Heartland Storage - Fruita CO
Self Storage | 5.87% CAP | 363 Units
Marketing description
Bang Realty is pleased to exclusively present Heartland Storage, a self-storage renovation and value-add acquisition opportunity located at 615 South Mesa Street, Fruita, CO. This property comprises 363 units across 44,150 NRSF and sits on a 2.50-acre lot. Built in 1996 and expanded in 2023, the Class B facility features a blend of vintage and new physical construction, which presents a significant opportunity for operational stabilization and increased occupancy. The property is currently 88.29% physically occupied, providing a clear path to improving revenue through strategic lease-up, optimized pricing, and increased tenant demand. Targeted at a $4,900,000 purchase price, stabilizing this recent-vintage asset highlights the upside potential for this investment.
The investment offers a compelling competitive profile as the largest facility in its immediate vicinity, differentiating itself by offering highly desirable climate-controlled units. The local market serves a growing population within a 3-mile radius of Fruita, benefiting from constrained local housing supply and outsized demand from the region's outdoor recreation tourism. With strong demographics featuring a 5-mile median household income of $84,103, this offering presents a unique opportunity to capitalize on the lease-up of a modern facility and realize strong returns through strategic management and long-term stabilization.
Investment highlights
- As the largest facility in the vicinity at 44,150 NRSF, this property holds a distinct physical advantage. Originally built in 1996, It differentiates itself by offering a 113 climate-controlled unit expansion delivered in 2023, a premium feature entirely absent at three competing local facilities.
- Located 0.3 miles from I-70 and 0.2 miles from Colorado River State Park, the site captures strong demand from outdoor enthusiasts needing secure storage for RVs, boats, and gear.
- The property benefits from a steadily expanding 30-minute catchment area with a strong 5-mile Average Household Income of over $96,133, ensuring a resilient consumer base to drive sustained self-storage demand.
- Acquire a 44,150 NRSF facility at 88.29% occupancy. Stabilizing operations presents a clear path to increase NOI from $287,857 to $363,290 in Year 1, achieving a 7.41% cap rate.
- Acquired for $4,900,000 ($110.99/NRSF) at a 5.87% cap rate, the asset offers strong upside. Projections indicate steady NOI growth, culminating in a Year 5 sale at $5,520,000 and a 7.26% exit cap rate.
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