California Two Property Self Storage Portfolio_Property for Sale

Various locations

California Two Property Self Storage Portfolio

Portfolio description

ROCKLIN SELF STORAGE

LOCATION| The property is located adjacent to the Rock Creek Plaza grocery anchored center at the intersection of Park Dr and Sunset Blvd in the center of the Stanford neighborhood

ACRES| ± 1.72 Acres (74,923 square feet)

FRONTAGE| ± 405’ along the east side of Park Drive

TRAFFIC COUNT| Over 18,500 VPD (Park Dr), over 21,200 VPD (Sunset Blvd), and over 100,000 VPD (Roseville Bypass)

UTILITIES| Water service: PCWA, Electric service: PG&E, and Sewer service: SPMUD

YEAR BUILT| The building was completed to Class A standards in mid 2021

CONSTRUCTION DETAIL| The facility consists of a single three-story building, with one partial basement level and three above ground levels

ELEVATOR DETAIL| The facility has two Schindler elevators with 4,500 lb. capacities and travel speed of 150 fpm

APARTMENT| There is no on-site apartment

OFFICE| The customer service office is approximately 725 square feet in size

CLIMATE CONTROLLED| The self storage units are 100% climate controlled

FEATURES AND AMENITIES| The facility has electronic access control, individually alarmed units, cylinder locks, climate controlled units, drive-up units, multiple entrance gates, a covered loading bay, and a loading dock

MANAGEMENT| The facility is professionally managed by ExtraSpace

SECURITY| The facility is equipped with a 24-hour video surveillance system

OPERATION HOURS (OFFICE)| Monday - Friday: 9:30 AM - 6:00 PM; Saturday: 9:00 AM - 5:30 PM; Sunday: Closed

OPERATION HOURS (ACCESS)| All Week: 6:00 AM - 10:00 PM

ALAMEDA SELF STORAGE

LOCATION| The property is located along one of the two ingress / egress points of Alameda island and adjacent to

the Cardinal Point assisted living facility. In addition, the facility is situated on the busiest retail corridor of the island including: a Target, Safeway Grocery Store, World Market, the Alameda Landing shopping mall, and numerous restaurants

ACRES| ± 1.2 Acres (54,014 square feet)

FRONTAGE| ± 600’ along the north side of Marina Village Parkway and +/- 265’ along the east side of Mariner Square Drive

TRAFFIC COUNT| Over 32,100 VPD (Webster St), over 18,000 VPD (Wilma Chan Way), and over 6,400 VPD (Marina Village Pkwy)

UTILITIES| Water and sewer services: EBMUD and Electric service: Alameda Municipal Power

YEAR BUILT| The building was completed to Class A standards in mid 2022

CONSTRUCTION DETAIL| The facility consists of a single six-story building with modern features and construction

ELEVATOR DETAIL| The facility has two Schindler elevators with 4,500 lb. capacities and travel speed of 150 fpm

APARTMENT| There is no on-site apartment

OFFICE| The customer service office is approximately 900 square feet in size

CLIMATE CONTROLLED| The self storage units are 100% climate controlled

FEATURES AND AMENITIES| The facility has individually alarmed units, cylinder locks, climate controlled units, drive-up units with drive-in access, indoor vehicle storage, outdoor RV and Boat storage, and covered loading areas

MANAGEMENT| The facility is professionally managed by ExtraSpace

SECURITY| The facility is equipped with a 24-hour video surveillance system

OPERATION HOURS (OFFICE)| Monday - Friday: 9:30 AM - 6:00 PM; Saturday: 9:00 AM - 5:30 PM; Sunday: Closed

OPERATION HOURS (ACCESS)| All Week: 6:00 AM - 10:00 PM

...

Attributes

Building area net

16,272 m²

Occupancy

54%

California Two Property Self Storage Portfolio (2 Properties)

Media

Investment Highlights

STRONG EXISTING CASH FLOW WITH LEASE-UP UPSIDE

With an average physical occupancy of over 54%, the portfolio has healthy in-place cash flow with meaningful opportunity for additional revenue growth. Both properties have experienced extremely high velocity lease-ups, and have seen that momentum continue through the summer. This will allow a potential buyer to take advantage of a quick lease-up by optimizing rental rates after stabilization.

MINIMAL SURROUNDING COMPETITIVE SUPPLY WITH NEW HOUSING SUPPLY ON THE WAY

The Alameda market is extremely underserved for a dense urban area at less than 6 square feet of storage per person. In addition, there are 12 large multi-family buildings under construction that will bring an additional 2,691 units as well as 90 townhome units being built on Alameda island. The Rocklin property is in the center of a suburb that is north of Sacramento and is seeing rapid expansion and development. There are multiple housing communities such as Whitney Ranch and Whitney Oaks that will bring more and more families to the area with affordable housing

EXCELLENT LOCATIONS WITH MARKET LEADING DEMOGRAPHICS

Both facilities are located within different, but fantastic markets. Alameda is more dense with over 236,900 residents with an average household income of over $128,000 within a 3-mile radius of the property. Rocklin is more spread out and is still developing, but the area is extremely affluent. In addition, the area is attracting more high earners because the average household income of nearly $152,000 is expected to grow to over $177,500 by 2027.

BEST-IN-CLASS NEW CONSTRUCTION

Both properties within the Portfolio benefit from highly functional, Class A design and amenities. The properties feature premier construction quality, functionality, visibility, security, convenience, and have been institutionally owned and maintained with a long-term hold in mind

RESILIENT ASSET CLASS

Self Storage as an asset class has historically performed very well during economic downturns. Self storage was the only REIT sector to post a positive total return during the Great Financial Crisis as rental rates stayed effectively flat while withstanding the economic turbulence. More recently, self storage REITs were the best performing REITs by asset class during the COVID pandemic, and the asset class has continued its strong trends through Q1 2023 and the interest rate hikes of the past 12 months.