Description
10th Street Storage is a great opportunity to purchase a 320 space RV/ Boat storage facility 3/4 of a mile north of I-40 on Mustang road. Complex is made up of 64 indoor boat storage slots and approximately 256 10'x35' outdoor storage spaces. The subject property has a large amount of upside in increased rents and adding additional indoor storage that is currently in high demand. Owner has a site plan adding an additional 150 12x45 covered units to the site. Current Cap rate is based off of 100% Occupancy. Current Occupancy is approximately 65% and is increasing on a daily basis as new tenants are added. Stated gross income of the subject property fully leased is $130,680. With appropriate market rents without any improvements puts potential gross income at $186,240. This is a great opportunity to have immediate income while building additional indoor units and increasing rents. Listing agent is owner. Tenant portal is managed by StorEdge Software.
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0BEDS
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6.29ACRES
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0BATHS
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01/2 BATHS
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20,904SQFT
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$53$/SQFT
School Ratings & Info
Description
10th Street Storage is a great opportunity to purchase a 320 space RV/ Boat storage facility 3/4 of a mile north of I-40 on Mustang road. Complex is made up of 64 indoor boat storage slots and approximately 256 10'x35' outdoor storage spaces. The subject property has a large amount of upside in increased rents and adding additional indoor storage that is currently in high demand. Owner has a site plan adding an additional 150 12x45 covered units to the site. Current Cap rate is based off of 100% Occupancy. Current Occupancy is approximately 65% and is increasing on a daily basis as new tenants are added. Stated gross income of the subject property fully leased is $130,680. With appropriate market rents without any improvements puts potential gross income at $186,240. This is a great opportunity to have immediate income while building additional indoor units and increasing rents. Listing agent is owner. Tenant portal is managed by StorEdge Software.