Madison Mini Storage
Madison photo2
Photo of Self Storage
Photo of Self Storage
Self Storage Details
- Purchase Method: Cash
- Number of Storage Units: 42
- Square Footage: 6,700 sqft
- Occupancy: 100%
- Year Built: 1991
- Cap Rate: 11.0%
- Listing ID: 299238
- Posted On: Oct 9, 2012
- Updated On: May 23, 2014
Description
Madison Mini Storage is located on the corner of 9th Ave and 10th Ave in Madison Minnesota. This 42 unit self-storage facility was constructed in 4 phases. Construction began on the first building in 1991 finishing the first building at the end of 1992. The second building was started in 1994 adding the last section in 2004. This facility has a history of 100% occupancy. In January of 2009 we purchased forfeited land from the city. This parcel of land is located on 2nd St. in Madison. Currently this lot has not been improved on.
Amenities
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- There Is A Lot That Was Purchased In Town That Is Being Sold With This Property. Originally We Were Going To Expand With More Storage Buildings. The Asking Price Is Firm, Units Are Currently All Occupied And We Have Had 90 100% Occupancy For Almost 2 Years. We Have Recently Increased Some Of The Rents With Few Vacancies.
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Financial Information (Actual)
| Gross Income: | $24,500 |
| Operating Expense: | $7,500 |
| Net Operating Income: | $17,000 |
| Expense Ratio: | 30.6 % |
| Debt Info: | n/a |