The Raceway Storage and Raceway Meadows Portfolio is comprised of two newer, high-quality facilities, located within ¼ mile of each other in Lebanon, Oregon. The properties total 551 units with 83,060 rentable square feet. The facilities are both single-story with over 70% of the unit mix offering drive-up access. The portfolio also offers heated units (30% of the unit mix) and fully enclosed RV & Boat Storage (15 units). With an average unit size of 150 square feet per unit, the facilities offer plenty of large units that are in high demand in the Lebanon marketplace. Raceway Self Storage was completed in 2008 and is approximately 99% occupied, Raceway Meadows was built in 1998, renovated and expanded in 2019, and stands at 96% occupancy. The subject properties are in high exposure locations near the Lebanon State Airport and Willamette Speedway. Traffic counts exceed 10,000 vehicles per day on Airport Drive which is a major access road connecting Interstate-5 with the South Santiam Highway. Lebanon, Oregon is located along the Interstate-5 corridor, 80 miles south of Portland, in the Willamette Valley midway between Salem, the state Capitol, and Eugene, home of the University of Oregon. The Albany-Lebanon Metropolitan Statistical Area has a population of approximately 131,000. Over the last four years, approximately 100,000 SF of new supply has been added to the Lebanon market all of which was quickly absorbed and is now stabilized positioning the market for strong growth in the coming years.
- Pacific Northwest self-storage portfolio opportunity
- High exposure locations on major traffic corridors
- All single-story configuration
- Excellent mix of drive-up, interior, interior heated, and fully enclosed RV units
- Strong leasing demand and high occupancy within the trade area positions the property for continued growth
- Raceway Meadows recently expanded and quickly stabilized