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Self-Storage Facility

Big Oak Center Storage

13300 CA-20, Clearlake Oaks, CA 95423

Listing Price: $11,150,000

Cap Rate
6.02%
Number of Units
465
Occupancy
95.0%
Gross SF
93,070
Rentable SF
93,070
Price/Rentable SF
$119.80
Year Built
1978

Investment Overview

Marcus & Millichap is pleased to present Big Oak Center Storage and Retail shops located at 13300 CA-20, Clearlake Oaks, CA. The property consists of 5 parcels and is comprised of 72,490 square feet of drive-up self-storage and 20,580 square feet of retail - totaling 93,070 net rentable square feet. The self-storage property has been upgraded extensively over the last three years: five storage building's roofs were replaced, all the storage buildings were painted, new electrical and lighting was installed, and new rollup doors were installed throughout the property. Additionally, the asphalt for the retail buildings was sealed and repaired and five AC units for the retail tenants were also replaced. The property offers a qualified investor the rare opportunity to acquire the only storage facility in the city of Clearlake Oaks. Additionally, the 20,580-square-foot retail component is strategically located on CA Highway 20, the busiest thoroughfare in the city. The retail component represents a diverse group of tenants with strong historical occupancy and income requiring minimal landlord responsibility.

The property is offered at $11,150,000 ($119/nrsf) which equates to a 5.98% cap rate on the current NOI and a 6.61% cap rate based on a pro forma NOI. Priced well below replacement costs, a new investor has the opportunity to purchase a stabilized storage/retail center and increase the NOI by raising the rents to market which are anywhere from 15-30% below market. Because the buildings are located on separate parcels a new investor can also sell either the retail or the storage while continuing to operate the other.

DO NOT DISTURB TENANTS OR MANAGER. ALL TOURS MUST BE CONDUCTED THROUGH LISTING AGENTS.

SELLERS WILL REVIEW OFFERS AS THEY ARE SUBMITTED.

Investment Highlights

  • Only self-storage facility in the whole city of Clearlake Oaks.
  • Well maintained and operated facility. Current owners have invested over $500,000 into upgrading the property.
  • U-Haul rentals bring in an additional $12,000 every year in income.
  • Additional 16 retail units bring in additional income of almost $18,000 every month with minimal landlord responsibilities.
  • New investor has the opportunity to acquire a stabilized facility running at 95% occupancy and raise rates almost immediately increasing their NOI in Year 1.
  • Retail and self-storage are situated on different parcels providing the opportunity to sell the retail or storage portions for a profit.

Exclusively Listed By

Self-Storage Facility

Big Oak Center Storage

Listing Price: $11,150,000

Cap Rate
6.02%
Number of Units
465
Occupancy
95.0%
Gross SF
93,070
Rentable SF
93,070
Price/Rentable SF
$119.80
Year Built
1978

Investment Highlights

  • Only self-storage facility in the whole city of Clearlake Oaks.
  • Well maintained and operated facility. Current owners have invested over $500,000 into upgrading the property.
  • U-Haul rentals bring in an additional $12,000 every year in income.
  • Additional 16 retail units bring in additional income of almost $18,000 every month with minimal landlord responsibilities.
  • New investor has the opportunity to acquire a stabilized facility running at 95% occupancy and raise rates almost immediately increasing their NOI in Year 1.
  • Retail and self-storage are situated on different parcels providing the opportunity to sell the retail or storage portions for a profit.

Investment Overview

Marcus & Millichap is pleased to present Big Oak Center Storage and Retail shops located at 13300 CA-20, Clearlake Oaks, CA. The property consists of 5 parcels and is comprised of 72,490 square feet of drive-up self-storage and 20,580 square feet of retail - totaling 93,070 net rentable square feet. The self-storage property has been upgraded extensively over the last three years: five storage building's roofs were replaced, all the storage buildings were painted, new electrical and lighting was installed, and new rollup doors were installed throughout the property. Additionally, the asphalt for the retail buildings was sealed and repaired and five AC units for the retail tenants were also replaced. The property offers a qualified investor the rare opportunity to acquire the only storage facility in the city of Clearlake Oaks. Additionally, the 20,580-square-foot retail component is strategically located on CA Highway 20, the busiest thoroughfare in the city. The retail component represents a diverse group of tenants with strong historical occupancy and income requiring minimal landlord responsibility. The property is offered at $11,150,000 ($119/nrsf) which equates to a 5.98% cap rate on the current NOI and a 6.61% cap rate based on a pro forma NOI. Priced well below replacement costs, a new investor has the opportunity to purchase a stabilized storage/retail center and increase the NOI by raising the rents to market which are anywhere from 15-30% below market. Because the buildings are located on separate parcels a new investor can also sell either the retail or the storage while continuing to operate the other. DO NOT DISTURB TENANTS OR MANAGER. ALL TOURS MUST BE CONDUCTED THROUGH LISTING AGENTS. SELLERS WILL REVIEW OFFERS AS THEY ARE SUBMITTED.

Exclusively Listed By

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