Property Description:
Storage Units for Sale
170 total units – Drive up and Climate Control
13159 FM 365 Beaumont, TX 77705
Purchase price - $1,400,000
Owner Financing Terms:
Down payment - $245,000
N0 payments for 12 months then;
Payment - $2,000 principal only for 36 months; then, $4,500 principal only for 18 months; then $6,200 principal only for 30 months.
*Term – 96 months
*Balloon payment - $816,000
*1.44 acres
* Owner will replat prior to closing at Seller’s expense
*23,850 sq ft rentable space - $58 per sq ft
*Property is totally vacant
*Some units will need clean out
*Property needs deferred maintenance: Doors, tracks, springs, locks, HVAC, gate, repairs to the fence, cleanup around the facility
*Total repairs $150K - $200K.
* Professional inspection can be requested for serious buyers. Must call Rebecca Jensen to discuss 801-865-4167
*Value Add: Fill property to 90%+ occupancy.
Unit Breakdown: Pro-forma rents are based on conservative numbers
Size Drive Up Climate Rate Out/In Pro-forma Rents
5x10 12 14 $49/$70 $1,568
5 x 15 1 $79 $79
10x10 15 32 $63/$110 $4,465
10x15 49 37 $109/$150 $10,891
10x20 5 $129 $645
10x30 5 $199 $995
Total Rents Monthly: $18,643
85% - 95% Occupancy $190,158 - 85%/year $212,530 – 95%/year
Total Expenses: $66,555 (35% expense) based on 85%; $74,385 (35% expense) based on 90%
85% Occupied NOI - $123,602
95% Occupied NOI - $138,144
An earnest money deposit of $20,000 is required to reserve this property. Earnest money will be refundable for a short due diligence period and then become non-refundable at the end of due diligence.
link for more photos :
drive.google.com/ drive/folders/1XtEyMv- 3qnlwV5Nbkh7JUJFvGA-uRa1I?usp= share_link