3 unit multi with storage units

[Kyle Woodruff]

HI EVERYONE...I'm a first time investor and am having trouble analyzing the value of a property. It's a 3 unit property with 13 storage units in the deal. Good location asking 120k. The property is unique so I'm not sure how to analyze. Rents are currently $500 a month with each unit $45 a month.  Any help is appreciated. 

[Adam Lacey]

Quick and dirty analysis - sound like monthly income is $1500 (rents) + $585 (Storage) = $2,085/ month = $25,020 annually. If we assume expense ratio is 50%, that puts NOI at $12,510. $120k purchase price puts this at a 10% cap, which is great right now. Obviously, you need to determine actual expenses, but it seems like this is good enough to push forward with in my opinion.