How should I acquire this Self Storage Facility, and why?
I am in talks with an owner of a self storage facility and I am wondering which option is better to purchase it. A Master Lease with Option or Seller Financing and why?
Here are some details of property:
- not listed, owner called me off direct mail campaign
- 260 units in 5 buildings no climate control and 70% occupied (unverified)
- owner has price in head of $1,350,000, probably from a broker
- owner brought up seller financing in talks
- I should receive financials this week from accountant
- property is free and clear
- agent for Penske truck rental - only one in 10 mile radius
- paved, fenced, and has security system (unverified)
- house/office in front of facility with 2 employees - 1 is live in manager
Thanks in advance for your input. I am also looking for debt investors on this one as well. Owner owns other property in town such as cell tower, vacant land and a sub shop and he has owned this property for 17 years and he is ready to retire, he is 71 years old.