Self Storage Details
- Purchase Method: Cash, New Loan
- Number of Storage Units: 327
- Acreage: 5 acre(s)
- Square Footage: 40,000 sqft
- Occupancy: 85%
- Cap Rate: 6.0%
- Listing ID: 1145331
- Posted On: Oct 16, 2019
- Updated On: Jan 13, 2020
Description
Arnold’s Mini Storage is located in Midland MI which is located in the central part of Michigan between Bay City and Mount Pleasant on US 10. The property is north of the central shopping area of town and near one of the large University areas. This property provides a stable and an increasing income investment. Arnold’s not only provides a steady cash flow with minimal overhead and operating expenses, but over the last couple years there has been an opportunity to develop two large climate control buildings totaling 8 thousand square feet. The customer base comes from commercial, residential and student housing sectors. The Eastman corridor is currently under revitalization and improvement programs with new home construction and neighborhood development increasing. Arnold’s has inside warehouse, large climate controlled, outside drive-up, large drive-in units and covered outside RV storage.
Over 40,000 SF inside space & Over 50 Covered RV spaces
Incredible value and upside potential
Located North of Exit 122 off of I-10 near shopping district
Easy access to multiple highways and major roads
Multiple storage options
Residential apartment available to rent or use for manager
Average Rent per SF is .60 per month
85% Occupancy (New climate control ramp up in progress)
Median Income over $135,000 per household
Large warehouse space available to rehab into more CC
Actual unit mix available upon request
Approximately 5.3 acres
Leader in unit pricing
Property office and on-site manager
Type of roads – Asphalt and graded gravel
Parcel next door available for sale.
Financial Information (Pro Forma)
Gross Income: | $241,000 |
Operating Expense: | $120,000 |
Net Operating Income: | $121,000 |
Expense Ratio: | 49.8 % |