10 miles from Oklahoma City - Storage unit deal analysis
Hi BiggerPockets,
Hoping I can get some help analyzing a deal on storage units, since my niche has primarily been in smaller multi-family units. 2 questions:
1. How do you find out about an area you're unfamiliar with?
2. Wondering if I'm missing something from the analysis below. Let me know and thank you in advance!
283 Storage Unit Facility - residential area close to Oklahoma City.
almost 2 acres
Total Sqft: 26,400
Price per Sqft: $10.80
Price per Unit: $1,007.
Unit Mix:
130 5x10
109 10x10
44 10x 20
My thought on what Market rate rents would be:
5x10 - $55
10x10 - $80
10x 20 - $160
Property seems to be in excellent condition - on a scale of 1-10 it would be an 8. No leaks in the roof, paving is good, new paint, a few broken doors, fencing is in good condition.
Current Rent Roll: 134 units occupied
Expenses for 2019:
Supplies $200
Repairs $660
Taxes $15,273
Utilities $5,728
Office $1,393
Payroll $13,782
Insurance $5,239
Total Expenses: $42,275
It seems like this is a no-brainer but I don't know if I'm missing something here. Let me know if there is anything I'm not thinking of. Thanks!