The Salem, Oregon Self Storage Portfolio is comprised of two new, best-in-market Class A facilties, totaling 1,135 units and over 166,877 rentable square feet located in the state capital of Salem, Oregon near Portland. The facilities are both single-story with over 65 percent of the unit mix offering drive-up access. The portfolio also offers heated units and fully enclosed RV & boat storage. With an average unit size of 145 square feet per unit, the facilities offer plenty of large units which are in high demand in the Salem marketplace. The Turner Road property was completed in late 2017 and has reached 91 percent occupancy in 36 months while the Parkway property, which was completed in late 2018, stands at 80 percent occupancy after only 24 months.
The subject properties are in high high exposure locations with excellent visibility. Parkway, located at the corner of Hyacinth Street and Salem Parkway in north Salem, witness over 26,800 vehicles per day. The facility is easily accessible to residents of north Salem and nearby Keiser. The Turner Road facility is located in south Salem, five miles south of Parkway directly across from Salem Municipal Airport and near a Walmart Supercenter, Lowes and Costco. Turner Road is ideally located for residents of downtown and south Salem. Both properties benefit from premium access to Interstate 5. Together, the two locations service a large portion of the fast-growing Salem market and provide an excellent footprint from which to expand a Pacific Northwest self storage portfolio. The Salem MSA, with a population of over 440,000 individuals, is located 45 miles south of Portland and is part of the Vancouver-Portland-Salem combined statistical area totaling 3.2 million residents. As a state capital and county seat, the metro area is noted for economic stability and steady growth. The area also benefit from its location along I-5 and Williamette River in the heart of the scenic Williamette Valley.
This Class A portfolio provides an exceptional opportunity to acquire two, newly-opened storage assets with a strong absorption history and excellent coverage in the Salem market, thereby allowing an operator to immediately gain a signifcant scale in the Pacific Northwest. Furthermore, the portfolio offers the rare combination of two Class A assets that provide current income stability and signicant upside through the final lease-up phase at the Parkway location.
- Rare Pacific Northwest Self Storage Portfilio Opportunity with Multiple Upsides
- Newly Completed, Best-in-Market Assets
- Robust Lease-Up Trends; Turner Road is at 91 Percent Occupancy at 36 Months and Parkway is at 80 Percent Occupancy at 24 Months
- Final-Stage Lease-Up Opportunity Offers Income Stability and Immediate Rental Upside
- High Exposure Locations on Major Traffic Corridors
- All Single-Story Configuration for Consumer Convenience
- 65 Percent of teh Space Offers Drive-Up Access
- Enclosed RV Units are in High Demand and are Near Full Capacity