Martin & Janet Erk

After scouring the market for almost 1 year, the opportunity was found on Loopnet listed by a local commercial broker. It had good curb appeal, was highly occupied, appeared to be well run and offered good cash flow, which were all important to the Erks. During the due diligence, it was discovered that the market rents were 10% to 15% below market, the owners had never implemented an existing customer rate increase and were not offering boxes and locks for sale. Armed with this information, a 5 year plan was put in place to push rates, bring existing customer’s rent up to market, boost ancillary income and ultimately maximize income and return on investment.