self storage advice
Hello, looking for advice on this deal.
I'm under contract on a 250 unit self storage business that is 60% occupied. Its in great shape, with all concrete drives in a non drive by location but with a in city limits location. The town is over built on storage units. I've found a second self storage business that isn't listed but for sale that is 15 older units in a great location with good drive by visibility. Its 100% occupied and slightly under market on rents. It should sell for around 60 to 70k. Asking price is 95k. if I buy it I'd like to think I could put up a sign and name it the same as the larger facilty and draw business to fill the vacant units. It cash flows barely at 95k but it is older with gravel and would need new doors at some point.
What should I give for the second location of 15 units?