Investment Overview

This institutional-grade property, managed by its owner since its construction in 2021, offers a stable investment opportunity with consistent growth in occupancy, collections, and NOI. Situated adjacent to a newly established Amazon distribution center and other industrial developments along N. Virginia Street, Stead Self Storage benefits from a thriving commercial environment. The surrounding area is experiencing a surge in residential development, with a projected increase of at least 5,000 new residents by 2028 within a 3 to 5-mile radius. The scarcity of self-storage transactions in the Reno-Sparks market over the past 24 months underscores the rarity of this investment opportunity for discerning investors. Moreover, escalating land and development costs in Reno have made securing prime self-storage sites increasingly challenging, as developers contend with competition from residential, retail, and office/industrial projects. Spanning 5.96 acres, Stead Self Storage comprises 89,725 net rentable square feet across sixteen buildings, offering a total of 579 units. The property features a well-appointed on-site manager's apartment and a modern leasing office. The ownership group has recently engaged a professional third-party management company to oversee the operations and leasing of the facility, ensuring efficient management and optimal performance. There are significant opportunities in raising the rents as well as further increasing the occupancy at the property.