Bayfield Storage is a 431 unit (75,500 Net Rentable Sqft) facility, stabilized, operating at 97% occupancy. There is development potential of approximately .5 contiguous acres to the property with previously approved engineering plans. The accompanying storm water retention system has already been installed. Solar panels were recently installed to further improve the efficiency of the operation. The facility is fully fenced with an electronic security gate. With high local and regional consumer demand of storage facilities, coupled with generally low supply of established storage facilities and the high barrier to entry for development and new construction of such, this opportunity represents a risk mitigated solution for investors and/or operators. Across the self storage industry, 2020 proved to show a temporary constriction of the market, however short lived, ending the year very strong revenues and occupancy rates across the board. Locally, this facility mirrored the industry performance, closing out 2020 with historically strong revenue (Averaging $32,800/month in NET Operating Income) and strong occupancy trending into 2021; setting a precedence for anticipated high activity for the year. Interest rates remain low, representing strong leverage for buyers. As the perceived economic uncertainty maintains, the self storage asset class continues to prove itself as a recession resilient opportunity gaining more and more interest and demand. Full offering memorandum available upon request.
