EXTRA SPACE STORAGE CORRALES RD & 528 RD
FUND EQUITY (MM)
TOTAL PROJECT COST (MM)
Rio Rancho, NM
Extra Space Storage Corrales & 528 is an 88,000 SF, two-building facility. The project includes both climate-controlled, and non-climate-controlled units to accommodate a broader range of market demand. Efficiencies in the design take advantage of the site’s natural grade to create higher net rentable square footage. Recreational vehicle and boat parking create additional opportunities to generate income.
This project serves a growing neighborhood with a high average median household income. Currently the northern side of the Village of Corrales has no self-storage facilities. Local homeowners and neighborhood associations restrict recreational vehicle and boat storage, creating above average need for outdoor storage spaces. Competitors are already approaching max occupancy with no anticipated new construction in the market area. Local demographic profiles show strong numbers for future self-storage development.