Henderson RV & Mini Storage

Property Title

11905 East 124th Avenue
Henderson, CO 80640

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investment highlights

  • Price: $5,319,000
  • Trailing 12 CAP Rate: 6.85%
  • Total Storage NRSF: 45,600
  • RV/Boat Parking Spaces: 448
  • Physical Occupancy: 86.5%
  • Stabilized Self Storage and RV/Boat Parking Business With Upside
  • Strong Five Mile Average Household Income of $100,928
  • 18 Miles Northeast of Denver, Colorado
  • 20 Percent Three Mile Population Growth by 2022
  • Convenient Access from Highway 85 and E-470
  • Located Along a Well-Traveled Corridor – 34,000 Cars Per Day (Highway 85)
  • Upside Achieved by Increasing Rates & Occupancy and Renting Out the 2,400 Square Feet Garage

property summary

Henderson RV & Mini Storage is a self storage and RV/boat storage facility located on 11 acres in Henderson Colorado. The property has 45,600 net rentable square feet of shipping container storage and 448 uncovered parking spaces for RV/boats. Additionally, there are three parcels of land rented for $2,740 per month (total). Attached to the leasing office is a 2,400 SF heated and insulated garage with three garage doors. The garage has high ceilings and is next to an outdoor storage lot totaling 6,200 SF. This should be rented out for $15.00/SF per year which is $36,000 in additional yearly revenue to the new owner. Currently the garage is used for the owners storage, parking, and workshop.

The property is currently 86.5% physically occupied. It is located on E 124th Ave and is visible from Highway 85. Highway 85 is a busy four lane road with 34,000 cars per day. Investors will appreciate the 93,719 population within five miles with an average household income of $100,928. Amenities include 24 hour video surveillance, on-site managers apartment with updated kitchen, and a keypad controlled access gate. All the inside storage units are converted shipping containers which require lower maintenance and incur lower property taxes.

Henderson RV & Mini Storage is 17 miles northeast of downtown Denver and 18 miles from Denver International Airport. The unincorporated city of Henderson is in Adams County which is experiencing strong economic growth driven by the proximity to Denver, population boom, availability of land for development, and the proximity to Denver International Airport which is the nation’s sixth-busiest airport. The ten mile radius around Henderson has a surge of residential housing developments including: Amber Creek in Thornton; Riverdale in Thornton; Reunion in Commerce City; and The Hills at Buffalo Run in Commerce City. The population within five miles is projected to increase 20% over the next five years.

This is a rare opportunity to acquire a successful storage business with upside, located in the booming Denver Colorado MSA. Investors will be attracted to the existing cash flow, strong five mile demographics, increasing five mile population via nearby housing developments, and the potential to increase their return. Upside can be achieved by improving the inside storage occupancy via marketing efforts and improved signage, optimizing the inside storage unit mix to take advantage of the strong 8×40 demand, adding covered parking which competitors rent for $220 per month, increasing outside storage rates commensurate with the 97% occupancy, and leasing out the three bay garage.

Broker Information

Thomas Parsons

Associate

Phone: 303.328.2068
Email: tparsons@marcusmillichap.com
License: CO FA100071008

Adam Schlosser

First Vice President

Phone: 303.328.2044
Email: aschlosser@marcusmillichap.com
License: CO FA100050407

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

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