John 14:6 - Jesus said unto him "I am the way, the truth, and the life. No one comes to the Father except through Me."
SENECA BUSINESS PARK AND STORAGE is a 9.67-acre parcel of vacant land that is approved for 159,000 square foot climate control storage and office complex. Current plans include 45,215 sq. ft. of climate control storage, 69,695 sq. ft. of non-climate drive up storage, 10,725 sq. ft. of retail and office space, and 33,820 sq. ft. of covered vehicle parking.
The property is located at the border of Adelanto and Victorville along highway 395, 4 miles west of interstate 15. This opportunity is surrounded by existing and new single family and commercial developments. The Adelanto/Victorville storage market is strong with most facilities operating above 90% occupancy! The storage square feet per capita within a 3-mile radius is 4.92 square feet. Current rental rates are roughly $2 per square foot for the smaller size units (5x5 to 10x10) and $1.00 to $1.25 for the larger units (10x15 to 10x30). The rate per square foot for RV spaces is $0.75 per square foot for covered and $0.50 per square foot for open RV parking.
The project is estimated to cost $19M in both land acquisition and construction costs. The facility is projected to gross over $2.3M in revenue and over $1.5M in net income at stabilization.
At a conservative 6.25% cap rate, estimated value upon stabilization is above $25M!
