Michigan 12 Property Portfolio

Property Title

Various Cities, Michigan

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This listing is confidential. Please click the Download Brochure button on the left and submit the CA.  The Offering Memorandum will be emailed to you shortly afterwards.

 

investment highlights

  • 12 Properties within a 150 Mile Radius
  • Located Near Major Universities (University of Michigan, Michigan State, West Michigan, and East Michigan)
  • Each Property has Great Visibility from the Road
  • Potential to Raise Economic Occupancy
  • Low Square Foot Per Capita Trade Areas with Limited New Supply
  • Steady and Increasing Cash Flow
  • Michigan Ranks as the Nation’s Seventh Fastest Growing Economy Since 2009
  • Statewide Unemployment at a 20 Year Low
  • Numerous Stores with Expansion Possibilities
  • 12 Seasoned Facilities Located in Diverse Economies Around the State of Michigan

property summary

The LeClaire Team and Marcus & Millichap have been retained by the Seller as its exclusive Broker to represent it in the sale of 12 properties in southern Michigan.

This offering is a unique opportunity to purchase a seasoned institutional quality portfolio of well-maintained self storage assets in some of Michigan’s best markets. The facilities are all in good locations within their local markets, and as the state of Michigan has stabilized, the monthly income of these assets have risen substantially. Michigan is the 10th most populous state in the Union and the state’s population is growing again as it continues to emerge from the depths of the Great Recession. According to federal data, Michigan has enjoyed robust job growth since 2011.  “It’s still amazing to me that we have done as well as we have done,” said Don Grimes, senior research specialist at the University of Michigan’s Research Seminar in Quantitative Economics. “I don’t think people quite appreciate how deep a hole we found ourselves in, in 2009 and 2010 — a structural hole, not just a business cycle downturn.”

The Portfolio is currently 85.4 percent economically occupied for the trailing 12 months with 93.7 percent physical occupancy, by square footage, leaving additional opportunity for a new investor to continue to manage revenue by increasing rental rates and lower economic vacancy. The portfolio has increased its yearly gross income by an average of six percent per year over the last four years starting in June 2016 to June 2019. Total monthly income for the portfolio is up 3.14 per cent for July 2019 compared to the same period in 2018.

There is also extra land that can be potentially built-out in the future. See graph on page nine for additional information.

The 12 facilities have a total of approximately 747,146 net rentable square feet and approximately 6,209 units. Built from 1972 to the most recent expansions in 2013, the properties show well from the road and have been professionally maintained. The properties have a variety of amenities that include climate controlled units, interior units, RV/Boat storage, lockers, cell tower and billboard income, outside uncovered parking and conventional drive up units. All the facilities have a manager’s office, perimeter fencing, computerized access keypads, lighting, cameras and most have on site manager’s apartments.

Broker Information

Adam Schlosser

Senior 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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