Central California Storage Facility
Confidential, Off-Market Opportunity
Located in Central California (details provided to approved, experienced principal buyers)
Approx. 990 Units
Includes a small, insignificant portion of RV/Boat Storage
Brand new - Built and opened in 2020
Currently in lease-up, absorption period.
As of September 2021, approx. 65% leased up.
Owner is considering a sale at 75% - 80% leased up.
Great opportunity to buy early as most owners will consider 92% occupancy as Stabilization.
We are currently finalizing pricing with the owner/developer.
Final sales price is estimated in the $17.5-$18 million range based on a firm 5.00% cap rate.
At 75% - 80% leased up, at a 5.00% cap, this leaves 20% to 25% in immediate upside lease-up value add (plus rent increases down the road).
The above is not to be considered as firm statements. We consider the above to be a fluid, variable opportunity coupled with our opinion that this is truly a deliverable property for the right, astute buyer who understands the owner's position.
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.