Services - Storage & Warehousing | Services - Other Miscellaneous services

Asking Price	$1,150,000	Inventory
Gross Income	$160,000	Real Estate	$1,150,000*
Cash Flow	$95,000	Year Established	2006
FF&E	N/A	Employees	26,000

* included in the asking price

** not included in the asking price

As an experienced self storage developer, the owner sensed a need in this community placing his facility in the heart of an underserved area consisting of mostly rental dwellings. The buildings occupy a site of about 2 acres with vacant land adjacent. Redevelopment, especially in large municipalities, can be very difficult due to the permitting and approval process, building setback requirements, fire protection requirements, and environmental concerns. This developer developed the necessary relationships with Cleveland politicians and regulators to move the project forward. Because of the quality and location of this facility, this fine self storage business has acquired a number of desirable commercial tenants. This facility includes about 377 units with 26,000 square feet of ground level self storage spaces and additional indoor space ready for partitions and rental. This undeveloped area although on a second floor features grade level access because of the site's elevation. The owner has rounded-out the site with a fenced 50 space outdoor parking area which is available for an additional $400,000. The parking area is fully rented with a $30,000 annual lease continuing through 2011. The site includes room for additional storage buildings. There is even space for a resident manager s apartment within the current buildings. A U-Haul dealership is also included.The owner/developer is an accomplished self storage owner and developer. He owns two facilities in Norwalk as well as facilities in Sandusky and Vermilion. Those facilities have consumed the owner's attention with continuing construction so he relocated to Sandusky last year. He is adding buildings to all four of his Sandusky area facilities this year. With his time devoted to those projects and his move to Sandusky he has determined that he doesn t have the time to provide adequate attention to this facility. Accordingly, he has decided to sell this facility.

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Facilities: This almost new self storage facility features hundreds of feet of frontage (a whole city block) on one of Cleveland s busiest streets and just one block west of one of its busiest intersections. Its outstanding visibility minimizes the need for increasingly expensive yellow pages advertising in this time of declining use of such advertising.