Name of Facility: Kingsland Storage Center
Location of Facility: 13500 Hwy 40, Kingsland, GA 31548
Square Feet: 13,700
Number of Units: 94
Method for Finding the Deal: Broker, direct mail, Cold Call… On market – Brian tied
Acquisition Price: Cap Rate at Purchase: $230k 3.4 Cap it up right away.
NET Monthly Cash Flow (After any Debt Service): Break-even to start, increasing from there.
Funding Type: Owner finance 12 months, bank loan month 13
Closing Date: May 30, 2020
Why did you like The Deal? Huge value adds, way below market rents, lots of deferred maintenance, no software – our chance to bring it up to current small-town standards. 4 ac for expansion.
The strategy you learned from Self Storage Profits, Inc. that helped you the most: How to analyze a facility, how to see the different options with purchasing.
Exit Strategy/future plans: 3-year hold, then sell or begin expansion.