Value Add: Severely Mismanaged Mom and Pop facility. Facility is 44% physically occupied as the seller is busy with other business ventures. The facility sits on 7.41 acres with room to expand! Add a better marketing presence and lease the facility up to get this deal to over a 9.5% cap rate. Seller financing at 5% interest for 5 years to help juice those returns as well!!
$600k seller note at 5% interest for 5 year term, 25 yr amortization.
25,600 NRSF on 7.41 acres
Cost per sq ft is far below the replacement cost at only $32/sf!
This gives no credit to the expansion room either!
75 units (56 storage units, 15 covered RV spots, and 4 cabin lodges)
Currently grosses just under $6k per month at current occupancy. GPRI is just under $11k per month based on rent comparables.
~44% physically occupied (This includes 16- 15x30 storage units that were recently built and are now ready to be leased up)
Facility is gated
Though the facility has been mismanaged, the seller has indicated that there is not much capex needed and that the facility has been maintained well.
The facility has a nice website, but the seller's management team does not pick up the phone well at all. They have neglected the lease up of this facility since they do not live nearby or have their manager nearby
Not in a flood zone
Yantis, TX has a population growth of +32.4% since 2020! Median home price of $362k. Only an hour and half from Dallas, TX.
Lake Fork is the big attraction in the area