Old Mill Storage - Kaysville, UT

Property Address: 696 Old Mill Ln, Kaysville, UT 84037

Oakside, together with Jennifer Stein Real Estate, is pleased to present Old Mill Storage, a 409-unit, 66,134 NRSF self-storage facility located at 696 Old Mill Ln in Kaysville, Utah. Kaysville is an established Davis County community within the Ogden-Clearfield MSA, midway between Salt Lake City and Ogden along the Wasatch Front. Set on 3.97 acres, the property was originally built in 2009 and expanded in phases through 2022, and includes an on-site apartment. The facility offers 146 interior climate-controlled units, 258 drive-up non-climate units, and 5 RV/trailer parking spaces. Currently 88.9% physically occupied (91.0% by area) but only 71.4% economically occupied, the asset delivers investors stable in-place cash flow alongside a clear path to revenue growth under professional ownership.

INVESTMENT HIGHLIGHTS

• Durable, institutional-grade construction featuring precast concrete tilt-up load-bearing walls, 50-year standing-seam metal roofs, reinforced slab-on-grade floors, and a Flood Zone X500 designation - a turnkey, low-capex asset that lets a buyer focus on operations rather than capital projects
• In-place rents trail market by approximately 20% portfolio-wide, with climate-controlled units roughly 38% under, 10x15 climate units about 42% under, drive-up units 12% under, and RV/trailer spaces 66% below market
• Significant operational upside, as current local ownership runs the facility rent-by-phone with no online rentals and no active revenue management. Professionalized management, market-rate pricing, and new ancillary income from tenant insurance and fees are projected to grow NOI from $389K (T-12) to over $513K by Year 3
• Anchored by Hill Air Force Base, located immediately northeast of Kaysville and the region's largest economic engine, with nearly 27,000 personnel and an estimated $12.76 billion in annual economic impact
• Growing residential pipeline of roughly 20 projects within 5 miles, including Everly Apartments (407 units), Layton Station Mixed Use (252 units), and MODA Layton Parkway (248 units), building a deep base of future storage demand
• Affluent, high-barrier trade area with a city median household income near $130,000, median home values around $625,000, and median household incomes of $112,047 and $105,683 within 3 and 5 miles, while Kaysville's largely built-out character limits new storage supply
• Strong regional connectivity via I-15, U.S. 89, the newly completed West Davis Highway (2024), and UTA FrontRunner commuter rail, with Layton ~5 miles, Ogden ~16 miles, and Salt Lake City ~22 miles away