Calexico Storage Development
Calexico, CA
Executive Summary
Summary
- Price $1,300,000
- Land Square Feet 266,152
- Proposed NRSF 104,550
- Stabilized Gross Income $1,614,714
- Proposed Number of Units 729
- Proposed Year Built 2024
- Proposed Number of Buildings 8
John 14:6 - Jesus said unto him "I am the way, the truth, and the life. No one comes to the Father except through Me".
The Calvary Realty National Storage group is pleased to present this self storage development opportunity in the city of Calexico, CA. This is an opportunity to develop a Class A facility in an area with less than 4.5 sq. ft. per capita. The county is home to over 180,000 residents with 802,000 rentable square feet of enclosed storage. This shows a very low square foot per capita which is ideal for new storage development.
The most recent facility developed in the area is Valley Premier Storage & Offices in El Centro. This Class A facility consists of 84,775 sq. ft. and opened for business in October of 2020. The project stabilized in less than 18 months due to the strong demand for storage in the county of Imperial.
The subject property sits on 6.11 acres with proposed 104,550 rentable square feet of enclosed storage and 729 proposed units. Using Valley Premier Storage as the closest comparable, subject property will be worth around $20M upon stabilization in 3-4 years.
Within a 1.5-mile radius of the site are major retailers, restaurants, and hotels such as Wal-Mart Supercenter, Denny's, Panda Express, Aldi, Subway, Jack in the Box, Rallys, Dollar Tree, Best Western, Holiday Inn, Pizza Hut, and Planet Fitness.
The site is 3 miles north of the U.S. / Mexico border which witnesses over 15M individuals passing through the border each year. Calexico is a hub for truck and trailer parking as truckers import and export goods between the U.S. and Mexico. This border town also benefits from both businesses and consumers from Mexico, crossing the border to shop and conduct business.
Calexico Storage Development is a great opportunity to build and stabilize a storage site for less than half the cost of buying an established storage facility. Seller has construction bids at $79 per sq. ft. while existing Class-A storages in Southern California are selling above $200 per square foot!
Acquisition and development costs are estimated to be $11M. With a stabilized value around $17M, the developer will realize a profit of $6M upon stabilization within 3-4 years.
