Call for offers deadline is 5.29.2018. Property is expected to sell for $2.5 million - 2.8 million.
The Orchard Self Storage is an opportunity to build a fully entitled self-storage project within a Signature Project in an underserved area within the San Jose, California MSA. With only 4.31 square feet of supply per capita within the 3 mile radius and very limited supply on the eastern side of the 680 freeway (only 2 established competitors), this is an excellent opportunity to build a new, class A, multi-story, climate controlled facility within San Jose, 'The Capital of Silicon Valley'.
The Planned Development (PD) approval allows for a minimum of 70,000 SF gross building size. The site is 0.73 acres and has an 80' height limit, so increasing to five floors can easily be accomplished through a simple PD Adjustment, which would be consistent with the PD zoning.
Based on the proposed 4-story design with just over 50,000 NRSF year 4 stabilized NOI is estimated at $826,242, offering an implied value of $16,500,000 (5.0% CAP rate).