1330 2nd Ave Anchorage, AK 99501

This exceptional self-storage opportunity, Northland Maxi Vaults, presents a compelling investment prospect in Anchorage, Alaska. The 353-unit facility boasts 18,294 net rentable square feet, currently operating at 77% occupancy (projected to reach full occupancy by July 30, 2024). Built in 1974 and significantly expanded in 2024, the property sits on approximately 0.48 acres and features numerous amenities, including large pull-through loading bays, a professional leasing office with retail space and a security monitor display. Security is enhanced by 18 security cameras and on-site management with access during business hours. The facility also includes six Modine heaters, recently upgraded roofing (south side in 2021, north side in 2022), and new LED lighting. Significant operational upside exists through increased marketing and online rental strategies, with current rental rates well below market averages. The average unit size is 53 square feet, and recent rent increases of 10% resulted in minimal tenant attrition. The property's location in North Anchorage offers easy access to Downtown Anchorage, Elmendorf Air Force Base, and Merrill Field Airport, benefiting from a strong local economy driven by military, oil and gas, and fishing industries. Anchorage's robust storage market, high average household incomes (exceeding $86,000 annually), and strong occupancy rates further solidify this investment's potential. There's also potential for unit expansion in existing warehouse space. The asking price is $4,800,000, with a pro-forma cap rate of 7.00%.