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Southwest Self Storage Advisors is offering for sale Copper Mountain Self Storage in Casa Grande, Arizona. Self Storage Units - Self Storage Units covers several topics you need to know when it comes to protect your personal or business belongings, check different types of units, self storage for rent, for sale, Associations, even auctions. Storage Units for Rent - Storage Units for Rent has useful tips about self storing, storage warehouses and facilities and how the process works, also links to several online directories for storage units in US, Canada, UK, Australia and Asia.
Probably the most obvious consideration that is made when considering the profitability of a storage unit is the average rental vacancies available.
Owners who take the time to prepare a self-storage facility for sale will find that it can pay big dividends. The three main areas to focus on are enhancing revenue, cleaning up expenses and improving curb appeal.
The sale price depends greatly on the net operating income (NOI) of the facility. Owners can drive income with the addition of extra products and services, boost occupancies or consider raising rents if the market will allow it, MacManus said. It is key to get the occupancy rate to about 75 percent to 95 percent before listing a property for sale, according to MacManus. Components such as rental income, late fees, lien sales, insurance sales, truck rentals and merchandise sales all factor into the revenue stream. When assessing a property for sale, de Jong surveys surrounding facilities before he lists the property to compare where that facility is vs.
Another important step is to remove delinquent tenants – get them paid up or get rid of them, said Joan Lucas, owner of Joan Lucas Real Estate Services in Denver, CO. Owners also should get financial statements in order. Buyers typically request 12 to 24 months of trailing income and expenses.
Sellers also need to clean up their expense reporting, including clearly identifying any expenses of a personal nature, such as the owner’s cellphone bill or car payment.
Making cosmetic changes to a property might not enhance the value of a property, but those changes oftentimes can help a property sell more quickly.
Ask a friend to walk through the property and have him or her tell you what kind of cosmetic changes should be made, Lucas said.
Owners should gather due diligence materials so that when an interested buyer or an offer comes along, the seller doesn’t waste any time in presenting a complete sales package to the buyer. In addition, a seller should be ready to provide any other relevant documents, such as a property survey or an environmental report.
If the seller as an existing loan on the property, he or she should know the details of the loan, such as whether it’s assumable or whether it requires defeasance or a prepayment penalty. Some properties might be ready to list tomorrow, while others might need work that can take weeks or even months. Instead, de Jong gave him a list of recommendations to carry out before bringing the property to market.
Owners should consider working with professional self-storage brokers who can position their property for sale, as well as aggressively market the property to a nationwide array of qualified buyers, MacManus said. Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond.
Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead.
The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. In June, Investment Real Estate LLC brokered the sale of a 13,950-square-foot self-storage facility in Erie, Pa.
This brand new, state of the art self storage and vehicle storage facility is priced at around 60% the cost to build the project at $3,250,000.
But there is strategic phone selling as well, and it is imperative that site managers recognize opportunities to use it. Maximizing revenue should be at the top of the list, as revenue stream has the biggest effect on property value.
So they should take a look at when the last time was that they raised existing tenant rents,” said Tom de Jong, a vice president at Colliers International in San Jose, CA. Buyers will discount delinquent tenants who are being carried on the books because they assume they’ll need to remove those delinquent tenants, which ultimately will reduce the occupancy. A buyer’s due diligence typically requires two years of profit-and-loss statements, property tax bills, management and occupancy reports for at least 12 months, and utility bills for 12 months.
So the best advice is to consult with an experienced self-storage broker who can walk you through the requirements and suggest what needs to be done in to get a property ready for the market. This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. Additional services or enhanced revenue of as little as $1,000 a month can result in an extra $100,000 for the sale price, said Mike MacManus, an associate at Marcus & Millichap in Atlanta, GA. Are rents on the low side, and is there an opportunity to raise rents to be more on par with the market before listing the property? Are expenses for marketing, administration and repairs in line with market norms? Most buyers take a hard look at expenses to see if an owner is cutting corners or whether there’s any “fluff,” de Jong said. The 2.2-acre site includes land with approvals for an additional 15,000 square feet of storage. Opened in 2004, the facility consists of two buildings containing 92 units and 9,600 square feet. The land also comes with four buildings containing 8,700 square feet of office and warehouse space and approval for an additional 14,100 square feet of self-storage.
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