The LeClaire Group of Marcus & Millichap is pleased to offer a two-property self storage portfolio located in Albuquerque, New Mexico. The portfolio spans 194,998 net rentable square feet and is comprised of 1,643 units and 18 rentable parking spaces. This is a rare opportunity to acquire two stabilized assets located along busy commercial corridors and highways with strong traffic counts and excellent drive by visibility.
Built in phases from 1991 to 2015, the facilities are of metal construction with standing seam roofs and have wide asphalt drives. Each location is secured with perimeter fencing, have digital gate access and are under 24-hour video surveillance. Significant recent capital improvements have been made including five new roofs at the Northeast Heights location and a small expansion at the West Mesa location. The portfolio has been very well maintained and will provide a new owner with a clean, turn key operation. Each location has a large managers apartment, both of which are currently vacant leaving a new operator with the ability to house managers or lease these units to a third party.
This offering would make for an excellent addition to an existing portfolio in the Albuquerque area or serve as a strong entry into a new market. The portfolio has a current physical occupancy of 90.4 percent and an economic occupancy of 83.8 percent. This is a one of a kind opportunity to acquire a sizeable portfolio in Albuquerque with excellent visibility and strong surrounding demographics. A new investor would benefit from the implementation of an revenue management system and increased marketing efforts.