Investment Overview

Management Upside // The owner has struggled to find good, consistent management for the site. The owner is on their second management company in their time of ownership. The property has been operated by remote management companies that failed to drive occupancy and keep rents in line with the market. For both management companies, this was their only property in the region, making remote management and staffing difficult. Below Market Rents // Non-Climate Drive-Up Units are achieving below market average rental rates. The comparable properties feature facilities of a similar vintage and within a five-mile trade area. The subject property is achieving anywhere from 26% to 93% below market average, depending on unit size. (Occupancy Statistics April 2024) Recently Completed CapEx // The owner recently removed and replaced all asphalt drives, installed a new security camera system, and five entry keypads, updated the security lighting, replaced the rolling gates, and increased the fence height. As needed and as units are available the owner has been replacing wooden roll-up doors with steel doors. Strong Demographics // The property is in a densely populated area of Las Vegas, on Route 147, serving 35,000 vehicles per day. Within the three-mile radius, there are just under 225,000 residents with a five-year projected growth rate of 2.26%. There is only one new development project in the trade area, 3.8 miles from the subject property. The current supply is 8.10 square feet per capita.