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The White Family Trust of El Cajon has sold the 103,400 SF Sweetwater Springs Self Storage complex, at 10751 US Elevator Road in Spring Valley, CA, to Dan Floit, a local private investor, for $9M. The purchase price represented $87.10/SF.
The 11.47-acre San Diego County facility offers 500 storage units, ranging from 5x5 to 25x35. At the time of sale, storage units were renting for $35 to $600 per month, which is considered low for this area. Vehicle spaces were renting for $70 to $100 per month. The property also provides gated building access, video security and an on-site office/manager residence. The buyer is planning substantial upgrades.
ACI Apartments, which brokered the deal, noted this property has an opportunity to significantly increase in value by building out Phase 2. ACI broker Dave Savage repped the buyer and the seller.
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