Listed by Matthews
Unpriced
Margate, Florida Self-Storage & Industrial Opportunity
Details
Property Type Office, Industrial
Sub Type Executive Office, Flex
Square Footage 55,016
NOI $1,043,396
Occupancy 75%
Pro-Forma NOI $1,168,955
Year Built 2012
Acreage 3.990
Ground Lease No
Prime Self-Storage Facility With 56-Year Propane Lease In Growing Margate Market
Marketing description
Call for Offers: Thursday, June 18th
Investment highlights
- Well-maintained facility with very strong in-place rental rates, achieving $2.48 per square foot for the self-storage units
- Room to improve physical occupancy and increase revenue quickly. Current advertising spend is only $4,433 per year
- Rare NNN lease with a Top-3 Propane Company in the U.S. that runs for another 56 years with annual increases. Property can be purchased separately from the storage
- All of the non-climate units have interior lights and electrical outlets. Most of the tenants are contractors or small businesses that are willing to pay aggressive rents. A lot of these tenants also rent the parking spaces in front of these units.
- Mom-and-pop ownership and management for the last 20 years
- Dense surrounding population with over 155,000 people living within a 3-mile radius of the property
- Strong population growth projected at 1.10% in a 1-mile radius and 1.20% in a 3-mile radius. Total population in a 3-mile radius is projected at over 165,000 people by 2030
- Solid income levels at $88k per year in average household income in a 3-mile and $91k in a 5-mile
- Massive amounts of residential development underway within 5-miles totaling over 21,000 new units and $7B+ in value
- Huge depreciation opportunity when factoring in the storage, office building, and the propane tanks
- Significant leverage when propane lease expires given the rarity of the tanks on-site
- Recent CapEx completed, including new A/C units in the climate-controlled building and office
- High barrier to entry market, with a current self-storage moratorium in-place in the city of Margate
Listing Contacts
Listed by Matthews
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$1,043,396.00
$86,949.67/mo
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