Services - Storage & Warehousing | Retail - Miscellaneous Retail

Asking Price	$1,495,000	Inventory
Gross Income	$176,550	Real Estate
Cash Flow	$141,816	Year Established	1999
FF&E	N/A	Employees	.25

* included in the asking price

** not included in the asking price

Good opportunity to get into self storage business without employees. This first-class facility is quality built with split-face block buildings. The owner reports that zoning requirements makes it difficult for new self storage facilities to be constructed in the area. This business is operated mostly with no on-site employee with the owner taking calls on a cell phone. State 8 Mini Storage is well located on a busy road with a mix of neighboring businesses including automobile dealerships, restaurants and other service businesses all contributing to a nice mix of potential customers. The self storage business was started in 1999 with buildings added to meet demand about every two years. The most recent building was built in 2005 and the owner reports occupancy often approaches 95% suggesting that it s time to raise prices. The buildings occupy a site of about 2.27 acres and include over 30,800 square feet of rentable space. The entire area is paved with quality concrete drives. There are seven storage buildings comprising 178 units sized from 5 x 5 to 10 x 30 . There are seven individually gas metered heated 20 x 45 units which are used by area tradespersons, two 500 square foot rental offices and an 1,100 square foot rental space with individual gas and electric metering. The seller currently occupies the two rental offices but could vacate one office to be used by the new owner. The facility has an electric gate with keypad controlled access. The entire facility is operated on a part-time absentee basis. A part-time employee is on-premises three days a week for 12 hours total per week. When the employee is not present, the owner handles calls on his cell phone. All financial information is proforma.

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Facilities: The self storage business was started in 1999 with buildings added to meet demand about every two years. The most recent building was built in 2005 and the owner reports typical occupancy approaches 95% suggesting that it's time to raise prices. For example, on January 23, 2008 there was only $1,225 in un-rented storage spaces out of a total rent roll of $16,100. The buildings occupy a site of about 2.27 acres and include over 30,800 square feet of rentable space. The entire area is paved with quality concrete drives.

Competition: This facility is located in a good market area for self storage. It features growing population with a large proportion of single persons and rental dwellings as well as an active commercial sector. The closest competitor is about one mile away and charges on average 20% higher rents.

Growth/Expansion: Increasing rents just 10% would increase net income over $17,000 and still be very competitive.

Financing: Will consider second mortgage

Reason Selling: Debt Reduction