For those of you looking to get into self storage, here is an easy lift for you.
We are offering our South Vicksburg Self Storage portfolio for sale. This portfolio consists of 2 locations in Vicksburg MS that are remote managed and have plenty of upside.
These truly are low effort and the only reason we are selling is to pay off a seller finance note coming due October 1st. Alternatively, we will keep and are looking for $350,000 from a private lender @12% interest. This could be a mix of lenders so reach out with questions.
1055 Fisher Ferry Rd consists of 48 units for a total of 7500 sq ft AND and 1999 double wide manufactured home that is currently rented for $900/mth. This location is fully stabilized and bring in about $5000 a month and stays at over 90% occupancy with current occupancy at 98%. We have owned this location about 2 years
89 Hullum Rd is about 3 miles away. This location was purchased about 16 months ago with an occupancy of 20%. We cleaned up the location, painted and currently have brought occupancy to 51%. This is up from just 27% in March. Currently this location averages about $1800 a month with the upside of about $3500. This location is made up of 78 units for a total sq footage of about 5300 sq ft.
Both locations are run remotely with a local rep that services the locations once a month for $400/mth and we have active call centers that handle all incoming and outgoing calls for rentals and tenant communication, although that is probably not needed based on the monthly call flow.
Both locations have been painted, have cameras and are great first time facilities or would be a great addition to your real estate portfolio.
Current income is about $6500 a month gross but is closing on $7000 quickly with the addition of mandatory tenant insurance. Based on a realistic upside of $8000 a month at the industry average of 35% expense ratio, you are looking at a realistic sale price of $785,000 within 12 months at an 8cap and that will be our plan if we keep.
With rates on the way down, all commercial assets will start to trade lower increasing values. Jump on this opportunity today and secure a HUGE profit down the road.
Please call or email with any questions. I am the owner and own 4 locations in total and would be happy to answer any questions.
Again, alternately, we would be willing to keep should we procure a private funds in the amount of $350,000 @12% interest, with 7% paid monthly and 5% deferred until sale or refinance within 24 months at the longest.