JUDY’S MINI STORAGE, FRAZIER PARK, CA · 2017-06-16 · Self Storage 5x5 25 14 350 $40 $1.60 $560...
Transcript of JUDY’S MINI STORAGE, FRAZIER PARK, CA · 2017-06-16 · Self Storage 5x5 25 14 350 $40 $1.60 $560...
Brandon M. RobinsonPresident & Broker
715 N. Mountain Ave
Suite 200
Upland, CA 91786
Mobile: (760) 534-8135
Fax: (909) 839-4531
Cal BRE# 01787727
Cal BRE# 02023477
EXCLUSIVE OFFERING
JUDY’S MINI STORAGE, FRAZIER PARK, CA
John 3:16
Investment Overview……..3
Property Profile…….......…4
Photos & Maps……........5-6
Rental Survey…….............7
Unit Mix..............................8
Income & Expenses...........9
Pricing & Financing…..10-11
Comparable Sales.......12-13
Broker Remarks….......….14
TABLE OF CONTENTS
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Romans 10:9
INVESTMENT OVERVIEW
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. John 14:6
Total Population: 7,065 Average Household Income: $73,597
Population Per Sq. Mile: 128 Median Household Income: $50,428
Median Age: 38 Income Per Capita: $30,577
Male / Female Ratio: 50.0% Average Disposable Income: $57,460
High School Graduate: 31.0% Median Home Value: $194,510
2-Year Degree: 41.0% Average Household Size: 2.39
Bachelor Degree: 15.0% Owners: 58.0%
Post-Graduate Degree 6.0% Renters: 42.0%
Votes Democrat: 40.0% Unemployment Rate: N/A
Votes Republican: 57.0% Unemployment Number: N/A
Demographics | Frazier Park, CA
Judy's Mini Storage is located at 3100 Mount Pinos Way in Frazier Park, CA. Frazier Park is in an unincorporated
area of Kern County and is located in the San Emigdio Mountains within the Los Padres National Forest. Thecommunity of Frazier Park was established in 1925 and named after the 8,167 foot Frazier Park Montain in theTransverse Ranges.
Frazier Park is located just 5 minutes west of the Interstate 5, with easy access to the nearby towns of Lebec andGorman. The community is also located approximately 45 miles south of Bakersfield and 40 miles north of Valencia
along "the grapevine".
Judy's Mini Storages provides an excellent opportunity for a first time storage buyer to enter the market. Theseller owns the property free and clear and is willing to carry financing! This low maintenance property is 100%occupied with a waiting list and provides an ease of management investment for a first time storage investor.
PROPERTY PROFILE
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Proverbs 3:5
Property Name: Judy's Mini Storage
Address: 3100 Mount Pinos Way, Frazier Park, CA 93222
Price: $475,000
Price Per Square Foot: $102.15
Actual Cap Rate: 7.69%
Rentable Square Feet: 4,800
Gross Income: $53,466
Net Income: $36,514
Number of Units: 75
Storage Physical Occupancy: 100%
Storage Economic Occupancy: 95%
Acreage: 0.31
Gross Square Feet: 13,504
Year Built: 1984
Zoning / Use: Public Storage
APN: 255-333-19
Number of Buildings: 4
Number of Stories Single Story
Construction Type: Wood
Management Software: None (Manual)
Room for Expansion: N/A
Cross Streets: Frazier Mountain Park Road
Nearest Freeway: Interstate 5
Traffic Count: <5,000
Management Apartment: None
Amenities: On-Site Office | Drive Up Access | Electronic Gate
Website: http://www.judysministorage.com/
Proposed Financing: $150K Down | 5% Interest | 5 Year Term
PROPERTY PHOTOS
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Jeremiah 29:11
AERIAL & LOCATION MAPS
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Philippians 4:13
RENTAL SURVEY
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein.Romans 3:23
5x5 $40 5x5 N/A
5x10 $60 8x10 $60
5x15 $70 10x20 $120
10x15 $105 10x15 N/A
# of Units 74 # of Units 70
Occupancy 100% Occupancy 98%
Year Built 1984 Only Storage Offering Year Built 1979 Phone:
NRSF 4,650 5x5 Units NRSF 9,200 (661) 245-3714
Acreage 0.31 Acreage 1.18
Lot Size 13,504 Lot Size 51,401
Distance Subject Distance 3.8 Miles
Address Address 6403 Frazier Mounta Park
Frazier Park, CA 93222 Frazier Park, CA 93243
Stow Away StorageSUBJECT PROPERTY
3100 Mount Pinos Way
5x5 N/A
10x10 $90
10x15 $110
10x20 $130
# of Units 328
Occupancy 85%
Year Built 2000 Phone:
NRSF 85,000 (661) 248-1831
Acreage 6.90
Lot Size 300,564
Distance 3.9 Miles
Address 78 Landfill Rd
Lebec, CA 93243
Lebec Storage
UNIT MIX & INCOME SUMMARY
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Matthew 7:21
Size Sq. Ft.
# Of
Units
Rentable
Sq. Ft. Rate
Rate /
Sq. Ft.
Monthly
Income
Annual
Income
Self Storage
5x5 25 14 350 $40 $1.60 $560 $6,720
5x10 50 14 700 $60 $1.20 $840 $10,080
5x15 75 44 3,300 $70 $0.93 $3,080 $36,960
10x15 150 2 300 $105 $0.70 $210 $2,520
Office 150 1 150 $0 $0.00 $0 $0
450 75 4,800 $275 $4,690 $56,280
Units Sq. Ft. $0.98
Self Storage 74 4,650 64.00
Total 74 4,650
Total Units 75
Owner 0
Units Rented 75
Occupancy 100%
Collections 95%
Average rate / sq. ft.
Average size / sq. ft.
INCOME & EXPENSES
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. John 10:10
Gross Potential Income: 56,280$
Vacancy: 2,814$ 5.0%
Gross Storage Income: 53,466$
Admin & Late Fees: -$
Merchandise Sales: -$
Other Income: -$
Total 53,466$
New Real Estate Taxes: 5,062.43$ 1.0658%
Property Insurance: 1,500.00$
Part Time Manager: 6,000.00$
Advertisement: 500.00$
Maintenance: 1,000.00$
Office: 250.00$
Telephone: 720.00$
Water: 300.00$
Electricity: 660.00$
Gas: 360.00$
Trash: 600.00$
Other Operating Expenses: -$
Total Expenses 16,952.43$ 31.71%
NET INCOME 36,513.57$
INCOME
EXPENSES
PRICING
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Galatians 5:16
PRICE RANGE $475,000
GROSS COLLECTED INCOME $53,466
EXPENSES $16,952
NET INCOME $36,514
CAP RATE 7.69%
GROSS REVENUE MULTIPLIER 8.88
SELF STORAGE SQ. FT. 4,650
PRICE PER SQ. FT. (Storage Only) $102.15
PROPOSED FINANCING
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Genesis 1:27
Price $475,000
Sq. Ft. 4,650
Price / Sq. Ft. $102.15
Cap Rate 7.69%
Gross Revenue Multiplier 8.88
Down Payment $150,000 32%
Cash On Cash Return $15,578 10.39%
Total Return (Including Principal Reduction) $20,264 13.51%
PROPOSED SELLER FINANCING: 1st Trust Deed
Loan Amount 68% $325,000
Loan To Value 68%
Interest Rate 5.00%
Amortization (Years) 30
Monthly Debt Service $1,745
Annual Debt Service $20,936
Principal Reductions $4,686
Debt Coverage Ratio 1.74
Loan Term 5 Years
Loan Fees 0%
Potential Rental Revenue $56,280
Vacancy $2,814 5.00%
Actual Rental Revenue $53,466
Other Revenue $0
Total Revenue $53,466
Total Expenses $16,952
Net Operating Income $36,514
PRICING & RETURNS
INCOME & EXPENSE INFORMATION
SALES COMPARABLES
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Acts 2:38
Closing Date On Market Closing Date 4/21/2017
Sales Price $475,000 Sales Price $750,000
Cap Rate 7.69% Cap Rate 6.00%
Price / Sq. Ft. $102.15 Price / Sq. Ft. $81.52
Sq. Ft. 4,650 Sq. Ft. 9,200
Total Units 74 Total Units 70
Occupancy 100% Occupancy 97%
Year Built 1980 Year Built 1979
Acreage 0.31 Acreage 1.18
Lot Size 13,504 Lot Size 51,401
Distance Subject Distance 3.8 Miles
Address 3100 Mount Pinos Way Address 6403 Frazier Mountain Park
Frazier Park, CA 93222 Frazier Park, CA 93243
Closing Date 10/3/2016 Closing Date 8/4/2016
Sales Price $6,000,000 Sales Price $1,137,500
Cap Rate 6.50% Cap Rate 5.00%
Price / Sq. Ft. $80.52 Price / Sq. Ft. $36.93
Sq. Ft. 74,515 Sq. Ft. 30,800
Total Units 813 Total Units 291
Occupancy 92% Occupancy 73%
Year Built 1982 Year Built 1988
Acreage 6.28 Acreage 1.59
Lot Size 273,557 Lot Size 69,260
Distance 42 Miles Distance 46 Miles
Address 4601 White Lane Address 201 4th Street
Bakersfield, CA 93309 Bakersfield, Ca 93304
Closing Date 8/1/2016 Closing Date 3/17/2017
Sales Price $4,625,000 Sales Price $1,000,000
Cap Rate 6.62% Cap Rate 5.00%
Price / Sq. Ft. $38.64 Price / Sq. Ft. $34.21
Sq. Ft. 119,700 Sq. Ft. 29,235
Total Units 251 Total Units 200
Occupancy 80% Occupancy 80%
Year Built 2005 Year Built 1982
Acreage 6.36 Acreage 1.96
Lot Size 277,042 Lot Size 85,378
Distance 51 Miles Distance 42 Miles
Address 3023 Unicorn Drive Address 3201 South Chester Ave
Bakersfield, Ca 93308 Bakersfield, CA 93304
Stow-Away Maxi
AAA Mini Storage
Cedar Brook
SUBJECT PROPERTY
Stor It Self Storage & RV
USA Maxi Storage
SALES COMPARABLE SUMMARY
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Matthew 22:37-40
Property Name
Year
Built Lot Size Square Feet
# of
Units
Occupancy
Rates Sales Price
Price /
Sq.Ft. Cap Rate Closing Date
SUBJECT PROPERTY 1980 13,504 13,504 74 100% 475,000$ 102.15$ 7.69% On Market
Stow-Away Maxi 1979 51,401 9,200 70 97% 750,000$ 81.52$ 6.00% 4/21/2017
Stor It Self Storage & RV1982 273,557 74,515 813 92% 6,000,000$ 80.52$ 6.50% 10/3/2016
AAA Mini Storage 1988 69,260 30,800 291 73% 1,137,500$ 36.93$ 5.00% 8/4/2016
USA Maxi Storage 2005 277,042 119,700 251 80% 4,625,000$ 38.64$ 6.62% 8/1/2016
Cedar Brook 1982 85,378 29,235 200 80% 1,000,000$ 34.21$ 5.00% 3/17/2017
Market Averages 1987 151,327 52,690 325 84% 2,702,500$ 54.36$ 5.82%
Judy’s Mini Storage is a great starter property for a first time storage buyer.The property is low maintenance and personnel is only needed on-site twodays per week from 12pm to 4pm. Current owner is rarely at the propertyand only goes to collect rent payments or address a maintenance issue.
The property has been 100% occupied with a waiting list for the past yearand surrounding facilities are also near full occupancy. There is potential toincrease rents and add another 10%-20% to the gross income.
The buyer will have an easy time owning this facility and generating apositive return with a small amount invested.
Current owner is selling due to health issues and retirement.
BROKER REMARKS
National Association of Realtors ID: 157528386
Multiple Listing Service ID: CV37631
The information herein has been obtained from sources deemed reliable. We
have no reason to doubt its accuracy, but do not guarantee it. The prospective
buyer should carefully verify information contained herein. Matthew 28:19