Description
Turn key business w/ 364 units & 5 rentable office spaces. 31% rented long term(5+ years). 4+ total acres of land. 72,500+ sqft of storage units & buildings. Room to build additional units at one location. All but 16 units have security system. Sizes from 8x12 to 100x30. Several larger units rented long term by local businesses. Current rental rate is under market w/ potential for increased income. Large Shop, a few units & office space is currently not rented because they are used by current owners for their other businesses. 6.53% Projected cap rate based on increased rents. Current cap rate 4.35%. Very strong market w/ little to no vacancy. Just 35 minutes from the DSM Metro. 99% occupancy/year round/ last 4 years. All 4 locations w/in 1 mile & currently ran by 1 part time employee. This is a great opportunity to purchase a legacy asset. Portfolio includes the 4 locations of DC Storage LLC & Marshalltown Storage LLC.
-
0BEDS
-
1.96ACRES
-
0BATHS
-
01/2 BATHS
-
28,793SQFT
-
$191$/SQFT
Description
Turn key business w/ 364 units & 5 rentable office spaces. 31% rented long term(5+ years). 4+ total acres of land. 72,500+ sqft of storage units & buildings. Room to build additional units at one location. All but 16 units have security system. Sizes from 8x12 to 100x30. Several larger units rented long term by local businesses. Current rental rate is under market w/ potential for increased income. Large Shop, a few units & office space is currently not rented because they are used by current owners for their other businesses. 6.53% Projected cap rate based on increased rents. Current cap rate 4.35%. Very strong market w/ little to no vacancy. Just 35 minutes from the DSM Metro. 99% occupancy/year round/ last 4 years. All 4 locations w/in 1 mile & currently ran by 1 part time employee. This is a great opportunity to purchase a legacy asset. Portfolio includes the 4 locations of DC Storage LLC & Marshalltown Storage LLC.