- Strong Occupancy
- Below Market Rents
- Unique Opportunity Located in an HOA
- Built in Tenant Pool
- Strong Demographics
Hidden Creek Storage is a 60-unit,14,400 net rentable square foot, self storage facility located within The Villas at Hidden Creek Homeowners Association. The Villas is a 217-home master planned community located in Sandy, Utah right off the Sandy Parkway/Jordan Gateway which serves 18,524 cars per day. The facility features garage style doors and all units are drive-up accessible. The facility is currently 87 percent physically occupied and managed offsite.
Located in Sandy, Utah, the market features strong demographics, approximately 329,708 people in a five-mile radius with an average household income of $100,642. Given the close proximity to multiple apartment communities, industrial sites, and single family developments, a new owner will benefit from being the only storage facility in a one and one half mile radius west of I-15. Sandy is located approximately 18 miles south of Salt Lake City.
Hidden Creek Storage presents a unique opportunity to acquire a stabilized self-storage asset within in a residential development, with the opportunity to increase rates and improve returns. Due to HOA Bylaws the owner/operator of the self storage must own a residential unit in the community, to comply with these regulations a townhome in the community is being sold with the storage units for $260,000. The townhome has recently been renovated and has a potential monthly income of $1,500 once leased. The following analysis does not include the income generated from the townhome.