offering memorandum nampa lock storage

CLAY ANDERSON, MBA, CPA208 489 [email protected]

CHAP TODD208 472 [email protected]

Offering Memorandum

NAMPA LOCK STORAGE820 N 7TH ST N, 0 7TH AVE N, 0 N FRANKLIN | NAMPA, ID

C o l l i e r s I n t e r n a t i o n a l I d a h o | 7 5 5 We s t F ro n t S t re e t , S u i t e 3 0 0 Bo i s e , I d a h o 8 3 7 0 2 | w w w . co l l i e r s . co m / i d a h o | 2 0 8 3 4 5 9 0 0 0

NAMPA LOCK STORAGEProperty Overview

Nampa Lock Storage is a recently stabilized self-storage facility located in Nampa, Idaho, 20 minutes west of Boise, within an Opportunity Zone. The property currently features 553 rentable spaces, 408 drive-up, enclosed storage units and 145 outdoor parking spaces. Additionally, the property includes approximately 4.5 undeveloped acres.

The project was converted to storage units circa 1995 from former agriculture use. The facility is fully-fenced and gated with keypad access and is under 24-hour video surveillance with monitoring accessible off-site.

Nampa Lock Storage is located just east of Franklin Boulevard which supports 20,000 vehicles a day and just north of 11th Avenue North that serves 21,500 vehicles a day. The facility is also in close proximity, three quarters of a mile, from Interstate 84 that serves 84,500 vehicles a day. The property has frontage on Franklin Boulevard and a future owner could explore gaining access from Franklin which would dramatically improve visibility. The facility is located in the heart of Nampa in one of the fastest growing MSA’s in the United States. The Boise MSA is growing twice as fast as the USA as a whole and is projected to grow 10.2 percent over the next five years.

The investment opportunity includes four parcels totaling 8.59-acres and a total of 95,962 net rentable square feet including RV, Outdoor, and enclosed storage. The facility is currently ~90 percent occupied and a new owner will benefit from completing the lease up and increasing rents. Included on the property is a two-bed one bath-on-site residence for the manager. New ownership could also gain tax advantages through the Opportunity Zone by developing the additional 4.5 acres and improving the existing facility.


Property Overview

Profile

Property Type: Investment Sale

Building Size:±56,482 SF, plus ±39,480 of RV, Outdoor and enclosed storage space

Land Size: ±8.59

Zoning: IL - Light Industrial

Parking: 147 Outdoor Parking spaces

Cap Rate: 5.48%

NOI: $170,028

Price: $3,300,000 ($3,100,000 of improvements and $200,000 of excess land)

Highlights» Parcels R0855200000, R0854800000, R0855101000,

R1470950000, R3154301100

» Strong Population Growth in the Boise MSA

» High Traffic Area

» Opportunity to Increase Rentals through Improved Marketing

» Opportunity zone


Investment Details

Property Address 820 7th Street North Nampa, ID 83687

Assessor’s Parcel NumberR08552-000- -0, R08548-000- -0, R08551-010- -0, R31543-011- -0

& R14709-500- -0

Number of Units 553

Rentable Square Feet 56,482

Average Unit Size 101.77

Years Built (In Phases) 1957/2002

Lot Size (Approximately) 8.59 Acres

Number of Buildings 16

Number of Stories One

Car Count 22,500 Cars Per Day

Square Foot Per Capita (3 Mile) 15.07

Highway Access No

Land For Additional Development Yes

3 Mile Population (2018) 74,111

3 Mile Households (2018) 25,513

5 Year Population Growth Projection 12.89%

3 Mile Average Household Income $53,185

Fencing Chain Link

Parking Surface Asphalt

Entry Key Pad Access

Percent Climate Controlled N/A

Security 24-Hour Video Surveillance

Investment Details


Valuation

Financial Performance T6 Aug 2020 T6 Annualized T3 Aug 2020 T3 Annualized T3 Expenses Normalized

Eff Gross Revenue $139,384 $278,768 $74,550 $298,200 $298,200

Late Fees $6,212 $12,424 $3,431 $13,724 $13,724

Misc Income $6,243 $12,486 $3,849 $15,396 $15,396

Total Revenue $151,839 $303,678 $81,830 $327,320 $327,320

Tax $16,000 $15,100 $15,100 $15,100

Insurance $1,838 $3,676 $3,676 $3,676

Marketing $17,998 $20,000 $20,000 $5,000

Utilities/Trash $2,866 $5,732 $5,732 $5,732

On-site mgmt $25,681 $51,362 $51,362 $45,000

Off-site mgmt $11,495 $22,990 $22,990 $15,000

CC Merchant Fees $2,791 $5,582 $5,582 $7,000

Office/admin $8,084 $16,168 $16,168 $2,500

Repairs/maint $8,341 $16,682 $16,682 $17,000

Total Op Expense $95,094 $157,292 $157,292 $116,008

Net Operating Income $56,745 $146,386 $170,028 $211,312

Total Price $3,300,000 $3,300,000

Value of Excess Land $200,000 $200,000

Value of Improvements $3,100,000 $3,100,000

Net Operating Income $170,028 $211,312

Cap Rate 5.48% 6.82%


Site Plan

Nampa Lock StorageNampa Lock Storage

N Franklin Blvd

N Franklin Blvd

6th St N

6th St N 7th St N7th St N


Existing Storage UnitsExisting Storage Units

DIMENSIONS (FT) DESCRIPTION UNIT

SQ FTTOTAL UNITS

TOTAL SQ FT

CURRENT RENT/MONTH

GROSS POTENTIAL

MONTHLY RENT

GROSS POTENTIAL

ANNUAL RENT

PRO FORMARENT/MONTH

PRO FORMA GROSS POTENTIAL

MONTHLY RENT


ANNUAL RENT

3 x 4 Non Climate Drive Up 12 4 48 $10.00 $40.00 $480.00 $20.00 $80.00 $960.00

4 x 6 Non Climate Drive Up 24 44 1,056 $18.00 $792.00 $9,504.00 $26.00 $1,144.00 $13,728.00

4.5 x 12 Non Climate Drive Up 54 4 216 $28.00 $112.00 $1,344.00 $42.00 $168.00 $2,016.00

6 x 8 Non Climate Drive Up 48 4 192 $25.00 $100.00 $1,200.00 $35.00 $140.00 $1,680.00

6 x 12 Non Climate Drive Up 72 104 7,488 $33.00 $3,432.00 $41,184.00 $48.00 $4,992.00 $59,904.00

6 x 15 Non Climate Drive Up 90 16 1,440 $38.00 $608.00 $7,296.00 $55.00 $880.00 $10,560.00






12 x 17 Non Climate Drive Up 204 1 204 $62.00 $62.00 $744.00 $90.00 $90.00 $1,080.00




16 x 17 Non Climate Drive Up 272 1 272 $68.00 $68.00 $816.00 $100.00 $100.00 $1,200.00




10 x 15 Non Climate Drive Up 150 1 150 $15.00 $15.00 $180.00 $80.00 $80.00 $960.00

- x - Access Only - 1 - $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

TOTAL STORAGE 408 56,482 $19,155.00 $229,860.00 $29,023.00 $348,276.00

DIMENSIONS (FT) DESCRIPTION UNIT

SQ FTTOTAL UNITS

TOTAL SQ FT

CURRENT RENT/MONTH

GROSS POTENTIAL

MONTHLY RENT

GROSS POTENTIAL

ANNUAL RENT

PRO FORMARENT/MONTH


MONTHLY RENT


ANNUAL RENT

10 x 20 Car/Vehicle Parking 200 84 - $25.00 $2,100.00 $25,200.00 $25.00 $2,100.00 $25,200.00

12 x 30 RV/Boat/Vehicle Parking 360 63 - $30.00 $1,890.00 $22,680.00 $30.00 $1,890.00 $22,680.00

TOTAL PARKING AND OTHER 147 - $3,990.00 $47,880.00 $3,990.00 $47,880.00

GRAND TOTAL 555 56,482 $23,145.00 $277,740.00 $33,013.00 $396,156.00


Rent Comparables - Summary

PROPERTY NAME 5X10 10X10 10X15 10X20 10X30 YEARBUILT

DISTANCE FROM SUBJECT PROPERTY

SSuubbjjeecctt PPrrooppeerrttyy -- NNaammppaa LLoocckk SSttoorraaggee $38.00 $65.00 $78.00 $89.00 $135.00 1957/95 -

1. All Seasons Storage $45.00 $76.00 $95.00 $121.00 $155.00 1998 2.5 Miles

2. Black Bear formerly Access Mini-Storage of Nampa $45.00 $65.00 $75.00 $90.00 N/A 1999 0.7 Miles

3. Republic Storage - Nampa $48.00 $80.00 $92.00 $126.00 $178.00 2002 1.3 Miles

4. Boulevard Storage $47.00 $70.00 $91.00 $98.00 $109.00 1976 2.2 Miles

5. BIG Storage $61.00 $77.00 $103.00 $120.00 $164.00 2017 2.5 Miles

6. Idaho Storage Connection Karcher N/A $76.00 $87.00 $100.00 N/A 2006 4.6 Miles

7. Stor-It Storage $50.00 $80.00 $92.00 $104.00 N/A 2016 3.2 Miles

8. Fortress Storage $49.00 $69.00 $85.00 $99.00 N/A 2016/18 3.2 Miles

9. Canyon Storage $38.00 $57.00 $66.00 $76.00 $109.00 2006 1.3 Miles

10. Alpine Self Storage $67.00 $75.00 $99.00 N/A $152.00 2002 2.2 Miles

Comp Average $$4488..8800 $$7711..8822 $$8877..5555 $$110022..3300 $$114433..1144 - -

Rent Comparables - Summary NON CLIMATE CONTROLLED

DISCLAIMER: The renta l rates in th is study were der ived f rom onl ine sources. Due to market f luctuat ions, rates may have changed s ince th is study was per formed. Buyer must per form his or her own due d i l igence to

ensure the accuracy of th is informat ion.


Location

SITE


Demographics

820 7th Street N | Nampa, ID 1 Mile 3 Miles 5 Miles 10 Min Drive

POPULATION

2020 Estimated Population 8,770 78,472 123,007 95,743

2025 Projected Population 10,445 91,143 142,430 111,007

2010 Census Population 7,395 66,844 100,696 80,542

Projected Annual Growth ‘20-‘25 3.8% 3.2% 3.2% 3.2%

HOUSEHOLD

2020 Estimated Households 3,169 27,450 42,318 33,232

2025 Projected Households 3,522 29,813 45,792 36,021

2010 Census Households 2,654 23,129 34,242 27,636

Historical Annual Growth ‘00-‘20 0.8% 2.8% 4.2% 3.4%

INCOME

2020 Est. Average HH Income $38,068 $57,213 $61,364 $59,238

2020 Est. Median HH Income $35,041 $48,148 $52,840 $50,657

MISC.

2020 Median Home Value * $159,669 $179,895 $192,523 $185,553

2020 Median Rent $613 $724 $746 $733

2020 Est. Median Age 30.8 32.3 32.8 32.5

2020 Average Travel Time to Work 21.5 21.4 21.9 21.7

2020 Est. Labor Population Age 16+ 6,580 59,212 92,203 71,957

2020 Est. Total HH Expenditure $116.29 M $1.31 B $2.12 B $1.63 B

C o l l i e r s I n t e r n a t i o n a l I d a h o | 7 5 5 We s t F ro n t S t re e t , S u i t e 3 0 0 Bo i s e , I d a h o 8 3 7 0 2 | w w w . co l l i e r s . co m / i d a h o | 2 0 8 3 4 5 9 0 0 0 C o l l i e r s I n t e r n a t i o n a l I d a h o | 7 5 5 We s t F ro n t S t re e t , S u i t e 3 0 0 Bo i s e , I d a h o 8 3 7 0 2 | w w w . co l l i e r s . co m / i d a h o | 2 0 8 3 4 5 9 0 0 0

IDAHO FACTSArea Overview — Nampa

Nampa is Idaho’s 3rd largest city and the western anchor of the Treasure Valley where nearly half of Idahoans reside. Nampa’s undeniable quality of life, affordability and urban proximity make it one of the most desirable places to live in the West.

Area Overview - Nampa


Area Overview

Quality of LifeReferred to as the “Treasure Valley”, the region is home to about 675,000 people. The workforce of roughly 330,000, live within a 45-minute draw area. Known for its extraordinary quality of life and affordable cost of living (currently one of the lowest in the western states, according to the ACCRA Cost of Living Index), the Valley is consistently ranked by Forbes, The Wall Street Journal, Livability and Inc. Magazine as one of the best places in the U.S. to live and work.

Commuting in the ValleyThe major interstate serving the Treasure Valley is I-84, running through the metro area’s major cities (Boise, Meridian, Nampa and Caldwell). Branching off to the northeast is I-184, which runs into downtown Boise. Daily commutes are easy, with several U.S. and state highways providing direct routes and minimal traffic. The average commute time is only 18 minutes. Public transportation is handled by ValleyRide, Treasure Valley Transit and ACHD Commuteride.

RecreationThe Boise River runs through downtown and is accessible through a greenbelt system with over 25 miles of bike paths and 850 acres of parks. Up in Foothills you’ll find more than 135 miles of nationally acclaimed hiking and mountain biking trails that extend from the city up to Bogus Basin Ski Area. Only 17 miles from the city center Bogus Basin offers winter skiing and summer adventure. With world-class golf courses, hiking, fishing and mountain biking, the recreation opportunities are virtually unlimited within a 30-minute drive.

DiversityThe City of Boise has been recognized for its work welcoming over 800 new citizens (refugees) each year from over 20 foreign countries. Annual diversity events and resources include PRIDE activities, The Basque Cultural Center, Hispanic Cultural Center and the Black History Museum. More than 90 different languages are spoken in the Boise School District and the Mexican Consulate also has an office in Boise.

What about logistics? There are 50 motor freight companies traveling 5 interstates, 20 U.S. highways and 30 state highways that serve the Boise Valley. More than 1,600 miles of rail line through Union Pacific and Burlington Northern Santa Fe provide connection points to Canada, Mexico and the U.S. They are aided by the state’s regional line and 6 short line railroads. Annually, the rail system transports over 11 million tons of freight.

NAMPA LOCK STORAGE820 N 7th St N, 0 7th Ave N, 0 N Franklin

Nampa, Idaho

Col l iers Internat ional Idaho | 755 West Front Street , Sui te 300 Boise , Idaho 83702 | www.col l iers .com/idaho | 208 345 9000

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties

arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2020. All rights reserved

CLAY ANDERSON, MBA, CPA208 489 6177

[email protected]

CHAP TODD208 472 2835

[email protected]

offering memorandum nampa lock storage

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