Approximately 600 feet of Old Highway 99 frontage and 3 corner positions (possibly higher/better use in the future).  Agricultural land across street to become new residential housing. Within 3 mile radius, healthy business/misc. development is occurring: New High School just built, outlet mall expanding, and a beef packing plant to be built.  Older, densely populated neighborhoods mixed with new neighborhoods surround North Tulare Mini-Storage.  Neglected maintenance issues currently being resolved: surrounding land area status recently upgraded to City land from a county island classification.  North Tulare’s occupancy has decreased over past 2 years due to a newly built facility and expansion of another. Market absorption is nearing completion and is evidence of overall market growth.

211 RV units & 186 storage units +40,000SFofadditionalundevelopedland.  Current market area land priced @ $9-10/SF - 6.5 acres sold at $10 SF would put our asking price lower than unimproved land value.  City of Visalia currently resisting new storage development. Upside: Frontage road to be widened with expectation of improved visibility upon completion.  Less than 1 mile from both the 99 Hightway (51,000 cars per day) and the 198 Freeway (30,000 cars per day).  Majority of business/residential growth in Visalia is within a 5 mile radius of Airport Mini.  Capturing new/returning RV customers from newly built RV only facility due to break-ins. Newly built, competitor RV facility located 6 miles away in an abnormally impoverished area of Visalia.  On-site manager’s apartment.

• Opened 12/2007 with good rent up trend. At the end of one year the storage is @ 47% occupancy and RV is at 63% occupancy.  


• Shafter rental rates are approximately 20% below the Bakersfield Market (10 miles away).


• Surrounding agricultural/oil based economy historically proven to weather national economic down turns.


• A new 45,000 SF facility opened at the same time as Shafter Mini-Storage approximately two blocks away. It is not renting up at the same pace and it has less visibility. These facilities dominate the Shafter Market. This may present an additional opportunity as well. (Let’s discuss!)


• The current office is temporary. To be replaced within five years of opening.