offering memorandum wood village stow-a-way mini … · 2020. 10. 29. · fee simple interest in...

OFFERING MEMORANDUM

WOOD VILLAGE, OREG ON

Wood Village STOW-A-WAY MINI STORAGE

CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving

it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in

the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s

plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All

potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of

any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee

information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a

service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap. All rights reserved.

SPECIAL COVID-19 NOTICEAll potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions

as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties

and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting

matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)

OFFERED BY


Christopher R. Secreto Steven Nazario

Senior Managing Director Investments National Self-Storage Group

Executive Director, National Self-Storage Group Tel: (206) 826-5811

Office: (206) 826-5748 Cell: (206) 513-2000

Cell: (206) 612-4399 Fax: (206) 826-5710

[email protected] [email protected]

License: WA 24660, ID SP 38004 License: WA 131077

Tru Petrilli Samuel Olson

National Self-Storage Group National Self-Storage Group

Tel: (206) 826-5818 Tel: (503) 200-2060

Cell: (206) 818-3189 Cell: (503) 867-0495

Fax: (206) 826-5710 Fax: (503) 200-2010

[email protected] [email protected]: WA 137791 License: OR 201238094

Curt Allen Mary Kate Tormey

National Self-Storage Group Marketing Coordinator

Tel: (206) 826-5807 Tel: (206) 826-5760

Cell: (951) 526-8630 Cell: (509) 954-6179

Fax: (206) 826-5710 Fax: (206) 826-5710


Licenses: WA 20108448, CA 01959536

TABLE OF CONTENTS 01

02

03

04

05

Executive Summary

Financial Analysis

Rent Comparables

Sales Comparables

Demographic Summary

01SECTION

EXECUTIVE SUMMARY



My StorageA-1 STORAGE

NON-ENDORSEMENT & DISCLAIMER NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus &

Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved.

6 EXECUTIVE SUMMARY

FINANCIAL SUMMARY

$PRICE

$2,800,000

PRICE PER SQUARE FOOT $129.63

CAP RATE6.05%

$

Property Description

Property Wood Village Stow-A-Way

Property Address 2195 NE 244th Ave

City, State, Zip Wood Village, Oregon 97060

Number of Units 157

Net Rentable Square Feet 21,600

Year Built 1994

Pricing

Net Operating Income $169,441

Price per NRSF $129.63

Cap Rate - Year 1 6.05%

Cash-on-Cash Return - Year 1 5.53%

Cap Rate - Pro Forma @ Stabilization 7.46%

Cash-on-Cash Return - Pro Forma @ Stabilization 9.54%

Financing Summary (For Illustration Purposes)

Proposed Loan Amount $1,820,000

Interest Rate 4.00%

Amortization (Yrs) 25

Monthly Payment $9,606.63

DCSR 1.47

Wood Village STOW-A-WAY

MINI STORAGE


7 EXECUTIVE SUMMARY

SUMMARY OF TERMSFee simple interest in Wood Village Stow-A-Way Mini

Storage. The facility is 21,600 square feet and is located in Wood Village, Oregon.

Wood Village Stow-A-Way Mini Storage is offered at

$2,800,000 based on a capitalization rate of 6.05%. The net operating income figures for the Property assume a

fiscal year starting October 1, 2020. Seller will respond to offers on a first-come, first-serve basis.

Seller desires to limit property tours. Property tours must be arranged with the Marcus & Millichap listing agents.

Please do not contact the tenants, on-site management or staff without prior approval.

TERMS OF THE SALE

PROPERTY TOURS


8 EXECUTIVE SUMMARY

INVESTMENT HIGHLIGHTS • Facility Located in Multnomah County – Largest in OR• Situated in an Opportunity Zone• 157 Units• 21,600 Net Rentable Square Feet• 79 Percent Occupied by SF • Built 1994• 2.1 Acres• Paved• Uncovered Vehicle Parking Area• Onsite Cell Tower Providing Additional Income• Onsite Rental Office• Part of Portland-Vancouver-Hillsboro MSA – 25th Largest in the US with 2.5 Million Residents• 10 miles from Portland International Airport

Offering

Marcus & Millichap is pleased to offer for sale Wood Village Stow-A-Way located in Wood Village, Oregon. The facility is offered at $2,800,000.

Wood Village is located in Multnomah County, OR approximately 4 miles east of the City of Portland. There are 209,896 people living within a 5-mile radius of the facility.

Note: The Facility is located in an Opportunity Zone where new investments may be eligible for preferential tax treatment under certain conditions.

Property Overview

Wood Village Stow-A-Way is a 21,600 net rentable square foot facility consisting of 157 standard, non climate-controlled storage units ranging in size from 5’x10’ to 10’x30’. In addition, there are approximately 38 uncovered vehicle parking spaces.

The facility consists of 9 single-story self storage buildings and an additional stand-alone front office building which together sit on a single 2.1-acre parcel. The buildings are wood-framed with metal siding and were built on concrete slabs. Roofs are screw-down metal. In 2019, the roofs were re-screwed or grommets were replaced as needed.

All units have exterior drive-up access. Additional area around the facility is used as outdoor vehicle parking. The facility is paved with asphalt. The vehicle parking areas are gravel. The site is secured with a perimeter fence with electronic keypad entry at the front gate. Security cameras are located at the entrance.

An on-site cell tower provides additional income.

Summary As of August 2020, the Facility was 80 percent occupied by units, 79 percent occupied by square feet and 76 percent economically occupied. The rent roll was $22,536, which annualizes to $270,432.

The Facility would appeal to all existing self storage owners and to first-time buyers. Existing local self storage owners could add the Facility to an existing portfolio. Buyers looking for value-add opportunities will be attracted to the potential to upgrade the Facility and increase rents. First-time buyers could reduce operating expenses by managing the Facility themselves. The Facility would also appeal to an exchange or cross-product buyer who would be attracted to the stable cash flow and relative ease of management that storage provides. An owner of multifamily properties would be intrigued by assets with similar operational characteristics.


LOCATION OVERVIEW Wood Village, Oregon

The Facility is located in Wood Village, Oregon. Wood Village is a bedroom community 4 miles east of Portland. Wood Village lies 1-mile south of the Columbia River which acts as a natural border between Washington and Oregon. Wood Village is a suburban community mostly populated with single-family and multifamily housing. Wood Village Town Center, located 1.5 miles from the Facility, offer over 360,000 square feet of retail with tenants such as Fred Meyer, Lowe’s Home Improvement, Kohls, and various restaurants.

Wood Village residents enjoy a variety of recreational activities with convenient access to the Columbia River Gorge to hike, camp, and fish, while also maintaining close proximity to Portland.

Portland MSA / Multanomah County

Multnomah County is situated along the southern banks of the Columbia River. It is the most populous county in Oregon.

Portland is the county seat and is the most populous city in the state. Portland is also the 26th largest city in the U.S.

9 EXECUTIVE SUMMARY

ECONOMY• Lower land costs than other West Coast metros, a skilled labor pool and affordable, abundant power attract companies to the region. The favorable tax structure, with no state income taxes in Washington and no sales tax in Oregon, also lures businesses.• The metro’s economy has shifted from timber to industries that include athletic and outdoor activities, clean tech, advanced manufacturing and software. • A diverse group of companies based in the metro include Nike, Daimler, Vigor Industrial, Intel and IBM.

MAJOR AREA EMPLOYERSProvidence Health & Services

Oregon Health and Sciences UniversityPortland State University

Kaiser PermanenteLegacy Health System

Nike, Inc.Wells Fargo

The Kroger Co.U.S. Bancorp Intel Corp.

Portland, Oregon

My Storage

02SECTION

FINANCIAL ANALYSIS



Total / Avg

UNITS MONTHLY OCCUPANCY

Units Monthly Annual OccupancyUNIT TYPE UNIT SIZE TOTAL

UNITSVACANT

UNITSOCCUPIED

UNITSSQ. FT / UNIT

TOTAL SQ. FT.

STANDARD RATE

GROSS POT. MONTHLY

INCOME

GROSS POT.

MONTHLY RENT / SF

GROSS POT. ANNUAL INCOME

GROSS POT.

ANNUAL RENT / SF

UNIT OCC %

SF OCC %

Standard 5 X 10 46 7 39 50 2,300 $85.00 $3,910 $1.70 $46,920 $20.40 84.8% 84.8%

Standard 5 X 15 6 1 5 75 450 $125.00 $750 $1.67 $9,000 $20.00 83.3% 83.3%

Standard 10 X 10 16 1 15 100 1,600 $140.00 $2,240 $1.40 $26,880 $16.80 93.8% 93.8%

Standard 10 X 15 29 9 20 150 4,350 $185.00 $5,365 $1.23 $64,380 $14.80 69.0% 69.0%

Standard 10 X 20 51 13 38 200 10,200 $215.00 $10,965 $1.08 $131,580 $12.90 74.5% 74.5%

Standard 10 X 30 9 0 9 300 2,700 $280.00 $2,520 $0.93 $30,240 $11.20 100.0% 100.0%

Total/Avg. 157 31 126 138 21,600 $25,750 $1.19 $309,000 $14.31 80.3% 79.3%

11 FINANCIAL ANALYSIS

Unit Mix - Self Storage

OCCUPANCY GROSS ACTUAL % OCC

UNITS 157 126 80.3%

SF 21,600 17,125 79.3%

ECONOMIC $25,750 $19,676 76.4%

Unit Mix, Rents and Occ Stats as of August 24, 2020 Unit Mix and Occ Stats Exclude(s) RV / Vehicle Parking


12 FINANCIAL ANALYSIS

Unit Mix - Uncovered RV / Vehicle ParkingTotal / Avg

Units Monthly Annual OccupancyUNIT TYPE TOTAL

UNITSVACANT

UNITSOCCUPIED

UNITSSQ. FT /

UNITTOTAL SQ. FT.

STANDARD RATE

GROSS POT. MONTHLY

INCOME

GROSS POT.

MONTHLY RENT / SF

GROSS POT. ANNUAL INCOME

GROSS POT.

ANNUAL RENT / SF

UNIT OCC %

SF OCC %

Outdoor Parking 38 5 33 0 0 $98.00 $3,724 - $44,688 - 86.8% -

Total/Avg. 38 5 33 0 0 $3,724 - $44,688 - 86.8% -

- -

Combined Total/Avg. 195 36 159 111 21,600 $29,474 $1.36 $353,688 $16.37 81.5% 79.3%


13 OPERATING STATEMENT

ANNUALIZED OPERATING DATA

INCOME Current - Year 1 Year 2 Pro Forma

Gross Potential Income $309,000 $318,270

Vacancy / Collection Allowance $80,340 $47,741

Net Rental Income $228,660 $270,530

Other Income $49,476 $49,476

Effective Gross Income $278,136 $320,006

Operating Expenses $108,695 $111,208

Net Operating Income $169,441 $208,798

INCOME Current - Year 1 Year 2 Pro Forma

Advertising $5,000 $5,000

General & Administrative $15,000 $15,000

Insurance $2,808 $2,808

Payroll $40,000 $40,000

Management/Legal/Accounting $16,688 $19,200

Repairs & Maintenance / Supplies $7,560 $7,560

Property Taxes $17,139 $17,139

Utilities $4,500 $4,500

Total Operating Expenses $108,695 $111,208

1. Current Effective Gross Income (EGI) based on 24% economic vacancy as of August 24, 2020. Gross Potential Rent based on Unit Mix and Asking Rents Effective August 24, 2020.

2. 2020 Actual YTD EGI through August 24, 2020 = $162,405 which annualizes to $243,608. Cell tower rent of $14,976 per year excluded from this EGI. 2019 Actual EGI = $266,633 2018 Actual EGI = $267,523

3. Actual Rent Roll as of August 24, 2020 = $22,536, which annualizes to $270,432. This income includes self storage rental and RV/vehicle parking income, but excludes late fees, net retail sales, truck rental, misc income, cell tower rent, etc.

4. Cell tower rent = $1,248 per month.

5. Year 2 Pro Forma rental income based on 15% economic vacancy. Gross Potential Rent based on Projected 3% Across the Board Rent Increase.

Expenses 1. Advertising budgeted at $5,000 per year.

2. G&A, including merchant processing fees, budgeted at $15,000 per year.

3. Insurance budgeted at $0.13 per net rentable square foot (NRSF).

4. Payroll budgeted at $2,000 per month for a full-time manager, part-time employee at $13 per hour, plus worker’s comp and payroll taxes.

5. Management fee = 6% of EGI

6. R&M and supplies budgeted at $0.35 per NRSF.

7. 2019 M50 assessed value = $1,024,210. 2019 taxes = $16,640. Real estate taxes adjusted to 3% above 2019 taxes.

8. Utilities based on 2018-20 actuals.

IncomeFOOTNOTES

Operating Statement


SELF-STORAGE PORTFOLIO

14 FINANCIAL ANALYSIS 14 OPERATING STATEMENT

Income Year 1 Year 2 Pro Forma

$ % of EGI Per SF $ % of EGI Per SF

Gross Potential Rent $309,000 $14.31 $318,270 $14.73

Vacancy / Collection Allowance $80,340 26% $3.72 $47,741 15% $2.21

Net Rental Income $228,660 82.2% $10.59 $270,530 84.5% $12.52

RV / Vehicles Parking $27,500 9.7% $1.27 $30,000 9.4% $1.39

Late Charges / Lien Sales $5,000 1.8% $0.23 $2,500 0.8% $0.12

Retail Sales (Net) $500 0.2% $0.02 $500 0.2% $0.02

Truck Rental $1,500 0.5% $0.07 $1,500 0.5% $0.07

Cell Tower $14,976 5.4% $0.69 $14,976 4.7% $0.69

Total Other Income $49,476 17.8% $2.29 $49,476 15.5% $2.29

Effective Gross Income $278,136 100.0% $12.88 $320,006 100.0% $14.82

Operating Expenses

Advertising $5,000 1.8% $0.23 $5,000 1.6% $0.23

General & Administrative $15,000 5.4% $0.69 $15,000 4.7% $0.69

Insurance $2,808 1.0% $0.13 $2,808 0.9% $0.13

Payroll $40,000 14.4% $1.85 $40,000 12.5% $1.85

Management / Legal / Accounting $16,688 6.0% $0.77 $19,200 6.0% $0.89

Repairs & Maintenance / Supplies $7,560 2.7% $0.35 $7,560 2.4% $0.35

Property Taxes $17,139 6.2% $0.79 $17,139 5.4% $0.79

Utilities $4,500 1.6% $0.21 $4,500 1.4% $0.21

Total Operating Expenses $108,695 39.1% $5.03 $111,208 34.8% $5.15

Net Operating Income $169,441 60.9% $7.84 $208,798 65.2% $9.67

Operating Statement


A-1 STORAGE Pullman SELF-STORAGE PORTFOLIO








CURRENT YEAR 1

YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Gross Potential Rent $309,000 $318,270 $327,818 $337,653 $347,782 $358,216 $368,962 $380,031 $391,432 $403,175

Vacancy/Collection Allowance $80,340 $63,654 $49,173 $50,648 $52,167 $53,732 $55,344 $57,005 $58,715 $60,476

Net Rental Income $228,660 $254,616 $278,645 $287,005 $295,615 $304,483 $313,618 $323,026 $332,717 $342,699

RV / Vehicles Parking $30,000 $30,900 $31,827 $32,782 $33,765 $34,778 $35,822 $36,896 $38,003 $39,143

Late Charges / Lien Sales $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262

Retail Sales (Net) $500 $515 $530 $546 $563 $580 $597 $615 $633 $652

Truck Rental $1,500 $1,545 $1,591 $1,639 $1,688 $1,739 $1,791 $1,845 $1,900 $1,957

Cell Tower $14,976 $14,976 $14,976 $14,976 $14,976 $15,425 $15,425 $15,425 $15,425 $15,425

Total Other Income $49,476 $50,511 $51,577 $52,675 $53,806 $55,420 $56,620 $57,856 $59,129 $60,440

Effective Gross Income $278,136 $305,127 $330,222 $339,680 $349,421 $359,904 $370,238 $380,882 $391,846 $403,139

Operating Expenses

Advertising $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524

General & Administrative $15,000 $15,450 $15,914 $16,391 $16,883 $17,389 $17,911 $18,448 $19,002 $19,572

Insurance $2,808 $2,892 $2,979 $3,068 $3,160 $3,255 $3,353 $3,453 $3,557 $3,664

Payroll $40,000 $41,200 $42,436 $43,709 $45,020 $46,371 $47,762 $49,195 $50,671 $52,191

Management / Legal / Accounting $16,688 $18,308 $19,813 $20,381 $20,965 $21,594 $22,214 $22,853 $23,511 $24,188

Repairs & Maint/Supplies $7,560 $7,787 $8,020 $8,261 $8,509 $8,764 $9,027 $9,298 $9,577 $9,864

Property Taxes $17,139 $17,653 $18,183 $18,728 $19,290 $19,869 $20,465 $21,079 $21,711 $22,363

Utilities $4,500 $4,635 $4,774 $4,917 $5,065 $5,217 $5,373 $5,534 $5,700 $5,871

Total Operating Expenses $108,695 $113,075 $117,424 $120,920 $124,520 $128,256 $132,076 $136,010 $140,063 $144,237

Net Operating Income $169,441 $192,052 $212,799 $218,760 $224,901 $231,648 $238,162 $244,872 $251,783 $258,902

Annual Debt Service $115,280 $115,280 $115,280 $115,280 $115,280 $115,280 $115,280 $115,280 $115,280 $115,280

Cash Flow After Debt Service $54,161 $76,772 $97,519 $103,481 $109,621 $116,368 $122,883 $129,593 $136,504 $143,622

10-Year Cash Flow Model


A-1 STORAGE Pullman SELF-STORAGE PORTFOLIO








CURRENT YEAR 1

YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Vacancy Factor 26% 20% 15% 15% 15% 15% 15% 15% 15% 15%

Rent Growth N/A 3% 3% 3% 3% 3% 3% 3% 3% 3%

Expense Growth N/A 3% 3% 3% 3% 3% 3% 3% 3% 3%

Operating Expense Ratio 39% 37% 36% 36% 36% 36% 36% 36% 36% 36%

Pro Forma Cap Rate 6.1% 6.9% 7.6% 7.8% 8.0% 8.3% 8.5% 8.7% 9.0% 9.2%

Debt Service Coverage Ratio 1.47 1.67 1.85 1.90 1.95 2.01 2.07 2.12 2.18 2.25

Cash-on-Cash Return on Initial Equity 5.5% 7.8% 10.0% 10.6% 11.2% 11.9% 12.5% 13.2% 13.9% 14.7%

Operating Assumptions and Projected Returns

My StorageMy Storage

03SECTION

RENTCOMPARABLES



18 RENT COMPARABLES

RENT COMPARABLES MAP

3

4

1

26

5

7

1

2

3

4

Wood Village Stow-A-Way Mini Storage2195 NE 244th AveWood Village, OR 97060 Northwest Self Storage576 SW Halsey StTroutdale, OR 97060

Royal Mini Storage 1500 NE 223rd AveFairview, OR 97024

Troutdale Storage 1027 NE Harlow RdTroutdale, OR 97060

Stor-Room Mini Storage24635 SE Stark StTroutdale, OR 97060

Five Star Storage Co20315 NE Sandy BlvdFairview, OR 97024

Money Saver Mini Storage19215 NE Halsey StPortland, OR 97230

Public Storage2636 NE Hogan DrGresham, OR 97030

5

6

7


19 RENT COMPARABLES

RENT COMPARABLES

Wood Village Stow-A-Way Mini Storage2195 NE 244th AveWood Village, OR 97060

UNIT TYPE SQ. FT RENT/UNIT RENT/SF

5 X 10 50 $85.00 $1.70

5 X 15 75 $125.00 $1.67

10 X 10 100 $140.00 $1.40

10 X 15 150 $185.00 $1.23

10 X 20 200 $215.00 $1.08

10 X 30 300 $280.00 $0.93

See Unit Mix page for a complete breakdown.

Royal Mini Storage 1500 NE 223rd AveFairview, OR 97024


5 X 10 50 $105.00 $2.10

5 X 15 Inside 75 $110.00 $1.46

10 X 10 100 $159.00 $1.59

10 X 15 150 $179.00 $1.19

10 X 20 200 $239.00 $1.19

10 X 30 300 $279.00 $0.93

2Northwest Self Storage576 SW Halsey StTroutdale, OR 97060

1


5 X 10 50 $109.00 $2.18

7.5 X 10 75 $119.00 $1.58

10 X 10 100 $149.00 $1.49

10 X 15 150 $179.00 $1.19

10 X 20 200 $224.00 $1.12

10 X 30 300 $309.00 $1.03

Special: 30-50% off for 3 months for smaller units.


20 RENT COMPARABLES

RENT COMPARABLES

Stor-Room Mini Storage24635 SE Stark StTroutdale, OR 97060


5 X 10 50 $98.00 $1.96

5 X 15 Inside 75 $142.00 $1.89

10 X 10 100 $153.00 $1.53

10 X 15 Outside 150 $226.00 $1.50

10 X 20 Outside 200 $263.00 $1.31

43 Troutdale Storage 1027 NE Harlow RdTroutdale, OR 97060


5 X 10 Inside 50 $89.00 $1.78

7.5 X 10 Inside 75 $109.00 $1.45

10 X 10 100 $169.00 $1.69

10 X 15 150 $170.00 $1.13

10 X 20 200 $224.00 $1.12

10 X 30 300 $309.00 $1.03

Five Star Storage Co20315 NE Sandy BlvdFairview, OR 97024


5 X 10 CC 50 $85.00 $1.70

7.5 X 10 75 $98.00 $1.30

10 X 15 150 $184.00 $1.08

5


21 RENT COMPARABLES

RENT COMPARABLES

Public Storage2636 NE Hogan DrGresham, OR 97030


5 X 10 50 $107.00 $2.14

7.5 X 10 75 $138.00 $1.84

10 X 10 100 $145.00 $1.45

10 X 15 150 $191.00 $1.27

7Money Saver Mini Storage19215 NE Halsey StPortland, OR 97230


5 X 10 50 $110.00 $2.20

5 X 15 75 $125.00 $1.66

10 X 10 100 $170.00 $1.70

10 X 15 150 $210.00 $1.40

10 X 20 200 $245.00 $1.22

10 X 30 300 $325.00 $1.08

6

Special: 50% off first full month.

Special: $1 first month rent.

04SECTION

SALESCOMPARABLES



23 SALES COMPARABLES

SALES COMPARABLES MAP


A-1 Storage 2900 Kauffman Ave Vancouver, WA 98660

Cornelius Storage 401 N 26th Ave Cornelius, OR 97113

Safegard Mini Storage 1314 N Schmeer Rd Portland, OR 97217

AAA Westside Storage 2401 Salem Dallas Hwy NW Salem, OR 97304

Hubbard Self Storage 3267 J St Hubbard, OR 97032

Bay Ocean Boys 6755 Spruce St Bay City, OR 97107

2

1

3

4

5

64

1

2

5

3

6


SALES COMPARABLES


List Price: $2,800,000

Number of Units: 157

Net Rentable Square Feet: 21,600

Price per NRSF: $129.63

Cap Rate: 6.05%

Year Built: 1994


1 A-1 Storage 2900 Kauffman Ave Vancouver, WA 98660

Sale Price: $2,750,000


Close of Escrow: February 25, 2020



Cap Rate: 6.97%

Year Built: 1974

2 Cornelius Storage 401 N 26th Ave Cornelius, OR 97113



Close of Escrow: October 7, 2019



Cap Rate: 5.89%

Year Built: 2019



SALES COMPARABLES

3 Safegard Mini Storage 1314 N Schmeer Rd Portland, OR 97217


Number of Units: N/AV.

Close of Escrow: August 13, 2018



Cap Rate: N/AV.

Year Built: 1980

5 Hubbard Self Storage 3267 J St Hubbard, OR 97032



Close of Escrow: February 1, 2019



Cap Rate: 7.00%

Year Built: 1993

4 AAA Westside Storage 2401 Salem Dallas Hwy NW Salem, OR 97304



Close of Escrow: October 23, 2019



Cap Rate: 5.93%

Year Built: 1988



SALES COMPARABLES

Bay Ocean Boys 6755 Spruce St Bay City, OR 97107



Close of Escrow: May 31, 2019



Cap Rate: 8.18%

Year Built: 2008

6

My StorageMy StoragePullman SELF-STORAGE PORTFOLIOA-1 STORAGE

05SECTION

DEMOGRAPHICSUMMARY


DEMOGRAPHICS

28 DEMOGRAPHICS

Total Population Within 5-Mile Radius

209,896

Gender Within 5-Mile Radius

Average Household Income Within 5-Mile Radius

$77,628

Total HouseholdsWithin 5-Mile Radius

77,603

49.2% 50.8%


DEMOGRAPHICS

29 DEMOGRAPHICS


POPULATION PROFILE 1 Mile 3 Miles 5 Miles

Population By Age

0 to 4 Years 7.6% 6.7% 6.6%

5 to 14 Years 16.0% 13.6% 13.9%

15 to 19 Years 6.8% 6.0% 6.4%

20 to 24 Years 6.7% 6.6% 6.1%

25 to 34 Years 16.9% 16.8% 15.2%

35 to 44 Years 14.0% 13.4% 13.4%

45 to 54 Years 12.0% 13.0% 13.3%

55 to 64 Years 9.4% 11.1% 11.5%

65 to 74 Years 6.9% 8.2% 8.4%

75 to 84 Years 2.5% 3.2% 3.6%

85+ Years 1.1% 1.5% 1.5%

Median Age 32.5 35.3 36.3

Population 25+ by Education Level in 2019

6,724 51,224 140,588

Elementary (K-8) 4.5% 4.5% 4.1%

Some High School (9-11) 11.0% 8.0% 7.5%

High School Graduate (12) 26.1% 27.5% 26.9%

Some College (13-15) 29.0% 29.4% 28.1%

POPULATION 1 Mile 3 Miles 5 Miles

2024 Projection 10,967 79,704 221,010

2019 Estimate 10,684 76,268 209,896

2010 Census 10,030 69,824 190,664

2000 Census 8,197 60,066 158,499

TOTAL HOUSEHOLDS 1 Mile 3 Miles 5 Miles

2024 Projection 3,862 30,554 82,079

2019 Estimate 3,733 29,021 77,603

2010 Census 3,471 26,312 69,904

2000 Census 2,733 22,273 58,693

HOUSEHOLDS BY INCOME 1 Mile 3 Miles 5 Miles

2019 Estimate

$0 - $15,000 8.7% 10.6% 10.0%

$15,000 - $24,999 10.6% 10.0% 9.3%

$25,000 - $34,999 12.2% 10.8% 9.8%

$35,000 - $49,999 14.8% 14.2% 12.8%

$50,000 - $74,999 21.6% 20.1% 19.2%

$75,000 - $99,999 12.5% 14.1% 14.6%

$100,000 - $149,999 14.4% 14.4% 16.1%

$150,000+ 5.2% 5.7% 8.2%

Average Household Income $67,843 $69,337 $77,628

OFFERED BY

Wood Village STOW-A-WAY

MINI STORAGE

Christopher R. Secreto Steven Nazario

Senior Managing Director Investments National Self-Storage Group

Executive Director, National Self-Storage Group Tel: (206) 826-5811

Office: (206) 826-5748 Cell: (206) 513-2000

Cell: (206) 612-4399 Fax: (206) 826-5710


License: WA 24660, ID SP 38004 License: WA 131077

Tru Petrilli Samuel Olson

National Self-Storage Group National Self-Storage Group

Tel: (206) 826-5818 Tel: (503) 200-2060

Cell: (206) 818-3189 Cell: (503) 867-0495

Fax: (206) 826-5710 Fax: (503) 200-2010

[email protected] [email protected]: WA 137791 License: OR 201238094

Curt Allen Mary Kate Tormey

National Self-Storage Group Marketing Coordinator

Tel: (206) 826-5807 Tel: (206) 826-5760

Cell: (951) 526-8630 Cell: (509) 954-6179

Fax: (206) 826-5710 Fax: (206) 826-5710


Licenses: WA 20108448, CA 01959536

offering memorandum wood village stow-a-way mini … · 2020. 10. 29. · fee simple interest in...

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