Havasu Boat Storage

Havasu Boat Storage2021-04-22T11:27:44-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale Havasu Boat Storage in Lake Havasu City, Arizona.

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NRSF – 140,633

850 London Bridge Road
Lake Havasu City, AZ 86404

The subject property represents a well-maintained storage facility comprised of 140,633 rentable square feet on approximately 7.55 acres of land. The facility features all metal construction and offers 276 non-climate-controlled units, 11 drive-up units, 8 enclosed boat/RV spaces, 28 parking spaces and 9 spacious storage units for a total of 332 units. The site was initially constructed in 1971 and was expanded in multiple phases. The facility recently added a new 12,000 square foot building in July of 2020 to accommodate the highly active population in Lake Havasu City. The subject is stabilized with current physical and economic occupancies of 99.5 percent and 94.3 percent, respectively. To ensure secure storage, the property utilizes 24-hour video surveillance and electronic gating.

The subject property is impeccably located in the heart of Lake Havasu City, Arizona; a major vacation destination that is widely known as “Arizona’s playground” with impeccable shorelines and unrivaled natural resources. The facility has direct frontage along London Bridge Road and offers premium access to State Highway 95, which witnesses traffic counts of over 27,000 vehicles daily. Advantageously, the subject property is just 1.5 miles from downtown Lake Havasu City and approximately .25 miles from the Windsor Launch Ramp, which is one of the most popular launch areas in the city. Lake Havasu City is a recreational mecca for boating and water sports enthusiasts, bringing in millions of tourists on an annual basis. The subject property, along with the region’s competitors, maintain high occupancy levels ands low delinquencies due to the region’s strong demand for boat and RV storage.

The subject property represents an excellent opportunity to acquire a unique storage asset in a desirable location with multiple upsides. An investor can capitalize on a facility built to cater to the population’s recreational needs; Havasu Boat and RV Storage has a significant market footprint as one of the first boat and RV storage destinations within the city. The subject property boasts the most desirable waterway access, which is a major reason that the facility is fully occupied. The facility has forward-looking financial projections, including a cash-on-cash return of 9.2 percent in year three and a levered IRR of 18.9 percent in year five. Furthermore, the subject has completed major capital improvements over the last several years, including a keypad-controlled gate entry, exterior upgrades to all buildings, new LED lighting, security camera improvements and added surface stalls, totaling several hundred thousand dollars in renovations and upgrades.

Investment Highlights:

  • Irreplaceable Location Directly Across from the Busiest Public Boat Ramp in Lake Havasu City
  • Fully Stabilized Storage Asset with Multiple Upsides in Desirable Lake Havasu City, AZ
  • Several Major Capital Improvements Implemented in Phases, Including a 12,000 SF Class A Expansion, which is Already 100 Percent Leased prior to Completion
  • Significant Market Footprint as One of the First Boat/RV Storage Options Established in Lake Havasu City
  • 99.5% Occupancy and Waiting List for Units Demonstrates the Historically Strong Demand for Storage
  • Projected Cash-on-Cash Return of 9.2 Percent in Year Three and a Levered IRR of 18.9 Percent in Year Five
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as Havasu Boat Storage.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.