- Upside Through Leasing Up the Recent Expansion
- Nine Percent Population Growth Over the Next Five Years
- Highest Quality Facility in the Area
- Storage Units are 97 Percent Physically Occupied
- High Occupancy Market with Very Limited Availability
- Future Expansion Potential
- Features a Solar Panel System that Offsets Electricity Costs
South Bank Secure Storage is a 60,020 net rentable square foot facility located in Rifle, Colorado. Rifle is located along the Interstate 70 corridor, the main thoroughfare through the Rocky Mountains, approximately halfway between Vail and Grand Junction.
South Bank Secure Storage is the highest quality facility in the area featuring a wide range of storage options and a significant amount of outdoor parking. The property features a large leasing office with a security monitor display, paved asphalt drives throughout, full perimeter fencing with electronic gate access and a 1,600 square foot, three-bedroom on-site managers apartment. These amenities differentiate South Bank from many of the local competitors, of which some have less sophisticated operations. South Bank also offers 15×30 units that are heated and insulated and features a solar panel system that offsets the property’s electricity bill and generates a small check every month.
South Bank has a total of 376 storage units and 218 outdoor parking spaces. The storage units are currently 97 percent physically occupied. The property was recently expanded in 2018 with the acquisition of a 2.16-acre parcel across the street to accommodate additional RV parking. The outdoor parking is currently 64 percent physically occupied after only 12 months of operation.
The property is located next to a Walmart Supercenter and the Grand River Hospital and Medical Center. The property also sits one mile west of the Rifle Garfield County Airport. While the Rifle market itself is relatively small, storage tenants travel from longer than average distances due to the limited supply of storage in the market. The local competition is extremely well occupied, and most locations have little to no availability.
This is a rare opportunity to acquire a recently expanded facility in a high occupancy market. A new owner could benefit from increasing market and existing rents, continuing to lease up the outdoor parking spaces and potentially expanding the property in the future.