Page 1
Offering Memorandum
PRESENTED BY
Jordan Farrer Adam Schlosser
Investment Associate First Vice President of Investments
National Self-Storage Group Director, National Self-Storage Group
Salt Lake City Office Denver Office
Tel: (801) 736-2643 Tel: (303) 328-2044
[email protected] [email protected]
License: UT: 9220604-SA00 License: CO FA100050407
JW StorageOrem, Utah
Page 2
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this
marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with,
or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent,
product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant
lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE
CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make
no representations or warranties, express or implied, as to the accuracy of the information. References to square footage
or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a
service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved.
Page 3
JW Storage - Orem
FOR MORE INFORMATION CONTACT
Jordan Farrer I. The Marcus & Millichap Advantage
Investment Associate II. Marketing Plan & Team Overview
National Self-Storage Group
Salt Lake City Office 1. Executive Summary 4. Rent Comparables
C: (435) 705-4897 | O: (801) 736-2643 Offering Summary Map
[email protected] Investment Overview Overview
License: UT 9220604-SA00 Demographics Comparables
Phil Brierley 2. Property Description
Regional Manager Property Summary
Utah and Idaho Markets Region Map
Salt Lake City Office Location Map
O: (801) 736-2650 Parcel Map
[email protected] Property Photographs
License: UT 9631455-SA00
3. Financial Analysis
Cicily Kind Financial Summary
Operations Manager Cash Flow
O: (801) 736-2640 Units
[email protected] 10 Year Cashflow
Loan Assumptions
Model Assumptions
TABLE OF CONTENTS
Page 4
EXECUTIVE SUMMARY
summary
Page 5
EXECUTIVE SUMMARY JW Storage - Orem
OFFERING SUMMARY
JW Storage - Orem
605 North 400 West
Orem, UT 84057
OFFERING SUMMARY
Offering Price
Number of Units
Rentable SF
Price/SF
Price/Unit
YIELD & RETURN HIGHLIGHTS
Current Cap Rate 5.3%
Current Net Operating Income
Current Cash-on-Cash
Year 1 Cap Rate
Year 1 Cash-on-Cash
NEW ACQUISITION FINANCING
Loan Amount
Loan-to-Value Ratio
Interest Rate
Debt Service
Amortization
Source
44,798
$850,000
52, 31 Storage, 21 Parking
12,510
$67.95
$16,346.15
$38,181
25 yrs
Bank
6.1%
5.7%
7.2%
$552,500
65.0%
4.9%
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EXECUTIVE SUMMARY JW Storage - Orem
OFFERING SUMMARY
Interest Offered
Terms of Sale
Property Tours
Confidentiality
The confidentiality agreement is required by all prospective purchasers and brokers before any data will be shared.
Proposed Financing Terms
JW Storage - Orem is offered on a Fee Simple basis free and clear of existing debt. The net operating income figures for the Property
are based on Trailing 12 Months. Historic operating documentation, due dilligence material and third party reports and can be found
in the on-line document data portal. Please request access from the listing agent. A non-disclosure agreement is required.
Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be
arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior
approval.
Fee simple interest in JW Storage - Orem, a 12510-Square Foot Self Storage Facility, located at 605 North 400 West ,Orem, UT
84057
Financing for this transaction has been sourced through Marcus & Millichap Capital Corporation and is available to qualified
borrowers. For more information on this, please contact the listing broker.
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EXECUTIVE SUMMARY JW Storage - Orem
INVESTMENT OVERVIEW
Land Available for Additional Units
Storage Facility is fully occupied
Upside through increasing rents on in place tenants
Opportunity to increase revenue through parking
Roofs replaced in last 10 years, 10+ years remaining on warranty
96,500 cars daily on State St and 800 North in Orem
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Marcus & Millichap is proud to present JW Storage Orem. Located in the heart
of Utah County, just two blocks east of State Street and one block south of 800
North. The facility consists of 31 storage units and 21 parking spaces. Units are evenly
split between 12x30 and 15x30. The facility is located on a 1.13 acre parcel.
Both roofs have been replaced in the last 10 years and have 10+ years
remaining on the warranty. Gutters have been replaced or repaired in last two
years. A new gate and fence was installed two years ago with wiring for a power
gate and security cameras.
JW Storage Orem is located two blocks east of State Street and two blocks
south of 800 North in Orem, Utah. State Street serves 61,000 cars daily and 800
North serves 35,500 cars daily.
4
Utah County is home to both Brigham Young University and Utah Valley
University, and one of the fastest growing markets in the USA. The property is
surrounded by multifamily apartment buildings.
Currently, the storage operates at 100% and parking at 50% occupancy, with a
number of tenants at below market rates. New owner can increase rents on
both the storage and parking to increase returns.
Page 8
EXECUTIVE SUMMARY JW Storage - Orem
Demographics
GENERAL POPULATION 2000 2010 2015
City 4,733 5,389 5,560
County 368,539 516,564 575,205
State 2,763,885 2,995,919 3,051,217
RADIUS OF SUBJECT 1 MILE 3 MILE 5 MILE
2000 Population 22,500 89,546 157,620
2010 Population 22,828 95,099 174,140
2017 Population 25,259 107,188 192,631
2022 Population 27,669 117,731 210,775
INCOME 1 MILE 3 MILE 5 MILE
2014 Median Household Income 49,255 80,901 60,324
2014 Per Capita Income 21,659 18,181 22,088
2014 Average Household Income 60,287 64,417 77,667
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PROPERTY DESCRIPTION
description
Page 10
PROPERTY DESCRIPTION JW Storage - Orem
PROPERTY SUMMARY
PROPERTY DESCRIPTION CONSTRUCTION
Property JW Storage - Orem Parking Surface Asphalt
Property Address 605 North 400 West, Orem, UT 84057 Walls Masonry
Property Type Storage Interior Wood/Drywall
Assesors Parcel Number 35-164-0002, 03-002-0003 Doors Steel Roll-up
Latitude 40.308294 Roof Wood and Rubber Membrane
Longitude -111.705216 Perimeter Chain Link Fence, Manual Gate
SITE DESCRIPTION SITE AMENITIES
Total Climate Controlled Units Climate Control No
Total Non-Climate Controlled Units 24 Hr. Access Yes
Total RV, Parking & Misc Camera Security Wired not installed
Rentable Square Feet Gate Access Yes
Year Built 1970 Key Pad Access No
Lot Size 1.13 On-Site Manage No
Type of Ownership Fee Simple Door Alarms No
Number of Buildings 2 Fully Fenced Yes
Number of Stories 1 Truck Rentals No
Parking Yes Retail Display No
Land Available for Additional Development Yes Tenant Insurance No
Zoning Industrial, Mini Warehouse Website Yes, not included in sale
1
12,510
21
31
-
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PROPERTY DESCRIPTION JW Storage - Orem
REGIONAL MAP EX
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JW Storage - Orem
8
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PROPERTY DESCRIPTION JW Storage - Orem
LOCATION MAP EX
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JW Storage - Orem
9
800 North 35,500 ADT
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PROPERTY DESCRIPTION JW Storage - Orem
PARCEL MAP EX
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FINANCIAL ANALYIS
analysis
Page 15
FINANCIAL ANALYSIS JW Storage - Orem
FINANCIAL SUMMARY
OFFERING SUMMARY CASHFLOW SUMMARY Pro-Forma
Offering Price GROSS POTENTIAL RENT
Down Payment Less: Physical Vacancy
Rentable SF Less: Economic Vacancy
Price/ SF Vacancy Percentage 14.00%
Number of Units 52 OTHER INCOME
Price/ Unit 16,346 Less: COGS
CAP Rate - Current 5.3% EFFECTIVE GROSS INCOME
CAP RATE - Year 1 5.7% Less: EXPENSES
10 Yr. IRR Unlevered 10.3% Expense/ EGI
10 Yr. IRR Levered 16.2% NET OPERATING INCOME
NEW ACQUISITION FINANCING DEBT SUMMARY Year 1
Loan Amount 552,500 NET CASH FLOW BEFORE DEBT
Loan-to-Value Ratio 65.0% Less: Debt Service
Interest Rate 4.9% Debt Coverage Ratio
Amortization 25 yrs Debt Yield
Return on Equity - Current 6.1% NET CASH AFTER DEBT
Return on Equity - Year 1 7.2% Cash-on-Cash
NOTES:
Debt Financing subject to change, terms quoted by Marcus and Millichap Capital Corporation
Debt Structure to include two‐years of Interest Only payments.
$850,000
$297,500
$12,510
$67.95
6.1%
1.67
20.7%
7.2%
18,002
8.1% 8.7%
70,668
(8,154)
1,010
21.5%
21,532
48,328
Current
48,328
(26,796)
44,798
(26,796)
1.80
T12
(5,767)
82,380
3,925
-
74,772
26,444
35.4%
-
56,510
11,712
(7,014) (5,767)
44,798
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FINANCIAL ANALYSIS JW Storage - Orem
CASHFLOW ANALYSIS
INCOME T12 / SF Pro-Forma / SF
GROSS POTENTIAL RENT $5.6 $6.6
Less: Physical Vacancy 11.5% 7.0%
Less: Economic Vacancy 9.9% 7.0%
OTHER INCOME
Truck Rental Income - -
Insurance $0.0 $0.1
Late Charges $0.0 $0.2
Administration Fees $0.0 $0.0
Other Income $0.0 $0.0
Less: Cost of Goods and Services - -
EFFECTIVE GROSS INCOME $4.5 $6.0
EXPENSES
VARIABLE EXPENSES
Advertising $0.0 $0.0
Bank Fees $0.1 $0.1
Computer $0.1 $0.1
Landscaping - -
Phone $0.0 $0.0
Payroll - $0.8
R&M $0.1 $0.1
Snow Removal $0.0 $0.0
Supplies $0.0 $0.0
Trash $0.0 $0.0
Utilities $0.0 $0.0
Misc $0.0 $0.0
FIXED EXPENSES
Property Taxes $0.5 $0.5
Insurance $0.0 $0.0
Management Fee $0.0 $0.3
TOTAL OPERATING EXPENSES $0.9 $2.1
NET OPERATING INCOME $4 $4
$5,768
$536
$11,712
$44,798
$26,444
$48,328
$600
$6,100
$3,739$452
$9,600
$466 $500
$939 $1,869
$720$696
-
$458
-
-
$500
$534
$26
-
$56,510 $74,772
$70,668
$(8,154)
$(7,014)
$82,380
$(5,767)
$(5,767)
-
$1,275
$2,125
$475
$50
--
$20
$430
$90
$1,001
$450
$375
$400
$500
$90
$933
$350
$276
$248
$500
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Page 17
FINANCIAL ANALYSIS JW Storage - Orem
UNIT MIX CURRENT PRO FORMA
NON-CLIMATEAsking
Rent
Asking
Rent
% of
Property
12x30 360 sf 16 units $ 145 $ 2,320 $ 160 $ 2,560 46.0%
15x30 450 sf 15 units $ 160 $ 2,400 $ 175 $ 2,625 54.0%
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
31 units 100.0%
OTHER
17 units $ 49 $ 75
3 units $ 59 $ 75
1 units $ 159 $ 180
21 units
Extra Large Parking
$14,028.00 $0.00 $20,160.00
$ 159
$0.00
- -
- -
$4,720.00 $56,640.00 $5,185.00 $62,220.00
-
- -
Gross Potential
Annual
Gross Potential
Monthly
Gross Potential
Annual
Gross Potential
Monthly
$ 27,840
-
-
$ 1,275$ 833
$ 30,720
$ 28,800 $ 31,500
- -
-
Small Parking
Large Parking $ 177
$ 9,996 $ 15,300
$ 2,124 $ 2,700
$ 1,908 $ 2,160
$ 225
$ 180
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Page 18
FINANCIAL ANALYSIS JW Storage - Orem
10 YEAR CASHFLOW ANALYSISINCOME Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
GROSS POTENTIAL RENT 85,675 89,102 92,666 96,373 100,228 104,237 108,406 112,743 117,252
Less: Physical Vacancy (5,997) (6,237) (6,487) (6,746) (7,016) (7,297) (7,588) (7,892) (8,208)
Less: Economic Vacancy (5,997) (6,237) (6,487) (6,746) (7,016) (7,297) (7,588) (7,892) (8,208)
Total Vacancy % 14% 14% 14% 14% 14% 14% 14% 14% 14%OTHER INCOME 4,082 4,246 4,416 4,592 4,776 4,967 5,166 5,372 5,587
EFFECTIVE GROSS INCOME 77,763 80,874 84,109 87,473 90,972 94,611 98,395 102,331 106,424
EXPENSES
Advertising 515 530 546 563 580 597 615 633 652
Accounting 1,925 1,983 2,043 2,104 2,167 2,232 2,299 2,368 2,439
Bank Charges 742 764 787 810 835 860 886 912 939
Cleaning 515 530 546 563 580 597 615 633 652
Computer Software 1,031 1,062 1,094 1,126 1,160 1,195 1,231 1,268 1,306
CC Processing 464 477 492 506 522 537 553 570 587
Dues 386 398 410 422 435 448 461 475 489
Misc. fees 412 424 437 450 464 478 492 507 522
Electricity & Gas 515 530 546 563 580 597 615 633 652
Gate Repair 93 95 98 101 104 107 111 114 117
Property Taxes 6,283 6,471 6,666 6,866 7,072 7,284 7,502 7,727 7,959
Insurance 618 637 656 675 696 716 738 760 783
Management Fee 3,851 3,966 4,085 4,208 4,334 4,464 4,598 4,736 4,878
TOTAL OPERATING EXPENSES 27,237 28,054 28,896 29,763 30,656 31,575 32,522 33,498 34,503
NET RENTAL INCOME
Debt Service 26,796 38,181 38,181 38,181 38,181 38,181 38,181 38,181 38,181
Loan Balance 552,500 540,859 528,640 515,815 502,355 488,226 473,397 457,833 441,497
NET CASH AFTER DEBT
Acquisition
Disposition 977,194
Sales Costs (85,121)
NET CASHFLOW 23,730 14,638 17,032 19,529 22,135 24,854 27,692 30,652 925,813
6,100
600
(297,500) 21,532
552,500
26,444
48,328
26,796
552,500
21,532
(850,000)
3,739
82,380
(5,767)
(5,767)
3,925
74,772
14%
450
375
400
90
500
1,869
720
500
1,001
500
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FINANCIAL ANALYSIS JW Storage - Orem
DISCOUNTED CASHFLOW MODEL ASSUMPTIONS
MODEL TIMING
Start of Analysis
End of Analysis
MODEL ASSUMPTIONS YEAR 1 ADJUSTMENTS Increase in Year 1
Income Growth 4.00% Real Estate Tax Increase
Expense Growth 3.00% Insurance Increase
Sales Value Management Fee Increase
Sales Costs 6.00% Total OpEx Increase
Exit Cap Rate 6.50% Operating Expense as % of EGI
NEW ACQUISITION FINANCING DCF RETURNS
Loan Amount Return on Equity - Current 6.1%
Loan-to-Value Ratio 65.0% Return on Equity - Year 1 7.2%
Interest Rate 4.9% IRR 10.3%
Amortization 25 yrs IRR 16.5%
Balloon Due 5 yrs Equity Multiple 3.8 x
Interest Only 2 yrs.
*Quotes through Marcus & Millichap Capital Corp, subject to change
552,500
June-18
June-28
$1,418,691 525%
12%
6%
126%
71%
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RENTAL COMPARABLES
rental
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RENTAL COMPARABLES JW Storage - Orem
REGIONAL MAP EX
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1
2
3
4
5
1. Utah Valley Self Storage2. Marina Cove Storage
3. Stor'em Self Storage ‐
4. Geneva Self Storage5. High Horizon Self Storage
Subject Property
18
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RENTAL COMPARABLES JW Storage - Orem
Rent / Square Foot
Non Climate - 12x30 $0.40 $0.63 $0.76 $0.60 $0.55 $0.65
Subject
Property
1. Utah
Valley
Self
2. Marina
Cove
Storage
3.
Stor'em
Self
5. High
Horizon
Self
4.
Geneva
Self
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$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
Subject Property Utah Valley Self Storage Marina Cove Storage Stor'em Self Storage ‐Orem Geneva Self Storage High Horizon Self Storage
Rents/ Square Foot
Climate Non Climate
19
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RENTAL COMPARABLES JW Storage - Orem
RENT COMPARABLES
Location Location Location
Asset Location 605 North 400 West Asset Location 243 South Geneva Road Asset Location 22 E 1500 S
Asset City, State Orem, UT 84057 Asset City, State Orem, UT Asset City, State American Fork, UT
Amenaties Amenities Amenities
Class C Class B Class B
24 hour Access Yes 24 hour Access No 24 hour Access Yes
On Site Manager No On Site Manager Yes On Site Manager Yes
Key Pad Access No Key Pad Access Yes Key Pad Access Yes
Climate Controlled Climate Controlled Climate Controlled
10X10 10X10 10X10
10x20 10x20 10x20
10x30 10x30 10x30
Non-Climate Controlled Non-Climate Controlled Non-Climate Controlled
10x30 10x30 $220.00 10x30 $125.00
12x30 12x30 $225.00 12x30 $275.00
15x30 15x30 15x30 $300.00
Location Location Location
Rentable Sqft Rentable Sqft Rentable Sqft
Occupancy Occupancy 89% Occupancy 98%
Year Built Year Built 1999 Year Built 20161970
12,510
88%
Subject 1. Utah Valley Self Storage 2. Marina Cove Storage
$145.00
$160.00
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RENTAL COMPARABLES JW Storage - Orem
RENT COMPARABLES
Location Location Location
Asset Location 1450 W 800 N Asset Location 321 S Vineyard Rd Asset Location 130 S State Street
Asset City, State Orem, UT Asset City, State Orem, UT Asset City, State Orem, UT
Amenities Amenities Amenities
Class B Class C Class B
24 hour Access No 24 hour Access No 24 hour Access No
On Site Manager Yes On Site Manager Yes On Site Manager No
Key Pad Access Yes Key Pad Access Yes Key Pad Access No
Climate Controlled Climate Controlled Climate Controlled
10X10 10X10 10X10
10x20 10x20 10x20
10x30 10x30 10x30
Non-Climate Controlled Non-Climate Controlled Non-Climate Controlled
10x30 10x30 $189.00 10x30 $200.00
12x30 12x30 $199.00 12x30 $235.00
15x30 15x30 $234.00 15x30
Location Location Location
Rentable Sqft Rentable Sqft Rentable Sqft
Occupancy Occupancy 91% Occupancy 90%
Year Built Year Built 2002 Year Built 2009
$0.00
3. Stor'em Self Storage -Orem 4. Geneva Self Storage 5. High Horizon Self Storage
$0.00
$0.00
$179.00
$215.00
-
92%
1990
EX
EC
UT
IVE
SU
MM
AR
Y
PR
OP
ER
TY
DE
SC
RIP
TIO
N
FIN
AN
CIA
L
AN
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YS
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RE
NT
AL
CO
MP
AR
AB
LE
S
SA
LE
S
CO
MP
AR
AB
LE
S
21
Page 25
SALES COMPARABLES
sales
Page 26
SALES COMPARABLES JW Storage - Orem
SALES COMPARABLES
Location Location Property
Asset Location 605 North 400 West Asset Location 1636 N 2200 W Asset Location 278 W 900 S
Asset City, State Orem, UT 84057 Asset City, State Layton, UT Asset City, State Salt Lake City, UT
Transaction Transaction Transaction
Close of Escrow 2015 Close of Escrow 2015
Sales Price Sales Price Sales Price
Price/sf Price/sf $90.00 Price/sf $93.74
Cap Rate Cap Rate Cap Rate
Property Details Property Details Property Details
Total Units Total Units Total Units
Total Sqft Total Sqft Total Sqft
Occupancy Occupancy Occupancy
Year Built Year Built Year Built
Amenaties Amenaties Amenaties
Class C Class B Class B
24 hour Access Yes 24 hour Access No 24 hour Access No
On Site Manager No On Site Manager Yes On Site Manager Yes
Key Pad Access No Key Pad Access Yes Key Pad Access Yes
5.69%
Subject Property 1. Layton Crossing Storage 2. Basic Storage
10,000 20,268
$900,000 $1,900,000$850,000
$67.95
52
12,510
79%
1970
5.73%
77
94%
2013
6.54%
119
98%
1996
EX
EC
UT
IVE
SU
MM
AR
Y
PR
OP
ER
TY
DE
SC
RIP
TIO
N
FIN
AN
CIA
L
AN
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YS
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RE
NT
AL
CO
MP
AR
AB
LE
S
SA
LE
S
CO
MP
AR
AB
LE
S
26
Page 27
SALES COMPARABLES JW Storage - Orem
SALES COMPARABLES
Location Location Property
Asset Location 2211 W 3000 S E Asset Location 622 S. Bennett Drive Asset Location 4550 E Southern Ave
Asset City, State Heber City, UT Asset City, State Prescott Valley, AZ Asset City, State Mesa, AZ
Transaction Transaction Transaction
Close of Escrow 2016 Close of Escrow 2017 Close of Escrow 2017
Sales Price Sales Price Sales Price
Price/sf $64.07 Price/sf $105.26 Price/sf $57.00
Cap Rate Cap Rate Cap Rate
Property Details Property Details Property Details
Total Units Total Units Total Units
Total Sqft Total Sqft Total Sqft
Occupancy Occupancy Occupancy
Year Built Year Built Year Built
Amenities Amenities Amenities
Class B Class C Class C
24 hour Access Yes 24 hour Access No 24 hour Access No
Camera's Yes Camera's No Camera's Yes
On Site Manager Yes On Site Manager Yes On Site Manager Yes
3. Copper Top Storage 4. Mini Business Warehouse 5. MoreSpace Mesa Storage
$1,550,000 $1,600,000 $1,250,000
1985
7.25%
2015
8.12%
57
90%
2015
73
24,192 15,200 21,929
100%
112
94%
EX
EC
UT
IVE
SU
MM
AR
Y
PR
OP
ER
TY
DE
SC
RIP
TIO
N
FIN
AN
CIA
L
AN
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YS
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MP
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LE
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27
Page 28
SALES COMPARABLES JW Storage - Orem
MAP OF COMPARABLE SALES EX
EC
UT
IVE
SU
MM
AR
Y
PR
OP
ER
TY
DE
SC
RIP
TIO
N
FIN
AN
CIA
L
AN
ALY
SIS
RE
NT
AL
CO
MP
AR
AB
LE
S
FIN
AN
CIA
L
AN
ALY
SIS
1
2
3
45
1. Layton Crossing 2. Basic Storage3. Copper Top 4. Mini Business 5. MoreSpace Mesa
Subject Property
24
Page 29
FOR MORE INFORMATION CONTACT
Jordan Farrer
Investment Associate
National Self-Storage Group
Salt Lake City Office
C: (435) 705-4897 | O: (801) 736-2643
[email protected]
License: UT 9220604-SA00
Adam Schlosser
First Vice President of Investments
Director, National Self-Storage Group
Denver Office
O: (303) 328-2044
[email protected]
License: CO FA100050407
Cody Cannon
Marcus & Millichap
3281 East Guasti Road, Suite 800
Ontario, CA 91761
Tel: (909) 456-3400
License: 5880842-PB00