Windsor Beach Storage, Lake Havasu City, AZ

Windsor Beach Storage, Lake Havasu City, AZ2021-09-20T10:04:57-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been elected to exclusively market for sale Windsor Beach Storage in Lake Havasu City.

UNDER AGREEMENT

NRSF: 110,071

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

The subject property represents a well-maintained boat storage facility comprised of 110,071 rentable square feet on approximately 5.02 acres of land. The  owner also owns the adjacent land currently used for parking and may consider a sale of that 4.74 acres as well. There are 289 non climate-controlled units which include both interior and drive-up spaces. The facility which was constructed in 1990 has maintained nearly 100% occupancy since day 1.

The subject is stabilized with current physical and economic occupancies of 100 percent and 86.62 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 access to 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 a short distance to the Windsor Boat 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 and 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.

The subject property has boasted nearly 100% occupancy since day one and their current waiting list reflects that. The facility has forward looking financial projections, including a cash-on-cash return of 11.1 percent in year three and a levered IRR of 20.4 percent in year five. The property also boasts two large spaces of 375 sf, that includes an office and a bathroom, as well as a 900 sf garage that abuts the main office. Both are currently used as company units and can be rented out for additional income. This property represents the incredibly rare opportunity to purchase an already cash-flowing facility in the high barrier to entry Lake Havasu market.

Investment Highlights

  • Irreplaceable location with easy access to the busiest public boat ramp in Lake Havasu

  • Physically Stabilized Storage Asset with Multiple Upsides including both a 375 SF space and a 900 SF space that can rented for additional income

  • Potential to purchase an additional 4.74 acres with already in-place parking income which could easily double the size of the facility with new development

  • Significant Market Footprint with a waiting list of owners looking for boat storage

  • 100% Occupancy and Waiting List for Units  Demonstrates the Historically Strong Demand for  Storage at This Facility

  • Projected Cash-on-Cash Return of 11.1 Percent in Year Three and a Levered IRR of 20.4 percent in year 5