Best Storage Deal On The Market! Start with $600K+ in equity!

Storage Units for Sale

Approximately 217 total units
(some of the smaller units were combined to make bigger units)
Plus Office/ Apartment

2213 N. Quaker Ave Lubbock TX 79416

Starting price - $1,575,000

Terms: Cash/Hard or Private Money
No owner financing terms
Discounted for a quick sale!

Lot size 2.23 acres

90 Climate controlled units/127 units Drive up

Price/sq ft - $68.16. Below replacement cost.

Price/Unit - $7,258. Below replacement cost.

Building size – 23,107 Net rentable Sq ft

Extensive security system that includes surveillance cameras, lighting, RFID key card entry to
climate controlled buildings and gated entry.

Asphalt drives

Population within 5 mile radius is 113,947 in 2022

Physical Occupancy is about 60%.

Property was running a high delinquency rate due to poor management. Those tenants have
been removed and units cleaned out. Ready to fill the facility.

Value Add:
Improve management. This is strictly a management issue. Manager has been let go. Raise
rents and fill vacancies. Heading into peak season to rent units.
Raise the rents to market value. Approximately 20-30%+ below market value rents.

Deferred Maintenance: Very little to do. If you wanted to correct everything you possibly
could, it would cost less than $15K. See full inspection report with pictures.

Unit Breakdown:

Size Units Occupied Rents Market Rents (Super Conservative)

5x5x8 CC 24 19 $39 $60

5x5x9 CC 12 7 $49 $60

5x7x8 CC 3 2 $45 $70

5x7x9 CC 10 6 $55 $70

5x10x8 CC 25 11 $64 $80

5x10x9 CC 13 10 $74 $80

8x10x8 82 75 $54 $65

10x10x8 CC 2 2 $89 $110

16x10x8 8 8 $75 $95

12x16x7 CC 1 1 $159 $200

10x24x8 8 8 $100 $145

10x30x8(Parking) 1 0 $50 $75

10x30x8 19 18 $120 $165

10x40x8 5 5 $159 $180

10x40x99(Parking)1 0 $50 $100

20x30x8 1 1 $199 $260

20x40x8 1 1 $280 $320

30x30x8(Office) 1 1 $750

Totals: 217 175 (this was based on a high delinquency rate. Those tenants
have been removed and units are now vacant.)

Pro-forma Rents: $18,570 (Not including office/apartment) x 12 = $222,840/yr

Minus Vacancy: $1,857 x 12 = $22,284 (10%)

Effective Gross Income: $200,556

Minus Expenses: (Taking a 30% expense ratio. Should not be more than that.)

Insurance – $8,200

Taxes - $10,153

Utilities - $12,949

Administration - $6,829

Operating Reserves - $2,340

Repairs - $5,779

Management - $4,500 (the Manager gets free rent and utilities in the apartment as well)

Management Software - $540

Total Expenses: $60,166 (30%)

Net Operating Income: $140,390

Market Cap Rate – 6.5%

Pro-forma Market Value - $2,159,846

Value-based on $10K per unit - $2,170,000

Value-based on $100/sq ft - $2,195,165

Link to property pictures: https://drive.google.com/drive/folders/1K8MgOhmjiNooJlH3NVJpEX0roAigESiR?usp=sharing

Financials, inspection and answers to questions available upon request to serious buyers. Must be able to close quickly. Site visit can be set up to committed buyers.

We can introduce you to a Manager that can fill the facility for you. We make no guarantees but he has come very highly recommended.

Own a Self Storage Facility for at least a 25% discount if you can move quickly. You cannot find deals like this for Self Storage. Very possible that when you refinance you will be able to pull most, if not all, of your money back out of this deal! Buyer will pay all closing costs.

This will not be an Assignment of Contract. This will be a sale of the property. WE OWN THIS PROPERTY!

Location:

2213 N. Quaker Ave Lubbock TX 79416, Lubbock, TX 79416