Property details
Michigan Self Storage Property For Sale, Great Lakes - Big Rivers Region
Property Description
Michigan Self Storage Property For Sale
Partners/Owners approaching retirement and want to simplify their lives instead of refinancing.
NOI is significantly up!
Cash-on-Cash Return (Year 1): 10.18%.
NOI is based on projection for 2013, up 6% over 2012.
Assumes New Bank Loan at 4.0% Five Year Fixed Rate and Term, 75% LTV, 20 Year Amortization.
Ideally located in a growing Metro area.
Upside / Value-Add Potential.
Inside: 185 units
Outside: 76 spaces
Total: 261
The property has 6 buildings with 185 inside units, including two buildings with climate control and retail frontage. Outside storage includes 76 spaces for RV's etc for a total 261 rental units. Municipal site plans approved with two more buildings.
• Established self storage business, over 85% occupied.
• In-place systems and management.
• Six Buildings & Site Plans Include Room for Two More- Previously Approved.
• Retail Frontage on Busy Commercial Avenue.
• U Haul and Complementary Businesses for Added Income.
• Inside-185 Units and Outside-76 Spaces.
• Includes Climate Controlled and Retail Strip Units.
• Priced at Development Cost.
Good combination of retail frontage and self storage with 6 buildings/185 inside units/76 outside spaces, municipal approvals to expand and performing well at 75% occupancy. Is on busy commercial avenue very near two major crossing highways with newer construction in 2001 and 2008, gross revenue over $300k/year growing at 5% in this expanding metro area. This almost full, and performing business can be purchased near development cost.
Full details of units, related rents and full historical financials are available upon completion of confidentiality agreement.
Images
Highlights
- Status:
- Sold
- Price:
- $2,625,000
- PSF:
- $37
- Cap Rate:
- 8.00%
Property Information
- Building Size:
- 71,000 sq.ft.
- Property Type:
- Storage Properties
- Industry Type:
- Self Storage - Mini Storage
- Units/Spaces:
- 261
- 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.