jw storage orem - loopnet · 2018-06-05 · jw storage - orem for more information contact jordan...

Offering Memorandum

PRESENTED BY

Jordan Farrer Adam Schlosser

Investment Associate First Vice President of Investments

National Self-Storage Group Director, National Self-Storage Group

Salt Lake City Office Denver Office

Tel: (801) 736-2643 Tel: (303) 328-2044

[email protected] [email protected]

License: UT: 9220604-SA00 License: CO FA100050407

JW StorageOrem, Utah

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this

marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with,

or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent,

product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant

lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE

CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make

no representations or warranties, express or implied, as to the accuracy of the information. References to square footage

or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a

service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved.

JW Storage - Orem

FOR MORE INFORMATION CONTACT

Jordan Farrer I. The Marcus & Millichap Advantage

Investment Associate II. Marketing Plan & Team Overview

National Self-Storage Group

Salt Lake City Office 1. Executive Summary 4. Rent Comparables

C: (435) 705-4897 | O: (801) 736-2643 Offering Summary Map

[email protected] Investment Overview Overview

License: UT 9220604-SA00 Demographics Comparables

Phil Brierley 2. Property Description

Regional Manager Property Summary

Utah and Idaho Markets Region Map

Salt Lake City Office Location Map

O: (801) 736-2650 Parcel Map

[email protected] Property Photographs

License: UT 9631455-SA00

3. Financial Analysis

Cicily Kind Financial Summary

Operations Manager Cash Flow

O: (801) 736-2640 Units

[email protected] 10 Year Cashflow

Loan Assumptions

Model Assumptions

TABLE OF CONTENTS

EXECUTIVE SUMMARY

summary

EXECUTIVE SUMMARY JW Storage - Orem

OFFERING SUMMARY

JW Storage - Orem

605 North 400 West

Orem, UT 84057

OFFERING SUMMARY

Offering Price

Number of Units

Rentable SF

Price/SF

Price/Unit

YIELD & RETURN HIGHLIGHTS

Current Cap Rate 5.3%

Current Net Operating Income

Current Cash-on-Cash

Year 1 Cap Rate

Year 1 Cash-on-Cash

NEW ACQUISITION FINANCING

Loan Amount

Loan-to-Value Ratio

Interest Rate

Debt Service

Amortization

Source

44,798

$850,000

52, 31 Storage, 21 Parking

12,510

$67.95

$16,346.15

$38,181

25 yrs

Bank

6.1%

5.7%

7.2%

$552,500

65.0%

4.9%

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OFFERING SUMMARY

Interest Offered

Terms of Sale

Property Tours

Confidentiality

The confidentiality agreement is required by all prospective purchasers and brokers before any data will be shared.

Proposed Financing Terms

JW Storage - Orem is offered on a Fee Simple basis free and clear of existing debt. The net operating income figures for the Property

are based on Trailing 12 Months. Historic operating documentation, due dilligence material and third party reports and can be found

in the on-line document data portal. Please request access from the listing agent. A non-disclosure agreement is required.

Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be

arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior

approval.

Fee simple interest in JW Storage - Orem, a 12510-Square Foot Self Storage Facility, located at 605 North 400 West ,Orem, UT

84057

Financing for this transaction has been sourced through Marcus & Millichap Capital Corporation and is available to qualified

borrowers. For more information on this, please contact the listing broker.

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INVESTMENT OVERVIEW

Land Available for Additional Units

Storage Facility is fully occupied

Upside through increasing rents on in place tenants

Opportunity to increase revenue through parking

Roofs replaced in last 10 years, 10+ years remaining on warranty

96,500 cars daily on State St and 800 North in Orem

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Marcus & Millichap is proud to present JW Storage Orem. Located in the heart

of Utah County, just two blocks east of State Street and one block south of 800

North. The facility consists of 31 storage units and 21 parking spaces. Units are evenly

split between 12x30 and 15x30. The facility is located on a 1.13 acre parcel.

Both roofs have been replaced in the last 10 years and have 10+ years

remaining on the warranty. Gutters have been replaced or repaired in last two

years. A new gate and fence was installed two years ago with wiring for a power

gate and security cameras.

JW Storage Orem is located two blocks east of State Street and two blocks

south of 800 North in Orem, Utah. State Street serves 61,000 cars daily and 800

North serves 35,500 cars daily.

4

Utah County is home to both Brigham Young University and Utah Valley

University, and one of the fastest growing markets in the USA. The property is

surrounded by multifamily apartment buildings.

Currently, the storage operates at 100% and parking at 50% occupancy, with a

number of tenants at below market rates. New owner can increase rents on

both the storage and parking to increase returns.


Demographics

GENERAL POPULATION 2000 2010 2015

City 4,733 5,389 5,560

County 368,539 516,564 575,205

State 2,763,885 2,995,919 3,051,217

RADIUS OF SUBJECT 1 MILE 3 MILE 5 MILE

2000 Population 22,500 89,546 157,620

2010 Population 22,828 95,099 174,140

2017 Population 25,259 107,188 192,631

2022 Population 27,669 117,731 210,775

INCOME 1 MILE 3 MILE 5 MILE

2014 Median Household Income 49,255 80,901 60,324

2014 Per Capita Income 21,659 18,181 22,088

2014 Average Household Income 60,287 64,417 77,667

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PROPERTY DESCRIPTION

description

PROPERTY DESCRIPTION JW Storage - Orem

PROPERTY SUMMARY

PROPERTY DESCRIPTION CONSTRUCTION

Property JW Storage - Orem Parking Surface Asphalt

Property Address 605 North 400 West, Orem, UT 84057 Walls Masonry

Property Type Storage Interior Wood/Drywall

Assesors Parcel Number 35-164-0002, 03-002-0003 Doors Steel Roll-up

Latitude 40.308294 Roof Wood and Rubber Membrane

Longitude -111.705216 Perimeter Chain Link Fence, Manual Gate

SITE DESCRIPTION SITE AMENITIES

Total Climate Controlled Units Climate Control No

Total Non-Climate Controlled Units 24 Hr. Access Yes

Total RV, Parking & Misc Camera Security Wired not installed

Rentable Square Feet Gate Access Yes

Year Built 1970 Key Pad Access No

Lot Size 1.13 On-Site Manage No

Type of Ownership Fee Simple Door Alarms No

Number of Buildings 2 Fully Fenced Yes

Number of Stories 1 Truck Rentals No

Parking Yes Retail Display No

Land Available for Additional Development Yes Tenant Insurance No

Zoning Industrial, Mini Warehouse Website Yes, not included in sale

1

12,510

21

31

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REGIONAL MAP EX

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JW Storage - Orem

8


LOCATION MAP EX

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JW Storage - Orem

9

800 North 35,500 ADT


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FINANCIAL ANALYIS

analysis

FINANCIAL ANALYSIS JW Storage - Orem

FINANCIAL SUMMARY

OFFERING SUMMARY CASHFLOW SUMMARY Pro-Forma

Offering Price GROSS POTENTIAL RENT

Down Payment Less: Physical Vacancy

Rentable SF Less: Economic Vacancy

Price/ SF Vacancy Percentage 14.00%

Number of Units 52 OTHER INCOME

Price/ Unit 16,346 Less: COGS

CAP Rate - Current 5.3% EFFECTIVE GROSS INCOME

CAP RATE - Year 1 5.7% Less: EXPENSES

10 Yr. IRR Unlevered 10.3% Expense/ EGI

10 Yr. IRR Levered 16.2% NET OPERATING INCOME

NEW ACQUISITION FINANCING DEBT SUMMARY Year 1

Loan Amount 552,500 NET CASH FLOW BEFORE DEBT

Loan-to-Value Ratio 65.0% Less: Debt Service

Interest Rate 4.9% Debt Coverage Ratio

Amortization 25 yrs Debt Yield

Return on Equity - Current 6.1% NET CASH AFTER DEBT

Return on Equity - Year 1 7.2% Cash-on-Cash

NOTES:

Debt Financing subject to change, terms quoted by Marcus and Millichap Capital Corporation

Debt Structure to include two‐years of Interest Only payments.

$850,000

$297,500

$12,510

$67.95

6.1%

1.67

20.7%

7.2%

18,002

8.1% 8.7%

70,668

(8,154)

1,010

21.5%

21,532

48,328

Current

48,328

(26,796)

44,798

(26,796)

1.80

T12

(5,767)

82,380

3,925

-

74,772

26,444

35.4%

-

56,510

11,712

(7,014) (5,767)

44,798

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CASHFLOW ANALYSIS

INCOME T12 / SF Pro-Forma / SF

GROSS POTENTIAL RENT $5.6 $6.6

Less: Physical Vacancy 11.5% 7.0%

Less: Economic Vacancy 9.9% 7.0%

OTHER INCOME

Truck Rental Income - -

Insurance $0.0 $0.1

Late Charges $0.0 $0.2

Administration Fees $0.0 $0.0

Other Income $0.0 $0.0

Less: Cost of Goods and Services - -

EFFECTIVE GROSS INCOME $4.5 $6.0

EXPENSES

VARIABLE EXPENSES

Advertising $0.0 $0.0

Bank Fees $0.1 $0.1

Computer $0.1 $0.1

Landscaping - -

Phone $0.0 $0.0

Payroll - $0.8

R&M $0.1 $0.1

Snow Removal $0.0 $0.0

Supplies $0.0 $0.0

Trash $0.0 $0.0

Utilities $0.0 $0.0

Misc $0.0 $0.0

FIXED EXPENSES

Property Taxes $0.5 $0.5

Insurance $0.0 $0.0

Management Fee $0.0 $0.3

TOTAL OPERATING EXPENSES $0.9 $2.1

NET OPERATING INCOME $4 $4

$5,768

$536

$11,712

$44,798

$26,444

$48,328

$600

$6,100

$3,739$452

$9,600

$466 $500

$939 $1,869

$720$696

-

$458

-

-

$500

$534

$26

-

$56,510 $74,772

$70,668

$(8,154)

$(7,014)

$82,380

$(5,767)

$(5,767)

-

$1,275

$2,125

$475

$50

--

$20

$430

$90

$1,001

$450

$375

$400

$500

$90

$933

$350

$276

$248

$500

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UNIT MIX CURRENT PRO FORMA

NON-CLIMATEAsking

Rent

Asking

Rent

% of

Property

12x30 360 sf 16 units $ 145 $ 2,320 $ 160 $ 2,560 46.0%

15x30 450 sf 15 units $ 160 $ 2,400 $ 175 $ 2,625 54.0%

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31 units 100.0%

OTHER

17 units $ 49 $ 75

3 units $ 59 $ 75

1 units $ 159 $ 180

21 units

Extra Large Parking

$14,028.00 $0.00 $20,160.00

$ 159

$0.00

- -

- -

$4,720.00 $56,640.00 $5,185.00 $62,220.00

-

- -

Gross Potential

Annual

Gross Potential

Monthly

Gross Potential

Annual

Gross Potential

Monthly

$ 27,840

-

-

$ 1,275$ 833

$ 30,720

$ 28,800 $ 31,500

- -

-

Small Parking

Large Parking $ 177

$ 9,996 $ 15,300

$ 2,124 $ 2,700

$ 1,908 $ 2,160

$ 225

$ 180

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10 YEAR CASHFLOW ANALYSISINCOME Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

GROSS POTENTIAL RENT 85,675 89,102 92,666 96,373 100,228 104,237 108,406 112,743 117,252

Less: Physical Vacancy (5,997) (6,237) (6,487) (6,746) (7,016) (7,297) (7,588) (7,892) (8,208)

Less: Economic Vacancy (5,997) (6,237) (6,487) (6,746) (7,016) (7,297) (7,588) (7,892) (8,208)

Total Vacancy % 14% 14% 14% 14% 14% 14% 14% 14% 14%OTHER INCOME 4,082 4,246 4,416 4,592 4,776 4,967 5,166 5,372 5,587

EFFECTIVE GROSS INCOME 77,763 80,874 84,109 87,473 90,972 94,611 98,395 102,331 106,424

EXPENSES

Advertising 515 530 546 563 580 597 615 633 652

Accounting 1,925 1,983 2,043 2,104 2,167 2,232 2,299 2,368 2,439

Bank Charges 742 764 787 810 835 860 886 912 939

Cleaning 515 530 546 563 580 597 615 633 652

Computer Software 1,031 1,062 1,094 1,126 1,160 1,195 1,231 1,268 1,306

CC Processing 464 477 492 506 522 537 553 570 587

Dues 386 398 410 422 435 448 461 475 489

Misc. fees 412 424 437 450 464 478 492 507 522

Electricity & Gas 515 530 546 563 580 597 615 633 652

Gate Repair 93 95 98 101 104 107 111 114 117

Property Taxes 6,283 6,471 6,666 6,866 7,072 7,284 7,502 7,727 7,959

Insurance 618 637 656 675 696 716 738 760 783

Management Fee 3,851 3,966 4,085 4,208 4,334 4,464 4,598 4,736 4,878

TOTAL OPERATING EXPENSES 27,237 28,054 28,896 29,763 30,656 31,575 32,522 33,498 34,503

NET RENTAL INCOME

Debt Service 26,796 38,181 38,181 38,181 38,181 38,181 38,181 38,181 38,181

Loan Balance 552,500 540,859 528,640 515,815 502,355 488,226 473,397 457,833 441,497

NET CASH AFTER DEBT

Acquisition

Disposition 977,194

Sales Costs (85,121)

NET CASHFLOW 23,730 14,638 17,032 19,529 22,135 24,854 27,692 30,652 925,813

6,100

600

(297,500) 21,532

552,500

26,444

48,328

26,796

552,500

21,532

(850,000)

3,739

82,380

(5,767)

(5,767)

3,925

74,772

14%

450

375

400

90

500

1,869

720

500

1,001

500

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DISCOUNTED CASHFLOW MODEL ASSUMPTIONS

MODEL TIMING

Start of Analysis

End of Analysis

MODEL ASSUMPTIONS YEAR 1 ADJUSTMENTS Increase in Year 1

Income Growth 4.00% Real Estate Tax Increase

Expense Growth 3.00% Insurance Increase

Sales Value Management Fee Increase

Sales Costs 6.00% Total OpEx Increase

Exit Cap Rate 6.50% Operating Expense as % of EGI

NEW ACQUISITION FINANCING DCF RETURNS

Loan Amount Return on Equity - Current 6.1%

Loan-to-Value Ratio 65.0% Return on Equity - Year 1 7.2%

Interest Rate 4.9% IRR 10.3%

Amortization 25 yrs IRR 16.5%

Balloon Due 5 yrs Equity Multiple 3.8 x

Interest Only 2 yrs.

*Quotes through Marcus & Millichap Capital Corp, subject to change

552,500

June-18

June-28

$1,418,691 525%

12%

6%

126%

71%

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RENTAL COMPARABLES

rental

RENTAL COMPARABLES JW Storage - Orem

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1

2

3

4

5

1. Utah Valley Self Storage2. Marina Cove Storage

3. Stor'em Self Storage ‐

4. Geneva Self Storage5. High Horizon Self Storage

Subject Property

18


Rent / Square Foot

Non Climate - 12x30 $0.40 $0.63 $0.76 $0.60 $0.55 $0.65

Subject

Property

1. Utah

Valley

Self

2. Marina

Cove

Storage

3.

Stor'em

Self

5. High

Horizon

Self

4.

Geneva

Self

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SIS $‐

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

Subject Property Utah Valley Self Storage Marina Cove Storage Stor'em Self Storage ‐Orem Geneva Self Storage High Horizon Self Storage

Rents/ Square Foot

Climate Non Climate

19


RENT COMPARABLES

Location Location Location

Asset Location 605 North 400 West Asset Location 243 South Geneva Road Asset Location 22 E 1500 S

Asset City, State Orem, UT 84057 Asset City, State Orem, UT Asset City, State American Fork, UT

Amenaties Amenities Amenities

Class C Class B Class B

24 hour Access Yes 24 hour Access No 24 hour Access Yes

On Site Manager No On Site Manager Yes On Site Manager Yes

Key Pad Access No Key Pad Access Yes Key Pad Access Yes

Climate Controlled Climate Controlled Climate Controlled

10X10 10X10 10X10

10x20 10x20 10x20

10x30 10x30 10x30

Non-Climate Controlled Non-Climate Controlled Non-Climate Controlled

10x30 10x30 $220.00 10x30 $125.00

12x30 12x30 $225.00 12x30 $275.00

15x30 15x30 15x30 $300.00


Rentable Sqft Rentable Sqft Rentable Sqft

Occupancy Occupancy 89% Occupancy 98%

Year Built Year Built 1999 Year Built 20161970

12,510

88%

Subject 1. Utah Valley Self Storage 2. Marina Cove Storage

$145.00

$160.00

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RENT COMPARABLES


Asset Location 1450 W 800 N Asset Location 321 S Vineyard Rd Asset Location 130 S State Street

Asset City, State Orem, UT Asset City, State Orem, UT Asset City, State Orem, UT

Amenities Amenities Amenities

Class B Class C Class B

24 hour Access No 24 hour Access No 24 hour Access No

On Site Manager Yes On Site Manager Yes On Site Manager No

Key Pad Access Yes Key Pad Access Yes Key Pad Access No

Climate Controlled Climate Controlled Climate Controlled

10X10 10X10 10X10

10x20 10x20 10x20

10x30 10x30 10x30

Non-Climate Controlled Non-Climate Controlled Non-Climate Controlled

10x30 10x30 $189.00 10x30 $200.00

12x30 12x30 $199.00 12x30 $235.00

15x30 15x30 $234.00 15x30


Rentable Sqft Rentable Sqft Rentable Sqft

Occupancy Occupancy 91% Occupancy 90%

Year Built Year Built 2002 Year Built 2009

$0.00

3. Stor'em Self Storage -Orem 4. Geneva Self Storage 5. High Horizon Self Storage

$0.00

$0.00

$179.00

$215.00

-

92%

1990

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SALES COMPARABLES

sales

SALES COMPARABLES JW Storage - Orem

SALES COMPARABLES

Location Location Property

Asset Location 605 North 400 West Asset Location 1636 N 2200 W Asset Location 278 W 900 S

Asset City, State Orem, UT 84057 Asset City, State Layton, UT Asset City, State Salt Lake City, UT

Transaction Transaction Transaction

Close of Escrow 2015 Close of Escrow 2015

Sales Price Sales Price Sales Price

Price/sf Price/sf $90.00 Price/sf $93.74

Cap Rate Cap Rate Cap Rate

Property Details Property Details Property Details

Total Units Total Units Total Units

Total Sqft Total Sqft Total Sqft

Occupancy Occupancy Occupancy

Year Built Year Built Year Built

Amenaties Amenaties Amenaties

Class C Class B Class B

24 hour Access Yes 24 hour Access No 24 hour Access No

On Site Manager No On Site Manager Yes On Site Manager Yes

Key Pad Access No Key Pad Access Yes Key Pad Access Yes

5.69%

Subject Property 1. Layton Crossing Storage 2. Basic Storage

10,000 20,268

$900,000 $1,900,000$850,000

$67.95

52

12,510

79%

1970

5.73%

77

94%

2013

6.54%

119

98%

1996

EX

EC

UT

IVE

SU

MM

AR

Y

PR

OP

ER

TY

DE

SC

RIP

TIO

N

FIN

AN

CIA

L

AN

AL

YS

IS

RE

NT

AL

CO

MP

AR

AB

LE

S

SA

LE

S

CO

MP

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AB

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S

26


SALES COMPARABLES

Location Location Property

Asset Location 2211 W 3000 S E Asset Location 622 S. Bennett Drive Asset Location 4550 E Southern Ave

Asset City, State Heber City, UT Asset City, State Prescott Valley, AZ Asset City, State Mesa, AZ

Transaction Transaction Transaction

Close of Escrow 2016 Close of Escrow 2017 Close of Escrow 2017

Sales Price Sales Price Sales Price

Price/sf $64.07 Price/sf $105.26 Price/sf $57.00

Cap Rate Cap Rate Cap Rate

Property Details Property Details Property Details

Total Units Total Units Total Units

Total Sqft Total Sqft Total Sqft

Occupancy Occupancy Occupancy

Year Built Year Built Year Built

Amenities Amenities Amenities

Class B Class C Class C

24 hour Access Yes 24 hour Access No 24 hour Access No

Camera's Yes Camera's No Camera's Yes

On Site Manager Yes On Site Manager Yes On Site Manager Yes

3. Copper Top Storage 4. Mini Business Warehouse 5. MoreSpace Mesa Storage

$1,550,000 $1,600,000 $1,250,000

1985

7.25%

2015

8.12%

57

90%

2015

73

24,192 15,200 21,929

100%

112

94%

EX

EC

UT

IVE

SU

MM

AR

Y

PR

OP

ER

TY

DE

SC

RIP

TIO

N

FIN

AN

CIA

L

AN

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YS

IS

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NT

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MP

AR

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LE

S

SA

LE

S

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MP

AR

AB

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S

27


MAP OF COMPARABLE SALES EX

EC

UT

IVE

SU

MM

AR

Y

PR

OP

ER

TY

DE

SC

RIP

TIO

N

FIN

AN

CIA

L

AN

ALY

SIS

RE

NT

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CO

MP

AR

AB

LE

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FIN

AN

CIA

L

AN

ALY

SIS

1

2

3

45

1. Layton Crossing 2. Basic Storage3. Copper Top 4. Mini Business 5. MoreSpace Mesa

Subject Property

24

FOR MORE INFORMATION CONTACT

Jordan Farrer

Investment Associate

National Self-Storage Group

Salt Lake City Office

C: (435) 705-4897 | O: (801) 736-2643

[email protected]

License: UT 9220604-SA00

Adam Schlosser

First Vice President of Investments

Director, National Self-Storage Group

Denver Office

O: (303) 328-2044

[email protected]

License: CO FA100050407

Cody Cannon

Marcus & Millichap

3281 East Guasti Road, Suite 800

Ontario, CA 91761

Tel: (909) 456-3400

License: 5880842-PB00

jw storage orem - loopnet · 2018-06-05 · jw storage - orem for more information contact jordan...

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