6014-6015 E 10 Mile Rd
77,349 SqFt
Marketing description
On behalf of the Seller, Friedman is proud to bring this incredible Development/Conversion opportunity to market. This offers the buyer the rare opportunity to flip the property at COO or to hold as an owner or operator. As you’ll see the market metrics are especially strong. From population to competitive supply, the conditions are extremely favorable.
Investment highlights
Large Self-Storage REIT will purchase the property at COO, if desired, for $10.5MM
Shovel ready self-storage site • permitted plan provides for 519 units and 77,349 nrsf of self-storage space (29,299 nrsf of climate - controlled and 48,050 nrsf of drive-up)
Densely populated market (330k people reside within 5 miles of the location)
Tremendously under supplied market (with less than 7 nrsf/capita in the 5 -mile area per radius+ and stortrack)
Strong rate market – the 10 x 10 average for climate - controlled and drive -up is $157
Ample room for paid parking and other revenue lines (u -haul rental, dumpster rental, etc.)
Relatively low construction costs in this area will allow the project to achieve extremely favorable returns
Five -year sale price - $12mm based on proforma revenue and a conservative 6.5% exit cap rate
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