The Extra Closet

Business Opportunity for Sale
Catylist Listing ID: 30288726
Property Subtypes: Moving/Storage/Delivery
Building Size (RSF): 19,250 SF
Sale Price: $1,500,000
Name of Establishment: The Extra Closet
Gross Revenue: $0 (Annual)
Cash Flow: $0 (Annual)
Sale Terms: The basic financial breakdown is $1,300,000 for the storage and $200,000 for the vacant yard. Contrary to the financials depicted in the packet the actual CAP rate on the storage facility is north of 8%. In reviewing numbers provide by owner, many of the operating expenses were less than normal because of the many properties owned by the owner within a two block radios. Within the financial summary they have been adjusted to reflect numbers believed to be closer to actual.
Last Updated: 6/22/2018

Overview / Comments

This storage facility provides great opportunity with a long term stabilized tenant base. The property is one of a couple cage style facilities within the market and although they are competitive with other similar style facilities, the units are less expensive than the more modern style facilities. This provides for protection during economic downturns were potential patrons are looking savings at every corner.

The basic financial breakdown is $1,300,000 for the storage and $200,000 for the vacant yard. Contrary to the financials depicted in the packet the actual CAP rate on the storage facility is north of 8%. In reviewing numbers provide by owner, many of the operating expenses were less than normal because of the many properties owned by the owner within a two block radios. Within the financial summary they have been adjusted to reflect numbers believed to be closer to actual.

In addition to the storage facility there is an adjoining vacant yard that has provided for additional income in the past and although not used in the financial income and expense projections of this packet, it could a) accommodate additional storage buildings or revenue from outdoor storage for; boats, RV's and other similar users which is in high demand.

Other similar storage facilities like this one, that can provide for moving truck parking and a small office space, have been able to capitalize on renting to a moving companies and, pushing occupancy to nearly 100% while cutting operating expenses relating to employment. The proximity to Venice Ave provides easy access throughout the local area and to I-75, also making it appealing for moving companies.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Industry Segment: Self Storage
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $0
Value of Real Estate Included ($): $0

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,388 42,446 69,971
Median Age: 66.39 62.14 60.09
Households: 5,765 22,369 35,614
The information presented herein is provided as is, without warranty of any kind. Neither Commercial Exchange Florida nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.