$1,325,000
16 S. Industrial Loop Midland, TX 79701, Midland, TX 79701
Current Rent **
$3,800
Projected Rent **
$10,000+
LAST CHANCE! GREAT OPPORTUNITY TO EXPAND!
LAST CHANCE! Easy Value Add!
Property has been renovated!
Just lease up! ADD MORE UNITS!
Storage Units for Sale
51 Units + add 18
EASILY CONVERT THE 200x30 UNIT (warehouse) TO AN ADDITONAL 18 12x30 UNITS! The doors already exist!
That will increase the total units by 17 additional units.
Should be easier to rent the smaller units and create more cash flow.
Storage Units for Sale
51 Units (Big Box)
16 South Industrial Loop Midland, TX 79701
Purchase price - $1325000
Terms: Cash/Hard or Private Money
OR
OFFERING OWNER FINANCING AS WELL!
Down payment - $400,000
Interest – 7% (amortized over 20 years)
Payment - $7,171.51
Balloon payment - $879,398
Term – 24 months
Population is 132,000 in Midland
Built in 1972/renovated in 2022
24 hour access
Fenced Lot
Lot – 1.57 acres
Price/sq ft - $48
Building size – 29,320 sq ft
Multiple security cameras
Cloud access to control gate – is run remotely
Owner uses Easy Storage Solutions software
Property has been renovated – over $145,000 this year
Talking to a Leasing Agent that can help lease the units.
Value Add: Increase occupancy to 95%+. Increase rents.
Unit Breakdown: (please open in PC for better results)
Size Units Rented Market Rents ACTUAL RENTS
12x30x9 19 0 $180 $180 ($720)
12x40x14 28 4 $240 $240 ($1,930)
24x30x9 1 1 $350 $250 ($250)
24x40x12 2 2 $480 $450 ($900)
200x30x12 (Warehouse) 1 0 $3,000 $0
Warehouse is 6,000 sq ft with 20 9’x9’ garage doors. Electrical inside.
Totals: 51 7 $3,800
Occupancy: 29%
Total Rents: $3,800
(based on 15 units)
(based on 7 units. Two more units have been rented in the last week that are not included in this amount.)
Proforma Income $173,400 x .95 = $164,730
(95% occupancy)
Total Expenses (25%) $41,182
Pro-forma NOI $123,547
Cap 8.8%
for more information Please call Rebecca Jensen 801-865-4167
Location:
16 S. Industrial Loop Midland, TX 79701, Midland, TX 79701
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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.
** Current rent and projected rent are provided by the lister.
† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.
‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.
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