Rita Ranch RV & Self Storage | Tucson, AZ

Rita Ranch RV & Self Storage | Tucson, AZ2022-06-13T11:55:09-04:00

Project Description

The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to sell Rita Ranch RV & Self-Storage. Located in Tucson, AZ, Rita Ranch RV & Self-Storage represents the increasingly rare opportunity to acquire a historically stabilized facility with multiple expansion opportunities.

Price: Market Bid

NRSF: 46,333

The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to sell Rita Ranch RV & Self-Storage. Located in Tucson, AZ, Rita Ranch RV & Self-Storage represents the increasingly rare opportunity to acquire a historically stabilized facility and enhance it with multiple expansion opportunities.

Built in 2003, the facility sits at 93% physically occupancy and 78% economic occupancy. The continuing lease-up of the recently added units will allow an incoming investor to dramatically increase rates to market and realize increases to the in-place NOI. Consisting of 436 total climate and non-climate-controlled units, as well as 91 RV-Boat storage rental spaces, the property’s immediate 3-mile trade area sees an average household income of over $82,000. Additionally, there is room for another phase of expansion on the property in order to meet the demand of the traditionally stabilized market. Alongside the storage rental, this facility has a solid U-Haul business that produces steady income and extra foot traffic. It is also complimented by a dog wash and car wash which provide the owner with additional cash flow that bolsters the returns. The property utilizes a 24-hour video surveillance system and electronic gates for secure storage.

Rita Ranch RV & Self-Storage represents an excellent opportunity to acquire a recently expanded, well performing, multi-purpose facility that boasts a 3-mile population of 24,957. Located on the southeast side of Tucson, the property sees 13,513 cars per day and has excellent frontage on S Rita Road, which provides the adjacent neighborhood with direct access to the property. Taking advantage of multiple value-add opportunities, including drive-up unit extension, continued rate and occupancy growth, and the construction of the additional building, this facility represents the ideal investment for an owner to implement their own management and realize additional NOI growth.

INVESTMENT HIGHLIGHTS

  • Great visibility from S Rita Rd (AADT 13,513)
  • Incremental increase to Cash flow from cell tower and carwash
  • High Occupancy with room to push rent prices
  • Possibly expansion opportunity through interior expansion, reallocating parking into storage and or razing the car/dog wash

  • 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 properties known as the Rita Ranch Self-Storage in AZ.

    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.

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No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.