Siletz Mini Storage in Siletz, Ore., was sold on April 29 for $707,500 to a buyer with two other self-storage facilities in Lincoln County. It is the only self-storage property within a five-mile radius and was 91 percent occupied at the time of sale, according to a listing on LoopNet.
Now comprising 18,215 rentable square feet and 108 units, the facility was opened in 2002 on its 2.2-acre plot with one small building. It was expanded in 2003, 2006 and 2008 and still has room to grow. Thirty-one of the units have radiant floor heat, and there are 8 covered RV-storage units and 32 outdoor vehicle-storage spaces.
The business operates without an onsite manager using an INSOMNIAC self-storage kiosk. It is fully fenced with a keypad entry system and seven surveillance cameras. The facility uses Sitelink Web Edition management software integrated with Digigate gate-access software. The owner visits the property once per week to pick up mail, complete office tasks and inspect the site. A temp-agency employee is on call for emergencies.
Siletz Mini Storage was 91 percent occupied at the time of sale and sold at a 9.8 percent cap rate, according to the Argus Self Storage Sales Network. Steve Boldish, an Argus affiliate and a broker of Coldwell Banker Commercial NW, represented the seller in the transaction.
Siletz sits on the Siletz River in the coastal mountains of Lincoln County. The city is approximately 8 miles inland from the Pacific Ocean. The city is home to the Administration Center and reservation of the Confederated Tribes of Siletz Indians of Oregon.
Based in Denver, Argus was formed in 1994 to assist self-storage owners and investors. It now has 36 broker affiliates covering nearly 40 markets nationwide.