Special Purpose Facility

Cerritos Self Storage

16515 Valley View Ave Cerritos, California United States 90703-2407
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key facts

Year Built 1982
Building Area Net
Occupancy 87.0 %

Property description

LOCATION: The property is located at 16515 Valley View Ave in Cerritos, CA, just off of I-5 the Santa Ana Freeway


ACRES: 3.77 Acres (164,221 SF)


FRONTAGE: Approximately 330 feet of frontage to Valley View Ave


TRAFFIC COUNT: +/-29,900 VPD (Valley View Ave) and +/- 172,750 VPD (Interstate 5)


UTILITIES: Electricity - Southern California Edison; Trash - CalMet Services; Water/Sewage - City of Cerritos


CONSTRUCTION DETAIL: The property consists of eight single-story storage buildings and a single office building


ELEVATOR DETAIL: N/A


APARTMENT: The onsite apartment is a 2 bedroom/2 bathroom unit that is attached to the rental office


OFFICE: The office is approximately 200 SF


FEATURES AND AMENITIES: A well-lit facility with electric gate access; in addition, the facility has ground level, drive-up units, 7 days a week access, parking units, and tenant insurance available


PERSONNEL: The property has one full-time manager that works approximately 48 hours per week


SECURITY: Electronic gate access and video security


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


OPERATION HOURS (ACCESS): All Week: 6:00 AM - 8:00 PM

Investment highlights

EXISTING CASH FLOW WITH MASSIVE UPSIDE

The property has a current physical occupancy of over 86% and a current economic occupancy of roughly 70%, so there is opportunity for rental rate optimization in addition to the very strong in-place cash flow. Due to a California moratorium on rental rates during the COVID-pandemic, properties in the city are behind on rental rate increases. This allows for a potential buyer to add immediate value to the property through rate increases to existing tenants and additional market rate growth.


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, positive trends through Q2 2022.


IRREPLACEABLE LOCATION WITH MARKET-LEADING DEMOGRAPHICS

The property is in a top-tier location in the densely populated city of Cerritos - an area of Los Angeles County. The property has a population of nearly 190 thousand residents with an average household income of over $125K within a 3-mile radius. This area provides a stable platform for a long-term value and growth opportunity.


MINIMAL SURROUNDING COMPETITVE SUPPLY

The area within a 3-mile radius of Cerritos Self Storage contains only 4.50 square feet of storage space per person, which is well below what is typically required in a dense, urban area. This lack of supply and low upcoming development bodes well for both future rent and occupancy growth at the property.


EXCELLENT VISIBILITY TO OVER 200,000 VPD

Cerritos Self Storage has excellent visibility to Valley View Ave (29,900 VPD) and Interstate 5 (172,000 VPD).

Last Updated Date: 12 Sep 2022

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Last Updated Date: 12 Sep 2022

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