SELF STORAGE SPACE - SALE PENDING

Colliers’ de Jong | Becher team has been retained as the exclusive advisor by the ownership to offer for sale the property located at 28710 Champagne Blvd, Escondido, CA. The property is fully stabilized self-storage asset built in 1982 with 21,728 net rentable square feet in 237 units plus 14 parking spaces. This owner managed facility will be delivered on an as-is, where-is basis and is currently at below market occupancy of 89.6% at a weighted average rental rate of $1.56 (storage). Market rents in the area are reported by Yardi Matrix as $1.98/SF non-climate controlled. Facility is managed by sellers and does not utilize management software. In-place net operating income projected to be $373,512 for the next twelve-month period based on current in-place rents and actual trailing twelve-month expenses. Additional upside with implementation of tenant protection and rental of on-site mobile home. No competitors within a 3-mile trade area and only 3 within 5 miles.

Sale Note
The property at 28710 Champagne Blvd is located between the I15 and Champagne Blvd and adjacent to the Lawrence Welk Golf Resort and Village. Property includes two parcels, approximately 1.1 acres utilized for the current storage operation and an excess 0.55 acres not currently utilized, allowing for a potential expansion (subject to buyer verification). The property is offered free and clear of any debt allowing the investor/buyer to acquire the property utilizing their own preferred debt/equity deal structure. This is the first time the property has been listed on the market. Weighted average rents $1.56. Market bid pricing.