Victorville, CA 92394
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VICTORVILLE STORAGE DEVELOPMENT Mojave Drive, Victorville, CA 92394 Brandon M. Robinson President & Broker 155 W. Hospitality Lane Suite 265 San Bernardino, CA 92407 (909) 380-0073 Office (760) 534-8135 Mobile (909) 839-4531 Fax Cal BRE# 01787727 Cal BRE# 02023477 [email protected] John 3:16 TABLE OF CONTENTS Local Area…………………. Investment Overview…….. Property Profile……........… Photos & Maps……............ Rental Survey…….............. Site Plan…………………… Building Fees & Costs……. City Planning Info………… Unit Mix…………................ Income & Expenses........... Value Analysis…………….. Lender & Developer Info…. Broker Remarks…...………. The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. Romans 10:9 LOCAL AREA Victorville is a city of 126,000 residents in the high desert of San Bernardino County. The city is 20 minutes north of the Ontario Airport and is the 4th most populated city in the County and 49th most populated city in California. Named after railroad pioneer Jacob Nash Victor, the city of Victorville was incorporated on September 21st of 1962. Victorville is one of the fastest growing areas in California having witnessed a population increase of 80% since the year 2000 and 154% since 1990. This rapid growth in population is due in part to affordable housing and convenient access to inland empire cities such as San Bernardino, Ontario, Rancho Cucamonga, Fontana, and Riverside. The City is also a major transportation Hub located along the 15 freeway between Los Angeles and Las Vegas. The Victorville area has been the location of several TV & Film productions such as Grand Theft Auto, The Hitcher, Lethal Weapon, From Dusk Till Dawn, Face Off, Kill Bill: Volume 2, and Fast and the Furious Tokyo Drift. Notable people from the Victorville area include Roy Rogers, Dale Evans, Steve Ryan, & Earl Bascom. Major Employers In Victor Valley Southern California Logistics Airport | Hesperia Unified School District | Victor Valley College Desert Valley Hospital | Walmart Distribution Center | Verizon | CEMEX | General Atomics Victor Valley Union High School District | Victor Elementary School District | Stater Brothers Federal Correctional Institution | Victor Valley Global Medical Center | County of San Bernardino Apple Valley Unifited School District | Adelanto School District | Super Target | Fiber Care Baths Demographics | Victorville, CA Total Population: 126,267 Average Household Income: $67,870 Population Per Sq. Mile: 1,709 Median Household Income: $54,768 Median Age: 30.2 Income Per Capita: $19,201 Male / Female Ratio: 49.8% / 50.2% Average Disposable Income: $55,019 High School Graduate (Only): 29.2% Median Home Value: $263,490 2-Year Degree (Only): 37.8% Average Household Size: 3.49 Bachelor Degree (Only): 7.8% Owners: 54.0% Post-Graduate Degree: 4.6% Renters: 46.0% Votes Democrat: 52.5% Unemployment Rate: 6.0% Votes Republican: 45.1% Unemployment Number: 43,200 The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. John 14:6 INVESTMENT OVERVIEW MOJAVE DRIVE STORAGE DEVELOPMENT is a 8.52 acre parcel of land that is approved for mini storage development. The site was fully approved in 2007 for 46,000 square feet of enclosed storage and 136,000 square feet of RV Storage. Due to the economic downturn of 2008, ownership stopped plans to develop the mini storage. The property is located 1/2 mile east of highway 395 and 4 miles west of Interstate 15. This opportunity is surrounded by existing and new single family and commercial developments. Victorville's local storage market is stable with most facilities operating above 90% occupancy! The storage square feet per capita in Victorville is 13.05. Current rental rates are roughly $1 per square foot for enclosed storage and $0.50 persquare foot for RV Storage. The project is estimated to cost $6M in both land and building costs. The facility is projected to gross over$1M in revenue and nearly $700K innet income; producingdoubledigit returns! INVESTMENT HIGHLIGHTS 90% Market Occupancy Adjacent to New Development High Traffic Count Major Corridor Double Digit Return on Investment The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. Jeremiah 29:11 PROPERTY PROFILE Property Name: Victorville Storage Development Address On Title: Mojave Road, Victorville, CA 92394 Land Acquisition Price: $595,000 Land Price Per Square Foot: $1.60 Land Price Per Acre: $69,836 *Construction Cost: $5,508,175 Market Rate Per Square Foot: $0.99 Self Storage Sq. Ft. Per Capita: 13.05 *Projected Gross Revenue: $964,602 *Projected Net Income: $688,729 Enclosed Rentable Square Feet: 183,095 *Number of Units: 591 *Projected Occupancy: 95% Acreage: 8.52 Gross Land Square Feet: 371,131 *Year Built (Proposed): 2020 Zoning: M1 Industrial APN: 3128-621-04-0000 Construction Type: Metal Paving: Concrete Cross Streets: Mojave & Highway 395 Nearest Freeway: Interstate 15 Traffic Count: 20,000 Plans & Approvals: Site Was Approved in 2007 (Expired CUP). The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. Philippians 4:13 SITE PHOTOS The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. Romans 3:23 AERIAL MAPS The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. Matthew 7:21 LOCATION MAPS The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. John 10:10 PARCEL MAP The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. Galatians 5:16 RENTAL SURVEY SUBJECT PROPERTY* Anacapa Storage 5x10 $60 5x10 $65 10x10 $100 10x10 $95 10x15 $130 10x15 $120 10x20 $150 10x20 $145 # of Units* 591 # of Units 106 Occupancy* 91% Occupancy 96% Year Built* 2020 Year Built 2007 NRSF* 183,095 NRSF 14,200 Phone: Acreage 8.52 Acreage 1.07 (760) 951-0141 Lot Size 371,131 Lot Size 46,609 Address Mojave Drive Address 15139 Anacapa Road Victorville, CA 92394 Victorville, CA 92392 StorAmerica Self Storage Cubesmart Self Storage 5x10 $69 5x10 $75 10x10 $119 10x10 $147 10x15 $142 10x15 $165 10x20 $170 10x20 $189 # of Units 404 # of Units 568 Occupancy 95% Occupancy 93% Year Built 1990 Year Built 1984 NRSF 57,135 Phone: NRSF 70,383 Phone: Acreage 2.57 (760) 383-2654 Acreage 2.70 (760) 241-7401 Lot Size 111,949 Lot Size 117,612 Address 14421 Borego Road Address 13627 Amargosa Road Victorville, CA 92392 Victorville, CA 92392 The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. Genesis 1:27 RENTAL SURVEY Storage Zone Uhaul Self Storage 5x10 $49 5x10 $79 10x10 $78 10x10 $100 10x15 $108 10x15 $130 10x20 $120 10x20 $150 # of Units 699 # of Units 752 Occupancy 98% Occupancy 92% Year Built 2003 Year Built 2007 NRSF 93,680 Phone: NRSF 141,511 Phone: Acreage 4.64 (760) 241-5151 Acreage 7.47 (760) 243-5100 Lot Size 202,118 Lot Size 325,393 Address 13465 Palmdale Road Address 14598 Palmdale Road Victorville, CA 92392 Victorville, CA 92392 Extra Space Storage A&L Self Storage 5x10 $79 5x10 $55 10x10 $113 10x10 $95 10x15 $158 10x15 $110 10x20 $198 10x20 $135 # of Units 564 # of Units 270 Occupancy 90% Occupancy 90% Year Built 1980 Year Built 1982 NRSF 58,128 Phone: NRSF 23,997 Phone: Acreage 3.45 (760) 475-3505 Acreage 2.00 (760) 245-8002 Lot Size 150,282 Lot Size 87,120 Address 15555 Yates Road Address 16290 N. D Street Victorville, CA 92395 Victorville, CA 92394 Storage Locker Hi Tech Self Storage 5x10 n/a 5x10 $60 10x10 $90 10x10 $90 10x15 $112 10x15 $120 10x20 $128 10x20 $140 # of Units 511 # of Units 500 Occupancy 80% Occupancy 81% Year Built 2005 Year Built 2006 NRSF 97,710 Phone: NRSF 76,332 Phone: Acreage 4.74 (760) 684-4930 Acreage 4.42 (760) 951-1200 Lot Size 206,474 Lot Size 192,535 Address 13574 6th Avenue Address 16885 Sunset Road Victorville, CA Victorville, CA 92395 The information herein has been obtained from sources deemed reliable. We have no reason to doubt its accuracy, but do not guarantee it. The prospective buyer should carefully verify information contained herein. Acts 2:38 RENTAL SURVEY Got Storage Apatite Self Storage 5x10 n/a 5x10 $65 10x10 n/a 10x10 $90 10x15 n/a 10x15 $125 10x20 n/a 10x20 $155 # of Units 734 # of Units 775 Occupancy n/a Occupancy 94% Year Built 2005 Year Built 1998 NRSF 94,372 Phone: NRSF 109,920 Phone: Acreage 7.77 (760) 955-2022 Acreage 5.99 (760) 951-8218 Lot Size 338,461 Lot Size 260,924 Address 12276 Cobalt