Self-Storage Facility with Climate
For Sale
Contact for pricing
615 South Mesa Street, Fruita, CO 90731
Heartland Storage offers 363 units across a 2.50-acre site with climate-controlled options and 88.29% physical occupancy.
Property Size44,150 SF
Lot Size2.50 Acres
Price / SF$110.99
Days on Market75
Property Features for 615 South Mesa Street
General Information
Standard status
Active
Size
44,150 SF
Class
B
Lot size
2.50 Acres
Property subtype
Self Storage
Occupancy
88%
Investment Type
Value Add
Net Operating Income
$287,857
Building Details
Year Built
1996
Year Renovated
2023
Units
363
Tenancy
Multi
Listing Agency:
Bang Realty
Listed By:
Brian Brockman · License #BRK.200900214
(888) 737-2264
Source:
Crexi
Added: Jun 22
Changed: Sep 3
Last Checked: Sep 2 at 10:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bang Realty
Investment Insights
Based on property information with market context.
Heartland Storage is a Class B self-storage facility comprising 363 units totaling 44,150 NRSF, situated on a 2.50-acre lot. Built in 1996 and expanded in 2023, the property features a mix of vintage and newer construction. The facility is currently 88.29% physically occupied, and the asset is positioned as a renovation and value-add acquisition opportunity focused on operational stabilization.
The property is located at 615 South Mesa Street in Fruita, Colorado. The remarks note that it is the largest facility in its immediate vicinity and that it offers highly desirable climate-controlled units. The local market is described as serving a growing population within a 3-mile radius of Fruita and benefiting from outdoor recreation tourism. Demographics cited include a $84,103 median household income within 5 miles.
The property is located at 615 South Mesa Street in Fruita, Colorado. The remarks note that it is the largest facility in its immediate vicinity and that it offers highly desirable climate-controlled units. The local market is described as serving a growing population within a 3-mile radius of Fruita and benefiting from outdoor recreation tourism. Demographics cited include a $84,103 median household income within 5 miles.
Key Highlights
- Heartland Storage self‑storage facility built in 1996 and expanded in 2023
- 363 units totaling 44,150 NRSF on a 2.50‑acre lot at 615 South Mesa Street, Fruita, CO
- 88.29% physically occupied, offering room to improve through strategic lease‑up
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$412,795
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,255,900
$8.3M
Cap Rate 7%
$5,897,071
$5.9M
Cap Rate 9%
$4,586,611
$4.6M
Market Conditions
NOI Build-Up for 44,150 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$513.9K $11.64/SF
− Vacancy
−$28.3K −$0.64/SF
EGI
$485.6K $11.00/SF
− OpEx
−$72.8K −$1.65/SF
NOI
$412.8K $9.35/SF
Area
Mesa County, CO
Vacancy
5.50%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,255,900
Cap Rate 7%
$5,897,071
Cap Rate 9%
$4,586,611
Alternative Uses
Best Use
Warehouse
$5.90M
$5.16M – $6.88M
NOI $412,795 @ 7.0% cap · market cap 8.42%
Second Best
Self Storage
$3.18M
$2.78M – $3.71M
NOI $222,377 @ 7.0% cap · market cap 4.54%
Theoretical Best
Healthcare Medical
$83.78M
$73.31M – $97.75M
NOI $5,864,886 @ 7.0% cap · market cap 119.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Self storage facility - Heartland Storage offers 363 units across a 2.50-acre site with climate-controlled options and 88.29% physical occupancy.
Where is this self storage facility located?
The property is located at 615 South Mesa Street Fruita, CO.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Heartland Storage self‑storage facility built in 1996 and expanded in 2023; 363 units totaling 44,150 NRSF on a 2.50‑acre lot at 615 South Mesa Street, Fruita, CO; 88.29% physically occupied, offering room to improve through strategic lease‑up
