Overview
The Cushman & Wakefield Self Storage Advisory Group has been retained to offer for sale a best-in-class self-storage facility managed by Extra Space Storage, located in the high-growth, high-income suburb of Happy Valley, Oregon—one of the most desirable and supply-constrained submarkets in the Portland metro area.
Built in 2019 to Class A institutional standards, this 76,872 NRSF facility spans 659 units across a modern layout featuring both climate-controlled and larger drive-up options.
Positioned along highly trafficked Hwy 212, the property offers exceptional visibility with traffic counts exceeding 42,000 cars daily, ensuring consistent exposure and demand. The area offers strong demographics, with dense residential development, high median household incomes, and ongoing population growth.
The three-mile trade area boasts year over year CC market rent growth of 8.8%, low existing inventory of 6.97 SF/capita (2.38 SF climate controlled), and no new supply in the development pipeline. This offering represents a rare chance to acquire a stabilized, high-performing self-storage facility with notable upside in one of Oregon’s strongest retail and residential areas.
Investment Highlights
- Ideal Size and Layout: 76,872 NNRSF across 659 units (620 CC units and 39 exterior drive-up units).
- Institutional-Quality Construction: Built in 2019, featuring a modern storefront, fully conditioned units, wide interior corridors, stained concrete flooring, two elevators and spacious loading area.
- Excellent Visibility: Prime frontage and corner location on Hwy 212, a high traffic commuter corridor connecting Interstate 5 and Hwy 26, with 42,000+ cars passing daily.
- Sunrise Gateway Corridor: Encompassing the Property and Hwy 212, the corridor is projected to add 14,000 new jobs and 14,000 housing units (43,000 people) by 2040.
- Market Strength: Low existing storage inventory of 6.97 SF/capita (2.38 SF CC) with no new supply in the pipeline, and 8.8% YOY CC rent growth through May 2025.
- High Income Demographic: Happy Valley is one of the wealthiest areas in Oregon. The average household income is $131,222 within 3-miles of the Property.
- Stabilized Asset: Proven performance with durable cash flow and operational upside, existing physical occupancy by SF at 95%.
- Upside Potential: Current in-place rent of $1.53/SF and asking rent of $1.63/SF vs. $1.81/SF weighted average market rent.
Photo Gallery
Cushman and Wakefield Self-Storage Advisory Group
