Marcus & Millichap is pleased to offer for sale Salem Self Storage - North (the Facility) located in Salem, OR. The Property is offered at $3,350,000 which represents $87.70 per rentable square foot.
The Facility is comprised of five single-story self storage buildings plus a stand-alone office and apartment building. The Facility has a total of 240 self-storage units and 38,200 rentable square feet. In addition, there are approximately 43 RV/vehicles parking spaces located at the rear of the site.
The Facility was built in 1976 and sits on 3 acres. The units are wood-framed with a mix of roll-up and swing doors. The roofs are screw-down metal. The Facility is fully paved with asphalt and the site has perimeter fencing and manual gate entry. The Facility sits between Interstate 5 to the east and Highway 99 to the west. It is located in a light industrial center along Claxter Road NE.
As of November 2017, the Facility is 82% occupied by units, 84% occupied by square feet and 60% economically occupied. The current rent roll is $27,918, which annualizes to $335,016.
The facility is in the city of Salem, the capitol of Oregon and the county seat of Marion County. It lies about 46 miles southwest of Portland and 66 miles north of Eugene. At the 2010 US Census, Salem had a population of 154,637, making it the third largest city in the state after Portland and Eugene. It is located in the center of Willamette Valley alongside the Willamette River, which runs north through the city. State government is Salem’s largest employer although the city also serves as a hub for the area farming communities and relies heavily on agriculture and food processing.
