Services - Storage & Warehousing

Asking Price	$1,100,000	Inventory
Gross Income	Not Disclosed	Real Estate
Cash Flow	Not Disclosed	Year Established	1999
FF&E	N/A	Employees	N/A

* included in the asking price

** not included in the asking price

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The Matamoras Fort Knox Self Storage facility is part of a three property self storage portfolio located in New York and Pennsylvania. The portfolio is being offered at $3,826,000. Two of the properties are fee simple and the third is a leasehold with an option to purchase. Pricing of the portfolio is very attractive to an interested investor, as the fee simple properties are being offered at a 9.5% cap rate and the leasehold property at a 12% cap rate. Both rates are derived by actual NOI over a previous 12 month period. IRR over a seven year hold provides a strong return of 17.6%, and pro-forma cash on cash returns after two years of ownership indicate 11.6% at current list price. The total rentable square feet of the Portfolio includes 54,829 feet of space and 566 units. Two of the buildings have additional space for expansion. The facilities are convenient in location and provide a strong market share in the mean statistical area that they serve. All of the properties are within 20 miles of each other in the towns of Middletown and Port Jervis, NY, and Matamoras, PA. Individual locations of each facility are also appealing in that they have a strong downtown presence. Each facility is similar in construction, and offers multiple floors of storage. The units are built inside of a brick or block building which is able to provide additional security and durability. All locations feature exterior lighting, computerized door and/or loading dock access, digital surveillance, manager s office, outside parking spaces, and elevators. Truck rental is also available, as well as ancilliary supplies. The current physical portfolio occupancy as of July 15, 2009 is 79%. As a result, this acquisition offers the benefits of adding value through unit absorption and rental rate increases while still gaining economies of scale.

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Growth/Expansion: No land available for expansion