Listed by ParaSell Inc, Franklin Street Tampa
$2,300,000
Portland Storage Units Portfolio
Details
APN 38-07-16-303-060.002-034; 38-07-16-200-023.002-034
Property Type Retail, Self Storage
Sub Type Commercial
Net Rentable (SqFt) 44,180
Units 383
Cap Rate 6.07%
NOI $139,552
Occupancy 67.62%
Pro-Forma Cap Rate 9.48%
Pro-Forma NOI $217,952
Price per SqFt $52
Year Built 1985
Year Renovated 2013
Buildings 16
Stories 1
Acreage 3.320
Investment Type Value Add
Self Storage | 383 Units | 44,180 NRSF | $52/NRSF
Investment highlights
- Value-Add Self Storage Facilities Offered at Below Replacement Cost and Comprised of 383 Non-Climate Units Totaling 44,180 Net Rentable Square Feet
- Very Limited Competition in the Immediate Trade Area With Only Two Other Self Storage Facilities in the Market
- Opportunity to Increase Revenue Through Lease Up, Stabilization, and the Implementation of Existing Customer Rent Increases
- Low Saturation Rate of 6.5 SF/Capita for Self Storage Within Five Miles of the Pearl Street Location
- Opportunity to Increase Revenue Through Maximizing Fee Income and Tenant Insurance Sales
- Facility is an Excellent Candidate for Remote Management With Management Software Already and Local Employee Already in Place
- Recent Capital Improvements Include Numerous Door Repairs, Partition Repairs, Roof Maintenance, and Partial Paving of the Facilities
- Portland is Located in Eastern Indiana Approximately 75 Miles Northeast of Indianapolis and is the County Seat of Jay County Which is Home to 20,354 Residents
Listing Contacts
Listed by ParaSell Inc, Franklin Street Tampa
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$139,552.00
$11,629.33/mo
Valuation Metrics
0
DSCR
6.07%
Cap Rate
6.07%
ROI
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