This Class A, institutional quality self-storage asset consists of 703 climate and non-climate-controlled units, and a site office. The property was built in two phases (2013 & 2016) and has a total of 6 storage buildings which are between 1-4 stories, with a favorable mix of drive-up and indoor units spread across 4.02 acres. Unit sizes range from 12 square feet to 300 square feet with an average unit size of 122 square feet. As of July 2021, the property is approximately 87% occupied. Although the local area has a storage undersupply the occupancy is temporarily depressed due to the opening of a competing store down the street which presents a lease-up opportunity in the upcoming year.
As part of the business plan, The Manager intends to hire a large operator who is a seasoned property management company with a Colorado presence, to streamline operations and increase economic occupancy. Capital projects including site office improvements, and solar and security control systems have been budgeted as part of the business plan.
Littleton is an affluent area in southwest Denver with a desirable school district and a high median household income of $110,000. Denver is a high-growth market and it has been experiencing a strong uptick in occupancy and street rates in recent quarters.