- High Market Occupancy
- Opportunity to Stabilize Facility through Lease-Up
- Strong Population Growth in the Salt Lake City MSA
- Oversized Units to Accommodate RV/Boat Demand
- Opportunity to Increase Rentals through Improving Online Presence
Set Storage is a 44,126 net rentable square foot self storage facility located in Brigham City, Utah. The property features two locations approximately ¼ mile apart with 185 rentable spaces. The facility construction was built in two phases in 1972 and 1985 with standing seam metal roofs, steel buildings, metal dividers, asphalt and gravel drives. Unit sizes range from approximately 50 square feet up to 675 square feet with extremely wide drives to accommodate boat, RV, or oversized trailer storage. The main location is fully fenced and gated with keypad access, under 24-hour video surveillance, and all units are accessible via drive up.
Set Storage is located on the south side of Forest Street which serves over 6,200 cars a day (2016), and one half mile west of Main Street which serves just under 16,000 cars a day (2016). The property is located in a primarily industrial region but is close to Box Elder High School, Brigham City Depot, Brigham City Pool, and multiple sports complexes that will drive traffic near the site. Utah has been the fastest growing state in the country since 2010 with population growing 14.4 percent, and the third fastest state in 2018, with population up 1.9 percent. Brigham City is located just 45 minutes north of Salt Lake City and will continue to benefit from Utah’s strong economy and population growth.
The investment opportunity includes two parcels totaling 3.23-acres and 44,126 net rentable square feet. The facility is currently 73.77 percent economically occupied and a new owner will benefit from completing the lease up and stabilizing the facility. The competing storage facilities have an average occupancy of 99 percent, much higher than Set Storage. New ownership will benefit by increasing their online presence, improving online rentals, and implementing a more professional management system.