Seneca Business Park and Storage
Adelanto, CA
Executive Summary
Summary
- Address Highway 395 & Seneca, Adelanto, CA 92301
- Price for Land $2,275,000
- Estimated Construction Cost $13,732,453
- Stabilized Net Income $1,647,263
- Stabilized Cap Rate 6.50%
- Acreage 9.67
- Proposed Enclosed Sq. Ft. 123,723
- Proposed Covered Sq. Ft 31,368
- Proposed Enclosed Units 900 (Storage) | 30 (Office Suites) 9 (Retail Units) 68 (Covered RV)
- Proposed Covered Parking 68
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."
SENECA BUSINESS PARK AND STORAGE is a 9.67-acre parcel of vacant land that is in the process of being approved for a 159,000 square foot climate control storage and office complex. Current plans include 45,212 sq. ft. of climate control storage, 69,695 sq. ft. of non-climate drive up storage, 10,725 sq. ft. of retail and office space, and 33,820 sq. ft. of covered vehicle parking.
The property is located at the border of Adelanto and Victorville along highway 395, 4 miles west of interstate 15. This opportunity is surrounded by existing and new single family and commercial developments. The Adelanto/Victorville storage market is strong with most facilities operating above 90% occupancy! The storage square feet per capita within a 3-mile radius is 4.92 square feet. Current rental rates are roughly $2 per square foot for the smaller size units (5x5 to 10x10) and $1.00 to $1.25 for the larger units (10x15 to 10x30). The rate per square foot for RV spaces is $0.75 per square foot for covered and $0.50 per square foot for open RV parking.
The project is estimated to cost $14M in both land acquisition and construction costs. The facility is projected to gross over $2.3M in revenue and over $1.65M in net income at stabilization.
At a conservative 6.5% cap rate, estimated value upon stabilization is above $25M!
Investment Highlights
Team
