3588 7200th W Magna, UT 84044-2443
- Warehouses
- 34,110 SF
- 1.80 lot acres
Dec 16, 2021
Current Use by Public Records
- Warehouses
Property Details for 3588 7200th W
- Year built
- 2017
- Lot size
- 1.80 lot acres
- Property size
- 34,110 SF
- Zone code
- C 2
- Property type
- Warehouses
- APN
- 14-33-228-022
- APU
- 1433228022
Description
This exceptional investment opportunity presents a portfolio of two self-storage facilities strategically located in Magna and West Valley City, Utah, within the Salt Lake City MSA. The portfolio boasts a combined 585 units and 77,005 net rentable square feet of ground-level, drive-up storage space. Currently operating at 89% occupancy (as of July 21, 2024), these facilities offer a strong history of stable cash flow. Both locations feature on-site offices and residences, and provide convenient amenities such as on-site moving supplies, month-to-month rentals, and online rental/bill pay options. The Magna facility recently underwent significant capital improvements, converting larger units into 256 smaller units ranging from 5x7 to 12x15 feet. The properties benefit from a high-visibility location with significant intersection traffic, and are situated near major retailers like Walmart Supercenter and Northrop Grumman, as well as educational institutions including the University of Utah and Salt Lake Community College. The surrounding area demonstrates strong demographics, with a 5-mile radius population of 344,997 and an average household income of $114,956 within a 1-mile radius. Projected rent increases for September and October 2024 are substantial, further enhancing the investment potential. The portfolio's location within established residential communities and its proximity to key commercial centers positions it to capitalize on the growing demand for self-storage in this thriving market. The 3.61-acre lot size provides ample space for future expansion or operational improvements.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Magna
- County
- Salt Lake
- State
- Utah
- Longitude
- -112.064
- Latitude
- 40.6947
- CBSA code
- 41620
- CBSA name
- SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA
