Property details

Washington Mini Storage For Sale, Northwest Region

Property Description

Washington Mini Storage For Sale

This is the first time this property has been on the market. It has a strong operating history and no deferred maintenance. Property General Information

CAP Rate: 6.5 based on 2017 actual income and expense ($202,928.25 net income 2017).

Preferred closing Date: Spring / Summer 2018.

Title Transfer: Standard Owners.

Seller 1031 Exchange: Yes.

Available by request:
1. Property Survey.
2. Topographic map of site.
3. Commercial leases available for review with LOI or PSA.
4. Site map layout - Larger format.

Parcel size: 4.49 Acres - surveyed 2014 (Four separate parcels of land).
Improvements:
14 separate buildings.
35,430 SQ feet – mini storage & warehouse under roof.
13,000 SQ Feet – outside RV Parking.
Three 40’x120’ buildings. Buildings A, B & C - Slab on grade full foundation.
148 Storage and warehouse units.
3 -33’x40’ warehouse units.
3 – 40’x40’ warehouse units combined into one unit – US Bakery -Commercial Lease.
6 – 10’x13.5’ units.
79 – 10’x10’ units.
10 - 10’x12’ units.
15 – 10’x15’ units.
26 – 12’x30’ units.
3 – 20’x30’ warehouses.
1 – 40.5’x50.3’ warehouse.
43 RV Parking - varies sizes.

Phasing:
• Phase I - completed 1992 - Buildings A, B & C.
• Phase II – completed 1994.
• Phase III – completed 1996.

General Information: Most of larger units have interior lighting on timer that gives tenants 20 minutes of light with push of button, no interior electrical outlets.

One “On site” ADA restroom located in Building C - shared with tenant (US Bakery) with exterior access door direct to restroom. Only give door code to other commercial tenants for joint use of restroom.

Two entry gates controlled remotely by sitelink software and DigiGATE software from management office.

Four onsite cameras that monitor the facility entrances and send video stream to remote office for monitoring.

Property fenced on front and all sides visible and accessible to the public.

Property is served by three (3) house electrical meters that provide power to interior lights and site lighting. Exterior lighting is florescent and LED.

Pylon Signage on Grand Ave (shared with third parties) located on Blue sky property.

Most of the RV parking is on improved gravel parking lot surfaces.

Unit 1 10’x13.5’ is used for management storage, network computer and gate controls (conditioned space).

Units 4, 5 & 6 Warehouses.

Individual electrical metering each unit.

Varying levels of finish each unit including insulation, electrical outlets, lighting, sheetrock, A/C, Gas unit heaters etc.

12’x12’ overhead doors plus man door each unit.
Units 30, 31 & 32 – combined into one large unit - US Bakery Tenant
One master electrical service -set up to be subdivided separately in future if needed.
One (1) Loading dock with motorized hoist lift.
Three 12’x12’ overhead doors plus three (3) man doors.
Shared ADA Restroom.
Insulated.
US bakery rent includes four RV spaces for employee parking while delivering in company trucks.
US Bakery has an onsite dumpster that they pay cost direct to disposal company.
Commercial lease through 3/31/2020 with option to renew through 3/31/2025 – US Bakery – tenant has been at current location approximately 20 years – used as local distribution warehouse for baked goods.

Unit 148 – insulated pole building with separate electrical service also has natural gas stubbed to building for future use – two 12’x12’ overhead doors and one man door.

Units 80, 112, 138 &140 are used by the current owner as personal storage at no cost - market rent of these units is $600 per month increasing net income per year $7200.00 = $110,000 in added value to facility at 6.5 CAP Rate.

Premises 100% full mid-April through August each year.

Approximately 85% occupancy balance of year. most vacancy in the 10’x10’ units size which are overbuilt in the Market.

Facility features all paved driveways (extra wide).

Opportunity for expansion and growth by building more mini storage to replace RV Parking and or conversion of warehouse space to conditioned small storage units



Storage Properties For Sale



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Highlights

Status:
Available
Price:
$3,122,000
Cap Rate:
6.50%
 

Property Information

Property Type:
Storage Properties
Industry Type:
Self Storage - Mini Storage
Units/Spaces:
148
Purchase Tenure:
Fee Simple
 

Existing financing information

N/A

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.