The opportunity represents a newly built, class A facility comprised of 105,743 rentable square feet on approximately 2.39 acres of land. The facility offers 574 non-climate-controlled units, 498 climate-controlled units and 85 wine storage units ranging from 14 square feet to 400 square feet. The property opened in late May 2019 and currently has physical and economic occupancies of 83 percent and 61 percent, with ample room for growth in this thriving district of the Greater Los Angeles Metro Area. This state-of-the-art asset has witnessed tremendous lease-up activity since opening, with 87,900 net rentable square feet and 920 units leased in a span of 17 months. Over 50 percent of the facility offers climate-controlled units, which are currently 99 percent occupied. The facility has averaged over 70 total rentals per month, demonstrating the significant demand for storage within Los Angeles County. Great Value Storage offers elevator access for consumer convenience and a state-of the-art security system to ensure a secure premise.
The subject property is ideally situated in Santa Clarita, California; a major component of Los Angeles. The facility is accessible from The Old Road and has impeccable frontage and visibility from Interstate 5, a major thoroughfare in Southern California boasting 205,000 vehicles per day. The facility is located less than two miles from Stevenson Ranch, a master-planned community that totals more than 6,000 homes. The subject is also located less than five miles from Newhall Ranch / FivePoint Valencia. Newhall Ranch is one of the largest residential developments in Southern California with over 21,000 projected units planned at full build-out. The subject property is within close proximity to several major shopping centers, including Valencia Marketplace; one of the largest retail centers in Los Angeles. Moreover, there is an average three-mile household income exceeding $124,000 annually, far surpassing the national average. The facility will continue to benefit from limited competition within the immediate trade area; the subject serves as the premier storage option in this affluent division of Los Angeles County.
The opportunity allows an investor the rare opportunity to acquire an institutional quality asset with multiple upsides. An investor will benefit from a rare, late stage lease-up opportunity with rents well below market. Great Value Storage has asking and in-place rents that are nearly thirty percent below market. With climate-controlled occupancy at 99 percent and overall occupancy approaching physical stabilization, the project offers immediate, substantial rental rate upside. Additionally, the affluent population surrounding the facility will further justify rate increases. Great Value Storage offers an excellent location in a high traffic corridor, premium frontage and visibility, thriving demographics and state-of-the-art construction and amenities to ensure a turn-key investment in the current and future market.
- Rare Opportunity to Acquire a Newly Constructed, State-of-the-Art Storage Asset in a Dynamic, High Growth Division of Santa Clarita; the Third Most-Populous City in Los Angeles County
- 700 Linear Feet of Visibility from Interstate 5 with a Robust Traffic Count Exceeding 205,000 Vehicles Per Day
- Located Within Three Miles of Newhall Ranch, One of the Largest Residential Development in Southern California with Over 21,000 Residential Units Planned at Full Build Out
- Capitalize on a Rapid Initial Lease-Up; the Facility is 83 Percent Physically Occupied After 17 Months
- Over 50 Percent of the Facility Offers Climate-Controlled Units Which are Currently 99 Percent Physically Occupied
- Excellent Value-Add Opportunity with Significant Rental Rate Upside; Current Rates are 25-30 Percent Below Market, Including Older Competitors with No Climate-Control Options