Property Description:
Storage Units for Sale
209 climate controlled total units
Plus Office/ Apartment
2213 N. Quaker Ave Lubbock TX 79416
PURCHASE PRICE! - $1,325,000
SERIOUS BUYERS ONLY!
DISCOUNTED FOR A QUICK SALE!
Terms: Cash/Hard or Private Money
NO SELLER FINANCING!
NO OWNER FINANCING AVAILABLE ON THIS FACILITY
CASH ONLY DEAL
Lot size 2.23 acres
86 Climate controlled units/123 units Drive up
Price/sq ft - $59.51. Below replacement cost.
Price/Unit - $6,578 Below replacement cost.
Building size – 23,107 Net rentable Sq ft
Extensive security system that includes surveillance cameras, lighting, RFID key card entry to
climate controlled buildings and gated entry.
Asphalt drives
Population within 5 mile radius is 113,947 in 2022
Property was running a high delinquency rate due to poor management.
Those tenants have been removed and units cleaned out. Ready to fill the facility.
Value Add:
Improve management. This is strictly a management issue. Manager has been let go. Raise rents and fill vacancies. Heading into peak season to rent units.
Deferred Maintenance: Very little to do. If you wanted to correct everything you possibly
could, it would cost less than $10K. See full inspection report with pictures. Add in extras like tenant insurance.
Occupancy is currently at 54%. Economic occupancy is very close to 100%. Most, if not all, delinquents have been dealt with.
Pro-forma Rents: $18,570 (Not including office/apartment) x 12 = $222,840/yr
Minus Vacancy: $1,857 x 12 = $22,284 (10%)
Effective Gross Income: $200,556
Minus Expenses: (Taking a 35% expense ratio. Should not be more than that.)
Insurance – $8,200
Taxes - $10,153
Utilities - $12,949
Administration - $6,829
Operating Reserves - $2,340
Repairs - $5,779
Management - $3,500 (the Manager gets free rent and utilities in the apartment as well)
Management Software - $540
Total Expenses: $70,194 (35%)
Net Operating Income: $130,361
Market Cap Rate – 6.5%
Pro-forma Market Value - $2,005,553
Value-based on $10K per unit - $2,090,000
Value-based on $90/sq ft - $2,079,630
Link to property pictures: drive.google.com/drive/folders/1K8MgOhmjiNooJlH3NVJpEX0roAigESiR?usp=sharing
Financials, inspection and answers to questions available upon request to serious buyers. Must be able to close quickly. Site visit can be set up to committed buyers.
***Wholesalers Please do not re-market***
Inspection by appointment only! For serious buyers, we can get you in the property.
Thank you for taking a look!
Call Ridg Terry for more information
325-725-0795
rterry@weofferoptions.com