Heated Self Storage Property 366 units, $350,000 NOI
Business Description
Sale price $4,800,000 with comps. 356 heated units in an 18,000 sf masonry building yielding $19 per NRSF, one of the highest in the US. This is a Hugh income generator. Competing facilities need 3 X the square footage to equal our NOI. Average national cap rates between 5.5% and 6,5%. This facility is offered at a 7.33 cap rate. Owner has operated this passive business for 22 years from Colorado. Lowest rates for heated storage in Anchorage with room to increase rents.. Current rents below market by 27% and this is after July 1 rent increase of 10% and 9.5% the last two years. Building is in excellent condition with no major capex expected for 25-30 years.
About the Business
- Years in Operation
- 42
- Employees
- 2 (1 Full-time, 1 Part-time)
Weekday manager 40 hours. Saturday manager 5 hours - Facilities & Assets
- 18,000 SF masonry warehouse in excellent condition. Land, building and business included. All fixtures and office equipment. New 7" roof insulation and membrane in 2022 lowering heating bills by 31% New metal exterior facade, LED lighting, new office furnace, no major capex expected for 25-30 years. I bedroom apartment currently used for owner visits could produce $1400/month. Full financial and other information available upon request to serious buyers.
- Website
- https:maxivaults.com
- Market Outlook / Competition
- We are in our 42nd year of operation and are the lowest priced heated storage facility in Anchorage with long term customers and high occupancy. Current pricing has our rates at 27% below the Anchorage market. Our drive in/drive out facility is unique to the Anchorage market and our customers love this feature.
- Opportunities for Growth
- 60 new cube units built in fall of 2024 with 18 units currently rented. No admin, move in or insurance commissions are collected. A July 1 price increase of 7.5% is anticipated. We have just started outdoor auto storage and have 2 of 10 available spaces rented. Credit card fees could be imposed at 3%. All of this could add to NOI. This is a once in a lifetime passive income generator that will pay for itself after the down payment is covered. Owner has operated the business for 23 years from Colorado.
About the Sale
- Seller Motivation
- I am 75 and retiring Contact 970 501 0229 store907ak@gmail.com
- Transition Support
- Three weeks onsite training with phone support following that.
- Financing Options
- Owner financing with 20% down, 5 year balloon at 6% with 30-35 year amortization
Listing Info
- ID
- 2415360
- Listing Views
- 21
Listing ID: 2415360 The information on this listing has been provided by either the seller or a business broker representing the seller. BizQuest has no interest or stake in the sale of this business and has not verified any of the information and assumes no responsibility for its accuracy, veracity, or completeness. See our full Terms of Use. Learn how to avoid scams.
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