Overview
This is an exclusive opportunity to acquire Summit Storage, a 131,725 NRSF facility with 785 units. The Summit Storage offers a plethora of different unit sizes to fit a variety of different client needs. Built in 2018 on 11.16 acres along a corridor carrying over 27,700 vehicles per day, the facility is professionally managed, currently 90.8% occupied, and offers meaningful upside as in-place rents close the gap to market.
Property Details
Highlights
- Stabilized Institutional Quality Facility: The facility is currently 90.8% occupied across 131,725 NRSF and 785 units.
- Below-Market Rental Rates: In-place rents run approximately 22% below the average market rate across the comp set.
- Growing Trade Area: The 5-mile trade area is projected to grow 11.5% over the next five years, with average household income of $110,343 and no new supply is planned.
- High-Traffic, High-Barrier Location: The site fronts a corridor with an AADT of 27,726 and sits within the Four Corners growth node of Bozeman, where new supply faces steep land and entitlement costs.
- Expanding Renter Pipeline: More than 500 new homes are planned or under construction within a 1-mile radius.
- Modern Construction, Low Deferred Maintenance: Concrete foundation, metal framing and exterior, and a metal roof, all built in 2018, point to a facility with years of useful life ahead and minimal near-term capital needs.
- Prime Retail Proximity: Costco, Target, Lowe's, The Home Depot, and Walmart Supercenter all sit within roughly a mile.
Location
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