Traditional Site

5211 Coffeen Avenue - Sheridan, WY  82801

INVESTMENT HIGHLIGHTS

-118,648 Net Rentable Square Foot Facility
-Currently 93.4 Percent Physically Occupied and 89.7 Percent Economically Occupied
-Large On-Site Mangers Office with Three Additional Office Spaces
-Includes a 3,000 Square Foot, Four-Bed / Two-Bath Residential Home
-One of Two Properties in the Market that Offers Climate Controlled Units
-Only Facility in Sheridan with a Self Service Kiosk

PROPERTY SUMMARY

Woodland Park Self Storage is a 118,648 net rentable square foot facility located in Sheridan, Wyoming. The property is comprised of 669 units of which 620 are non-climate controlled and 49 are climate controlled. There are also 24 additional rentable outdoor parking spaces.

Built in phases from 1991-2012, the 9.09-acre property features 20 single story storage buildings and one residential home. Spanning 9.09 acres, the property is fully fenced and gated with keypad access and is under 24-hour video surveillance. The property is well lit and features wide asphalt and concrete drives throughout to accommodate large trucks and RVs.

The management office spans 1,920 square feet and includes a total of four separate office spaces, a reception area, server room, break room and two restrooms. There is a 3,000 square foot, four bed/two bath residential home that is currently unoccupied and is to be included in the sale. The unique layout of the management office gives a new investor the opportunity to convert the existing office spaces to living quarters for a full-time manager and rent out the 3,000 square foot house to generate additional income. There is one climate-controlled building with 49 units and a keypad entry that offers ADA accessible units. There is also a 24x60 maintenance building on the property.

Woodland Park Self Storage is largest self storage facility in Sheridan and offers superior storage options and amenities to most competitors in the area. The facility is currently 93.4 percent physically occupied and 89.7 percent economically occupied. This is one of two properties in the market that offers climate-controlled units and the only property with a self service kiosk. There is a very high demand for self storage in Sheridan and the average market occupancy is well above 90 percent.

Sheridan, Wyoming is in the north central part of the state and has a population of 17,860. The local economy is very diverse with major industries that include education, health care, coal mining and manufacturing. Weatherby, a well-known American gun manufacturer, recently announced the relocation of their headquarters to Sheridan and is expected to create 70-90 new jobs in the area. Other notable employers include Ramaco Carbon, which specializes in designing and manufacturing coal-based products, and Vacutech, which manufactures custom central vacuum systems.

This is a unique opportunity to acquire the largest self storage facility in the Sheridan market that offers superior amenities and services to most other competitors. A new investor could benefit from the implementation of an advanced revenue management system to increase rental rates, renting out the 3,000 square foot residence and the 24x60 maintenance building to a third party.

$6,500,000
Property Type:
Traditional Site 
Status :
Available 
Rentable Square Feet:
118,648 Sq Ft
Number of Units:
669 Unit(s)
Room For Expansion
No
Days Listed:
25 Days
Updated:
01/25/19 
Broker:
The LeClaire Group of Marcus & Millichap 

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