The opportunity represents a well-maintained facility comprised of 70,273 rentable square feet on approximately 3.4 acres of land. The facility offers 542 non-climate-controlled units ranging from 20 square feet to 450 square feet, in addition to one rental parking space for a total of 543 units. The property is stabilized with solid physical and economic occupancies of 94 percent and 79 percent, respectively. Additionally, there is expansion potential adjoining the property available for separate purchase, along with interior expansion room for further upside. Converting interior units to climate-controlled storage options can justify raising rental rates. To ensure a secure premise, the facility is equipped with video surveillance, perimeter-wide fencing and gating. There is an on-site, one bedroom/one bathroom manager’s apartment. The subject property benefits from its location in a densely-populated region of Fresno, California, which is the state’s fifth-most populous city and largest inland city.

The subject property is ideally situated within a thriving corridor of Fresno and benefits from a robust population exceeding 115,000 individuals within three miles of the site. The facility offers direct frontage along North Golden State Boulevard, which sees traffic counts of over 23,000 vehicles daily. Additionally, the site offers convenient access to Golden State Highway, which boasts a traffic count of over 77,000 vehicles daily. Moreover, there is an average three-mile household income exceeding $81,000 annually, surpassing the national average. Fresno is the agricultural and financial epicenter of the San Joaquin Valley; a lower cost of living and unmatched natural resources makes the area desirable to businesses and residents within California.

The opportunity allows an investor the ability to acquire a stabilized self-storage asset with multiple upsides. The facility represents a solid opportunity to increase revenue by further raising the facility’s economic occupancy, which is already well-established. Fig Garden’s steady consumer base has allowed the site to achieve solid occupancies, demonstrating the subject’s significant presence within this populated division of Fresno. There is additional upside through bolstering the current tenant insurance program and implementing truck rentals. The facility is advantageously comprised of 85 percent overall drive-up units, which is a coveted feature within this market. Fig Garden Self Storage offers an excellent location, premium frontage and visibility and a consistent consumer base to ensure a turn-key investment for years to come.

Investment Highlights:

  • Stabilized Asset with Excellent Frontage and Visibility in Fresno, California
  • Solid Physical and Economic Occupancies of 94 Percent and 79 Percent, Respectively
  • Over 115,000 Individuals Within Three Miles of the Property
  • Three-Mile Household Income Exceeding $81,000 Annually
  • Capitalize on Expansion Potential Adjoining the Property Available for Separate Purchase
  • Opportunity to Expand and Convert Interior Units to Climate-Controlled Storage, Creating Additional Rental Upside
  • 95 Percent of the Square Footage and 85 Percent of the Overall Units Offer Drive-Up Access
  • Consistently High Physical Occupancy with a Gap in Economic Occupancy, Providing Immediate Upside in Bolstering In-Place Rents
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