Outback Self Storage.mpd2

Transcription

Out-Back Self Storage
DUNNELLON, FL
OFFERING MEMORANDUM
DUNNELLON, FL
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be
reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or
entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary,
unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not
made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject
property, the future projected financial performance of the property, the size and square footage of the property and
improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal
regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant,
or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this
Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified,
and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation
regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the
information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this
marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or
sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,
service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR
MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DUNNELLON, FL
OFFERING MEMORANDUM
Exclusively listed by:
Luke Elliott
Investment Associate
National Self Storage Group
TAMPA OFFICE
Tel: (813) 387-4824
Fax: (813) 387-4710
[email protected]
Offices Throughout the U.S and Canada
www.MarcusMillichap.com
Michael Mele
Senior Vice President Investments
TAMPA OFFICE
Tel: (813) 387-4790
Fax: (813) 387-4710
[email protected]
Brian Baldwin
TAMPA OFFICE
Tel: (813) 387-4749
Fax: (813) 387-4710
[email protected]
TABLE OF CONTENTS
Section 1
PROPERTY DESCRIPTION
Section 2
PRICING AND FINANCIAL ANALYSIS
Section 3
RENT COMPARABLES
Section 4
RECENT SALES
Section 5
DEMOGRAPHIC ANALYSIS
DUNNELLON, FL
DUNNELLON, FL
INVESTMENT OVERVIEW
Investment Highlights
■ Stabilized Asset Located in an Area with High Demand for
Self Storage
■ High Occupancy Rates with Further Expansion Opportunity
on Vacant Land
■ Meticulously Maintained Facility
■ Both Climate and Non-Climate Controlled Units
■ Fully Fenced and Gated Facility
■ 219 Units and 23,750 Net Rentable Square Feet
Out-Back Self Storage is a great opportunity for an investor to buy a high quality, stabilized self storage facility with high
occupancy rates. Constructed in 2006 and expanded in 2009, the facility is situated on approximately 3.32 acres and
consists of 219 units for a total of 23,750 net rentable square feet. There is vacant land on the property that could
accommodate an expansion of approximately 10,000-15,000 square feet. The facility is fully fenced and gated with both
climate and non-climate controlled units, wide driveways that have drive-up unit access, allowing for easy accessibility.
Out-Back Self Storage in located at 19545 West Highway 40 in Dunnellon, Florida. The property sits on West
Highway 40 and is less than a quarter mile east of US 41 and less than 17 miles southwest of I-75. According to the
recent rent survey the closest competitor is over five miles away giving Out-Back Self Storage little competition and high
occupancy rates. In the 2013 demographic report, the average household income within one mile of the facility was
$60,001 and the population within five miles had increased by 21.37 percent since 2000.
This asset is currently priced at $1,686,000 or $71.06 per rentable square foot. This is an excellent opportunity for an
investor to purchase a quality self storage asset in a growing community with high demand for storage and the upside
potential of an expansion. An investor would realize an immediate return on their investment with a capitalization rate
of 7.25 percent.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus &
Millichap. All rights reserved.
1
DUNNELLON, FL
FINANCIAL OVERVIEW
Location
Annualized Operating Data
19545 West Highway 40
Dunnellon, FL 34432
Gross Potential Rent
Other Income
Price
Down Payment
Number of Units
$1,686,000
30% / $505,800
219
Gross Square Feet
27,696
Rentable Square Feet
23,725
CAP Rate - Current
7.25%
CAP Rate- Pro Forma
Year Built/Expanded
7.50%
2006 / 2009
Gross Potential Income
$241,013
$114,076
$114,492
Net Operating Income
$122,222
$126,521
Net Cash Flow Before Debt Service
$122,221
$126,519
$82,792
$82,792
Debt Service
Net Cash Flow After Debt Service
1.48
1.53
7.80% / $39,429
8.65% / $43,727
$24,335
$24,335
12.61% / $63,764
13.46% / $68,062
Real Estate Taxes
$25,103
$25,103
(Costs for) On-Site Management
$31,176
$31,176
Off Site Management
$11,815
$12,051
Insurance
$4,644
$4,644
Advertising
$4,355
$4,355
$10,790
$10,790
Principal Reduction
Amortization
Loan to Value
$250,960
Less: Expenses
Debt Coverage Ratio
Interest Rate
$250,960
5% / 9,948
3.32 Acres
Loan Type
$34,744
$236,299
Fee Simple
Loan Amount
$216,216
$34,744
7% / $14,662
Type of Ownership
Total Return
FIRST TRUST DEED
Pro Forma
$216,216
Effective Gross Income
Less: Vacancy/Deductions
Lot Size
Financing
Current
Expenses
$1,180,200
Proposed New
5.0%
25 Years
70 Percent
Loan information is time sensitive and subject to
change. Contact your local Marcus & Millichap Capital
Corporation representative.
Repairs and Maintenance
Management Fee
$2,373
$2,373
Utilities
$4,829
$4,829
Administration
$6,034
$6,034
Bank Charges
$8,664
$8,844
Telephone
$2,517
$2,517
Professional Fees
$1,406
$1,406
$371
$371
$114,076
$114,492
48.3%
47.5%
Other
Total Expenses
% of EGI
2
DUNNELLON, FL
PROPERTY SUMMARY
The Offering
Property
Property Address
Dunnellon, FL 34432
32909-020-04
Assessor's Parcel Number
Zoning
P42 (Industrial)
Site Description
Total Units
219
Units Sizes
25 to 350 Square Feet
Gross Square Feet
27,696
23,725
Year Built/Expanded
2006 / 2009
Lot Size
3.32 Acres
Type of Ownership
Fee Simple
Number of Buildings
6
Number of Stories
1
Traffic Counts (Vehicles per Day)
8,000 Vehicles per Day on West Highway 40
Highway Access
0.25 Miles East of US 41 / 16.96 Miles SW of I-75
Construction
Foundation
Concrete
Framing
Exterior Walls
Parking Surface
Fencing
Entry
Mechanical
Security
Metal
Metal / Concrete
Asphalt
Chain Link
Gated
Fully Fenced and Gated
3
DUNNELLON, FL
PROPERTY AMENITIES
Common Area Amenities
■ Climate and Non-Climate Controlled Units
■ Fully Fenced
■ Gate Access
Unit Amenities
■ Roll-Up Doors
■ Wide Driveways for Easy Access
■ Drive-Up Units
4
DUNNELLON, FL
PROPERTY PHOTOS
5
DUNNELLON, FL
PROPERTY PHOTOS
6
DUNNELLON, FL
AREA MAPS
Local Map
Regional Map
7
DUNNELLON, FL
AERIAL PHOTO
8
DUNNELLON, FL
DUNNELLON, FL
OFFERING SUMMARY
Major Employers
Local
Employees
Company
Price
Down Payment
Total Units
$1,686,000
30% / $505,800
$7,699
Gross Square Feet
27,696
23,725
Price per Rentable Square Foot
$71.06
Lot Size
2006 / 2009
3.32 Acres
Vital Data
CAP Rate - Current
Net Operating Income - Current
Net Cash Flow After Debt Service - Current
7.25%
CAP Rate - Pro Forma
7.50%
Total Return - Pro Forma
195
Dunnellon High School
135
Winn Dixie 2219
100
Romeo Elementary
90
McDonalds
86
Rainbow Sprng Aquatic Preserve
82
Sweetbay Supermarket 1795
80
Dunnellon Elementary
73
Envirnmntal Prtection Fla Dept
66
Dunnellon Middle School
53
Dunnellon 7th Day Advntst Chur
50
Demographics
1-Mile
3-Miles
5-Miles
2014 Total
582
8,842
14,607
2019 Total
646
9,702
15,758
2014 Total
240
3,954
6,453
2019 Total
267
4,347
6,992
Median HH Income
$44,326
$39,392
$36,035
Per Capita Income
$24,752
$23,641
$21,914
Average (Mean) HH
$60,001
$52,870
$49,601
7.80% / $39,429
12.61% / $63,764
Net Cash Flow After Debt Service - Pro Forma
Marion Cnty Bd Cnty Cmmssoners
$122,222
Total Return - Current
Net Operating Income - Pro Forma
300
219
Price per Unit
Year Built/Expanded
Walmart
$126,521
8.65% / $43,727
13.46% / $68,062
10
DUNNELLON, FL
FINANCING
Existing Financing
Loan Type
Free and Clear
Proposed Financing
First Trust Deed
Loan Amount
Loan Type
Interest Rate
Amortization
Loan to Value
Debt Coverage Ratio
$1,180,200
Proposed New
5.0%
25 Years
70 Percent
1.48
Comments
Ten year term with 5.0 percent fixed rate for 5 years.
11
DUNNELLON, FL
UNIT MIX
Unit Ty pe: Parking
UNITS
Unit Size
Total Units
MONTHLY RENT
Units
Rented
10x20
7
4
10x30
26
26
10x30
16
13
10x45
1
1
TOTALS
50
44
Asking
Rate
$35.00
No.
UnitSF/Unit
Current
Current
ProPro $40.00
1
23,725.0
$18,018.00
$216,216.00
$18,018.00
$216,216.00
218
ofType
Monthly
Annual
Forma
Forma
219
TOTAL
23,725
$18,018.00
$216,216.00
$18,018.00
$216,216.00
$45.00
Units Income
Income
Monthly
Annual
$60.00
Income
Income
OCCUPANCY
Gross Potential Gross Occupied
Rent
Rent
# Units
Economic
$245
$140
57%
56%
$1,040
$1,040
100%
97%
$720
$585
81%
80%
$60
$60
100%
100%
$2,065
$1,825
88.0%
86%
Unit Ty pe: Climate Controlled
UNITS
Unit Size
Units Square
Total Units
Rented
Feet
MONTHLY RENT
Total
Square
Feet
Rented Square
Feet
Asking
Rate
Rent
Rent
OCCUPANCY
Rent Per
Square
Foot
# Units
SqFt
Economic
5x10
2
2
50
100
100
$85.00
$170
$170
$1.70
100%
100%
100%
10x5
4
4
50
200
200
$85.00
$340
$340
$1.70
100%
100%
97%
10x10
13
13
100
1300
1300
$110.00
$1,430
$1,430
$1.10
100%
100%
98%
10x15
6
6
150
900
900
$135.00
$810
$810
$0.90
100%
100%
100%
10x20
TOTALS
6
31
6
31
200
1200
3 ,700
1200
3 , 700
$170.00
$1,020
$ 3 , 770
$1,020
$ 3 ,770
$0.85
$ 1.02
100%
100%
100%
100%
100%
99%
Unit Ty pe: Non Climate Controlled
UNITS
Units Square
Rented
Feet
Unit Size
Total Units
5x5
5x5
5x10
10x10
10x15
10x20
10x25
10x30
10x30
20x15
10x35
TOTALS
2
1
20
41
29
29
4
2
7
1
2
13 8
1
1
20
38
28
29
4
2
7
0
2
13 2
TOTAL
219
207
25
25
50
100
150
200
250
300
300
300
350
MONTHLY RENT
Total
Square
Feet
Rented Square
Feet
Asking
Rate
50
25
1000
4100
4350
5800
1000
600
2100
300
700
20, 025
25
25
1000
3800
4200
5800
1000
600
2100
0
700
19 , 250
$0.00
$45.00
$55.00
$77.00
$90.00
$110.00
$122.00
$132.00
$145.00
$0.00
$157.00
23,725
22,9 50
OCCUPANCY
Rent Per
Square
Rent
Rent
Foot
# Units
SqFt
Economic
$0
$45
$1,100
$3,157
$2,610
$3,190
$488
$264
$1,015
$0
$314
$ 12, 18 3
$0
$45
$1,100
$2,926
$2,520
$3,190
$488
$264
$1,015
$0
$314
$ 11,8 6 2
$0.00
$1.80
$1.10
$0.77
$0.60
$0.55
$0.49
$0.44
$0.48
$0.00
$0.45
$ 0.6 1
50%
100%
100%
93%
97%
100%
100%
100%
100%
0%
100%
96%
50%
100%
100%
93%
97%
100%
100%
100%
100%
0%
100%
96%
100%
97%
90%
89%
95%
94%
100%
97%
89%
93%
$ 18 ,018
$ 17,457
$ 0.76
9 5%
9 7%
93%
Comments
12
DUNNELLON, FL
INCOME AND EXPENSES
Total Number of Units
219
Total Gross Square Feet
27,696
Total Rentable Square Feet
23,725
Income
Current
Per SF
Pro Forma
Per SF
GROSS POTENTIAL RENT
$216,216
$9.11
$216,216
$9.11
$0.23
Other Income
$5,482
$0.23
$5,482
Truck Rental Income
$19,590
$0.83
$19,590
$0.83
Tenant Income
$21,742
$0.92
$21,742
$0.92
($12,070)
($0.51)
($12,070)
($0.51)
$34,744
$1.46
$34,744
$1.46
$250,960
$10.58
$250,960
$10.58
Vacancy/Collection Allowance
7% / $14,662
$0.62
(5%) 9,948
$0.42
EFFECTIVE GROSS INCOME
$236,299
$9.96
$241,013
$10.16
Total Expenses
$114,076
$4.81
$114,492
$4.83
COGS
TOTAL OTHER INCOME
Gross Potential Income
% of EGI
NET OPERATING INCOME
48.3%
$122,222
47.5%
$5.15
$126,521
$5.33
Comments
1. Income based on trailing twelve months income annualized as of December 2014.
2. Other Income includes administrative fees, late fees and other miscellaneous fees.
3. Tenant Income includes merchandise sales.
4. Pro forma vacancy was adjusted to 5.0 percent of gross potential rent.
13
DUNNELLON, FL
EXPENSES
Current
Per SF
Pro Forma
Per SF
Real Estate Taxes
$25,103
$1.06
$25,103
$1.06
(Costs for) On-Site Management
$31,176
$1.31
$31,176
$1.31
Off Site Management
$11,815
$0.50
$12,051
$0.51
Insurance
$4,644
$0.20
$4,644
$0.20
Advertising
$4,355
$0.18
$4,355
$0.18
Repairs and Maintenance
$10,790
$0.45
$10,790
$0.45
Reserve for Capital Improvements
$2,373
$0.10
$2,373
$0.10
Utilities
$4,829
$0.20
$4,829
$0.20
Administration
$6,034
$0.25
$6,034
$0.25
Bank Charges
$8,664
$0.37
$8,844
$0.37
Telephone
$2,517
$0.11
$2,517
$0.11
Professional Fees
$1,406
$0.06
$1,406
$0.06
$371
$0.02
$371
$0.02
$114,076
$4.81
$114,492
$4.83
Other
TOTAL EXPENSES
% of EGI
48.3%
47.5%
Comments
1. Expenses based on trailing 12 months profit & loss statements as of December 2014.
2. Current and pro forma real estate taxes were adjusted to reflect a sale.
3. Current and pro forma off site managment was adjusted to 5.0 percent of the gross effective income.
4. Current and pro forma reserves/replacements were adjusted to 0.10 net rentable square foot.
14
RENT COMPARABLES
DUNNELLON, FL
RENT COMPARABLES
DUNNELLON, FL
RENT COMPARABLES MAP
1
1)
2)
3)
4)
5)
6)
7)
8)
9)
Security Self Storage
Personal Mini Storage
Affordable Secure Self Storage V
Paul & Jerry's Self Storage II
Storage Depot of Ocala
Neighborhood Storage Center #8
Florida Secure Storage
StoreRight Self Storage Ocala
16
RENT COMPARABLES
DUNNELLON, FL
RENT COMPARABLES TABLE
Rent Comparables
Security Self
Storage
Personal Mini
Storage
11980 North Florida
11955 North Florida
Avenue
Avenue
Dunnellon, FL 34434
Dunnellon, FL 34434
5.43 miles
5.5 miles
100%
N/A
Affordable Secure
Self Storage V
Subject Property
Paul & Jerry's Self
Storage II
Personal Mini
Storage
Storage Depot of
Ocala
Neighborhood
Storage Center # 8
Florida Secure
Storage
StoreRight Self
Storage Ocala
7016 North Lecanto
7742 North Carl G Rose
9085 Southwest State
7256 Southwest 62nd
5030 Southwest 60th
2020 Southwest 57th
Highway
Highway
Road 200
Avenue Unit 6
Avenue
Avenue
Ocala, FL 34482
Hernando, FL 34442
Hernando, FL 34442
Ocala, FL 34481
Ocala, FL 34476
Ocala, FL 34474
Ocala, FL 34474
9.93 miles
10.38 miles
10.77 miles
10.95 miles
13.36 miles
13.68 miles
14.43 miles
← Distance from Subject
N/A
77%
75%
69%
N/A
N/A
80%
80%
11055 W Highway 40
Property Name
Comparable
Averages
Out-Back
Self Storage
Address
19545 Florida 40
City, State
Dunnellon, FL 34432
PHYS. OCC.
97%
5x5
5x5
5x5
5x5
5x5
5x5
5x5
5x5
5x5
5x5
5x5
5x5
25 Sq Ft
25 Sq Ft
25 Sq Ft
25 Sq Ft
25 Sq Ft
25 Sq Ft
25 Sq Ft
25 Sq Ft
25 Sq Ft
Average $/SF
Subject $/SF
25 Sq Ft
N/A
N/A
N/A
$ 37
$ 40
$ 39
$ 29
N/A
$ 31
$ 1.41
$1.80
$45
5x10
5x10
5x10
5x10
5x10
5x10
5x10
5x10
5x10
5x10
5x10
50 Sq Ft
50 Sq Ft
50 Sq Ft
50 Sq Ft
50 Sq Ft
50 Sq Ft
50 Sq Ft
50 Sq Ft
Average $/SF
Subject $/SF
50 Sq Ft
N/A
N/A
$ 50
$ 53
$ 44
$ 49
$ 59
$ 50
$ 54
$ 1.03
$1.10
$55
10x10
Average $/SF
10x10
Subject $/SF
10x10
10x10
10x10
10x10
10x10
10x10
10x10
10x10
10x10
100 Sq Ft
N/A
100 Sq Ft
$ 75
100 Sq Ft
$ 65
100 Sq Ft
$ 64
100 Sq Ft
$ 65
100 Sq Ft
$ 69
100 Sq Ft
$ 79
100 Sq Ft
$ 75
100 Sq Ft
$ 64
10x15
10x15
10x15
10x15
10x15
10x15
10x15
10x15
10x15
150 Sq Ft
N/A
150 Sq Ft
N/A
150 Sq Ft
$ 75
150 Sq Ft
$ 74
150 Sq Ft
N/A
150 Sq Ft
$ 79
150 Sq Ft
$ 89
150 Sq Ft
$ 90
150 Sq Ft
$ 89
10x20
10x20
10x20
10x20
10x20
10x20
10x20
10x20
10x20
200 Sq Ft
$ 80
200 Sq Ft
$ 110
200 Sq Ft
$ 90
200 Sq Ft
$ 84
200 Sq Ft
$ 85
200 Sq Ft
$ 99
200 Sq Ft
$ 99
200 Sq Ft
$ 130
200 Sq Ft
$ 109
$ 0.40
$ 0.65
$ 0.65
$ 0.82
$ 0.89
$ 0.85
$ 0.84
$ 0.75
$ 0.82
$ 0.74
5x5 c/c
Average $/SF
5x5 c/c
5x5 c/c
5x5 c/c
5x5 c/c
5x5 c/c
5x5 c/c
5x5 c/c
5x5 c/c
25 Sq Ft
N/A
25 Sq Ft
N/A
25 Sq Ft
N/A
25 Sq Ft
N/A
25 Sq Ft
$ 44
25 Sq Ft
$ 49
25 Sq Ft
$ 54
25 Sq Ft
$ 39
5x10 c/c
5x10 c/c
5x10 c/c
5x10 c/c
5x10 c/c
5x10 c/c
5x10 c/c
5x10 c/c
5x10 c/c
50 Sq Ft
N/A
50 Sq Ft
N/A
50 Sq Ft
N/A
50 Sq Ft
N/A
50 Sq Ft
$ 70
50 Sq Ft
$ 59
50 Sq Ft
$ 89
50 Sq Ft
$ 86
50 Sq Ft
$ 69
10x10 c/c
10x10 c/c
10x10 c/c
10x10 c/c
10x10 c/c
10x10 c/c
10x10 c/c
10x10 c/c
10x10 c/c
100 Sq Ft
N/A
100 Sq Ft
$ 92
100 Sq Ft
N/A
100 Sq Ft
N/A
100 Sq Ft
$ 90
100 Sq Ft
$ 94
100 Sq Ft
$ 109
100 Sq Ft
$ 126
100 Sq Ft
$ 104
10x15 c/c
10x15 c/c
10x15 c/c
10x15 c/c
10x15 c/c
10x15 c/c
10x15 c/c
10x15 c/c
10x15 c/c
150 Sq Ft
150 Sq Ft
150 Sq Ft
150 Sq Ft
150 Sq Ft
150 Sq Ft
150 Sq Ft
150 Sq Ft
150 Sq Ft
N/A
N/A
N/A
N/A
$ 120
$ 125
$ 189
$ 168
$ 119
10x20 c/c
10x20 c/c
10x20 c/c
10x20 c/c
10x20 c/c
10x20 c/c
10x20 c/c
10x20 c/c
10x20 c/c
200 Sq Ft
N/A
200 Sq Ft
N/A
200 Sq Ft
N/A
200 Sq Ft
N/A
200 Sq Ft
N/A
200 Sq Ft
$ 159
200 Sq Ft
$ 199
200 Sq Ft
$ 220
200 Sq Ft
$ 159
N/A
$ 0.92
N/A
N/A
$ 1.03
$ 1.10
$ 1.42
$ 1.47
$ 1.11
$0.77
10x15
Subject $/SF
$ 0.55
$0.60
10x20
Average $/SF
10x20
Subject $/SF
$ 0.49
$0.55
STANDARD AVG
$/SF
5x5 c/c
Subject $/SF
10x15
150 Sq Ft
$90
10x20
200 Sq Ft
$110
$0.96
5x5 c/c
25 Sq Ft
N/A
$ 1.86
N/A
5x10 c/c
Average $/SF
5x10 c/c
Subject $/SF
$ 1.49
$1.70
10x10 c/c
Average $/SF
10x10 c/c
Subject $/SF
$ 1.02
$1.10
100 Sq Ft
$110
10x15 c/c
10x15 c/c
10x15 c/c
Average $/SF
Subject $/SF
150 Sq Ft
$ 0.96
$0.90
$135
10x20 c/c
Average $/SF
10x20 c/c
Subject $/SF
10x20 c/c
$ 0.92
$0.85
$ 1.18
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus &
CLIMATE AVG
$/SF
5x10 c/c
50 Sq Ft
$85
10x10 c/c
CLIMATE
5x5 c/c
25 Sq Ft
N/A
$ 0.69
10x15
Average $/SF
10x10
100 Sq Ft
$77
STANDARD
5x10
50 Sq Ft
200 Sq Ft
$170
$1.14
17
RENT COMPARABLES
DUNNELLON, FL
RENT COMPARABLES GRAPHS
Standard Unit Rent per Square Foot
$1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.96 $0.40 $0.65 $0.65 $0.82 $0.89 $0.85 $0.82 $0.84 $0.75 $‐
Out‐Back Self Storage
Personal Mini Affordable Secure Paul & Jerry's Self Personal Mini Storage
Self Storage V
Storage II
Storage
Standard
Storage Depot of StoreRight Self Neighborhood Florida Secure Storage
Ocala
Storage Ocala Storage Center # 8
Average
Climate‐Controlled Rent per Square Foot
$1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $1.14 $0.92 $1.03 $1.10 $1.11 $1.42 $1.47 StoreRight Self Storage Ocala
Neighborhood Storage Center # 8
$‐
Climate‐Controlled
Average
Rent per Square Foot
$2.00 $1.80 $1.60 $1.40 $1.20 $1.00 Comp Avg
$0.80 Subject
$0.60 $0.40 $0.20 $‐
5x5
5x10
10x10
10x15
10x20
5x10 c/c
10x10 c/c
10x15 c/c
10x20 c/c
Physical Occupancy
120%
100%
80%
60%
40%
20%
97%
100%
77%
75%
69%
80%
0%
Occupancy
Average
18
RENT COMPARABLES
DUNNELLON, FL
RENT COMPARABLES
Dunnellon, FL 34432
* See Unit Mix page for complete breakdown.
No.
Unit
SF/Unit
Rent/Unit
of
Avg.
Units
Rent/SF
219
Total
23,725
Type
Subject Property
Total Units:
Occupancy:
Year Built/Expanded:
219
97%
2006 / 2009
Comments
Out-Back Self Storage is a 219 unit self storage facility located in Dunnellon, Florida and consists of 23,725 net rentable square feet.
11980 North Florida Avenue
Dunnellon, FL 34434
1
Unit Type
Occupancy:
Year Built:
SF/Unit
Rent/Unit
Avg. Rent/SF
10x20
200
$80.00
$0.40
Total
200
$0.40
100%
1987
Comments
Security Self Storage is located 5.43 miles away from the subject facility on North Florida venue in Dunnellon. This facility features
standard units. It is comparable due to similar demographics.
11955 North Florida Avenue
Dunnellon, FL 34434
2
Unit Type
Occupancy:
Year Built:
SF/Unit
Rent/Unit
Avg. Rent/SF
10x10
100
$75.00
$0.75
10x20
200
$110.00
$0.55
10x10c/c
100
$92.00
$0.92
Total
400
$0.74
N/A
2004
Comments
Personal Mini Storage is located 5.5 miles away from the subject facility on North Florida Avenue in Dunnellon. This facility features
both standard and climate controlled units. It is comparable due to its size, unit mix, and similar demographics.
19
RENT COMPARABLES
DUNNELLON, FL
RENT COMPARABLES
Affordable Secure Self Storage V
Ocala, FL 34482
3
Unit Type
Occupancy:
Year Built:
N/A
2000
SF/Unit
Rent/Unit
Avg. Rent/SF
5x10
50
$50.00
$1.00
10x10
100
$65.00
$0.65
10x15
150
$75.00
$0.50
10x20
200
$90.00
$0.45
Total
500
$0.65
Comments
Affordable Secure Self Storage is located 9.93 miles away from the subject facility on West Highway 40 in Ocala. This facility features
standard units. It is comparable due to its size and similar demographics.
7016 North Lecanto Highway
Hernando, FL 34442
4
Unit Type
5x5
Occupancy:
Year Built:
77%
1999
SF/Unit
Rent/Unit
Avg. Rent/SF
25
$37.00
$1.48
5x10
50
$53.00
$1.06
10x10
100
$64.00
$0.64
10x15
150
$74.00
$0.49
10x20
200
$84.00
$0.42
Total
525
$0.82
Comments
Paul & Jerry's Self Storage is located 10.38 miles away from the subject facility on North Lecanto Highway in Hernando. This facility
features standard units. It is comparable due to its size and similar demographics.
7742 North Carl G Rose Highway
Hernando, FL 34442
5
Unit Type
Occupancy:
Year Built:
75%
2006
SF/Unit
Rent/Unit
Avg. Rent/SF
5x10
50
$44.00
$0.88
10x10
100
$65.00
$0.65
10x20
200
$85.00
$0.43
5x10c/c
50
$70.00
$1.40
10x10c/c
100
$90.00
$0.90
10x15c/c
150
$120.00
$0.80
Total
650
$0.84
Comments
Personal Mini Storage is located 10.77 miles away from the subject facility on North Carl G Rose Highway in Hernando. This facility
features both standard and climate controlled units. It is comparable due to its size, unit mix, and similar demographics.
20
RENT COMPARABLES
DUNNELLON, FL
RENT COMPARABLES
9085 Southwest State Road 200
Ocala, FL 34481
6
Unit Type
Occupancy:
Year Built:
69%
2005
SF/Unit
Rent/Unit
Avg. Rent/SF
10x10
100
$69.00
$0.69
10x15
150
$79.00
$0.53
10x20
200
$99.00
$0.50
10x10c/c
100
$94.00
$0.94
10x15c/c
150
$125.00
$0.83
10x20c/c
200
$159.00
$0.80
Total
900
$0.72
Comments
Storage Depot of Ocala is located 10.95 miles away from the subject facility on Southwest State Road 200 in Ocala. This facility
Neighborhood Storage Center #8
7256 Southwest 62nd Avenue Unit 6
Ocala, FL 34476
7
Unit Type
Occupancy:
Year Built:
N/A
2007
SF/Unit
Rent/Unit
Avg. Rent/SF
10x10
100
$79.00
$0.79
10x15
150
$89.00
$0.59
10x20
200
$99.00
$0.50
10x10c/c
100
$109.00
$1.09
10x15c/c
150
$189.00
$1.26
10x20c/c
200
$199.00
$1.00
Total
900
$0.87
Comments
Neighborhood Storage Center is located 13.36 miles away from the subject facility on Southwest 62nd Avenue in Ocala. This facility
5030 Southwest 60th Avenue
Ocala, FL 34474
8
Unit Type
Occupancy:
Year Built:
N/A
2001
SF/Unit
Rent/Unit
Avg. Rent/SF
10x10
100
$75.00
$0.75
10x15
150
$90.00
$0.60
10x20
200
$130.00
$0.65
10x10c/c
100
$126.00
$1.26
10x15c/c
150
$168.00
$1.12
10x20c/c
200
$220.00
$1.10
Total
900
$0.91
Comments
Florida Secure Storage is located 13.68 miles away from the subject facility on Southwest 60th Avenue in Ocala. This facility features
both standard and climate controlled units. It is comparable due to its size, unit mix, and similar demographics.
21
RENT COMPARABLES
DUNNELLON, FL
RENT COMPARABLES
2020 Southwest 57th Avenue
Ocala, FL 34474
9
Unit Type
Occupancy:
Year Built:
80%
2006
SF/Unit
Rent/Unit
Avg. Rent/SF
10x10
100
$64.00
$0.64
10x15
150
$89.00
$0.59
10x20
200
$109.00
$0.55
10x10c/c
100
$104.00
$1.04
10x15c/c
150
$119.00
$0.79
10x20c/c
200
$159.00
$0.80
Total
900
$0.74
Comments
StoreRight Self Storage Ocala is located 14.43 miles away from the subject facility on Southwest 57th Avenue in Ocala. This facility
22
RECENT SALES
DUNNELLON, FL
RECENT SALES
DUNNELLON, FL
RECENT SALES MAP
1)
2)
3)
4)
5)
6)
Apollo Beach Mini Storage
Storage King
Value Self Storage
Embassy One Storage
Oxford Storage
Super Storage II
24
RECENT SALES
DUNNELLON, FL
CAP RATE AND PRICE PER RENTABLE SQUARE
Average Cap Rate
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
Subject
Apollo
Beach
Mini
Storage
Storage
King
Value
Self
Storage
Embassy
One
Storage
Oxford
Storage
Super
Storage
II
Embassy
One
Storage
Oxford
Storage
Super
Storage
II
Average Price per Rentable Square Feet
$70.00
$60.00
$50.00
$40.00
$30.00
$20.00
$10.00
$0.00
Subject
Apollo
Beach
Mini
Storage
Storage
King
Value
Self
Storage
25
RECENT SALES
DUNNELLON, FL
RECENT SALES
Dunnellon, FL 34432
Total Units:
219
Offering Price:
$1,686,000
Rentable SF:
23,725
Price/SF:
$71.06
Year Built/Expanded:
2006/2009
CAP Rate:
7.25%
Subject Property
Comments
Out-Back Self Storage is a 219 unit self storage facility located in Dunnellon, Florida and consists of 23,725 net rentable
square feet.
Apollo Beach Mini Storage
313 Apollo Beach Boulevard
Apollo Beach, FL 33572
1
Close of Escrow:
3/15/2014
Sale Price:
$2,150,000
Total Units:
366
Price/SF:
$63.64
Rentable SF:
33,783
CAP Rate:
7.38%
Year Built:
1999
Comments
Apollo Beach Mini Storage is a 366 unit self storage facility located in Apollo Beach, FL. This facility features 33,783 net
rentable square feet, 91% occupancy and closed at a price of $2,150,000.
Storage King
2235 Colonial Boulevard
Fort Myers, FL 33907
2
Close of Escrow:
9/26/2013
Sale Price:
$4,275,000
Total Units:
630
Price/SF:
$56.91
Rentable SF:
75,115
CAP Rate:
5.85%
Year Built/Renovated:
1969/2002
Comments
Storage King is a 630-unit facility located in Fort Myers, FL. This facility features 85 percent climate controlled units and
closed at a price of $4,275,000, or $56.91 per net rentable square foot.
26
RECENT SALES
DUNNELLON, FL
RECENT SALES
Value Self Storage
3118 US Highway 19
Holiday, FL 34691
3
Close of Escrow:
11/19/2013
Sale Price:
$3,550,000
Total Units:
689
Price/SF:
$49.42
Rentable SF:
71,830
CAP Rate:
7.11%
Year Built:
1975
Comments
Value Self Storage is a 689-unit facility located in Holiday, FL. This facility was 74 percent physically occupied at the
time of sale. The property closed at a price of $3,550,000, or $49.42 per net rentable square foot.
Embassy One Storage
6647 Embassy Boulevard
Port Richey, FL 34668
4
Close of Escrow:
4/1/2013
Sale Price:
$2,600,000
Total Units:
459
Price/SF:
$49.30
Rentable SF:
52,741
CAP Rate:
7.09%
Year Built:
2008
Comments
Embassy One Storage is a 459-unit self storage facility in Port Richey, Florida. Built in 2008, it consists of 52,741 net
rentable square feet. The property had 84 percent physcial occupancy and 59 percent economic occupancy at the time
of the sale. The property sold on April 1, 2013 for $2,600,000 or $49.30 per net rentable square foot.
Oxford Storage
230 Oxford Road
Fern Park, FL 32730
5
Close of Escrow:
4/2/2013
Sale Price:
$2,200,000
Total Units:
433
Price/SF:
$46.81
Rentable SF:
47,000
CAP Rate:
7.13%
Year Built:
1999
Comments
Oxford Storage is a 433-unit self-storage facility located in Orlando, Florida. The property has 47,000 net rentable
square feet and the facility was built in 1999. The property closed on April 2, 2013 for $46.81 per square foot. The
property was 69% physically occupied at the time of sale.
27
RECENT SALES
DUNNELLON, FL
RECENT SALES
Super Storage II
6415 54th Avenue North
Saint Petersburg, FL 33709
6
Close of Escrow:
6/18/2013
Sale Price:
$2,475,000
Total Units:
439
Price/SF:
$63.98
Rentable SF:
38,681
CAP Rate:
6.47%
Year Built:
2005
Comments
Super Storage II is a 439-unit storage facility in St. Petersburg, Florida. The property had a physical occupancy of 96
percent and economic occupancy of 58 percent at the time of the sale. This facility sold on June 18, 2013 for
$2,475,000, or $63.98 per net rentable square foot.
28
DUNNELLON, FL
DUNNELLON, FL
DEMOGRAPHIC REPORT
1 Mile
388
574
582
646
3 Miles
6,486
8,712
8,842
9,702
5 Miles
12,034
14,385
14,607
15,758
2000 Households
2010 Households
2013 Households
2018 Households
158
237
240
267
2,835
3,904
3,954
4,347
5,289
6,364
6,453
6,992
2013 Average Household Size
2.22
2.26
2.25
2013 Daytime Population
163
1,088
3,095
2000 Owner Occupied Housing Units
2000 Renter Occupied Housing Units
2000 Vacant
84.38%
8.09%
7.53%
81.00%
8.69%
10.31%
77.63%
10.45%
11.92%
2013 Vacant
91.01%
8.99%
10.82%
88.09%
11.91%
13.87%
83.48%
16.52%
16.20%
2018 Vacant
90.94%
9.06%
11.15%
87.96%
12.04%
14.29%
83.38%
16.62%
16.70%
14.5%
11.7%
12.7%
19.3%
22.3%
8.0%
3.7%
1.8%
3.3%
1.0%
1.7%
16.0%
13.6%
15.5%
17.9%
20.4%
7.2%
3.7%
1.6%
2.0%
0.7%
1.2%
17.6%
14.7%
16.3%
16.9%
19.1%
6.9%
3.7%
1.5%
1.6%
0.6%
1.0%
2013 Median Household Income
2013 Per Capita Income
$44,326
$24,752
$39,392
$23,641
$36,035
$21,914
2013 Average Household Income
$60,001
$52,870
$49,601
2000 Population
2010 Population
2013 Population
2018 Population
$ 0 - $14,999
$ 15,000 - $24,999
$ 25,000 - $34,999
$ 35,000 - $49,999
$ 50,000 - $74,999
$ 75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 +
Demographic data © 2012 by Experian.
30
DUNNELLON, FL
SUMMARY REPORT
Geography: 5 miles
Population
In 2014, the population in the area selected geography is 14,606. The population has changed by 21.37% since 2000. It is estimated
that the populationin the area will be 15,758 five years from now, which represents a change of 7.88% from the current year. The
current population is 48.41% male and 51.58% female. The median age of the population in the area is 55.0, compare this to the
Entire US average which is 37.3. The population density in the area is 186.14 people per square mile.
Households
There are currently 6,453 households in the selected geography. The number of households has changed by 22.01% since 2000. It
is estimated that the number of households in the area will be 6,992 five years from now, which represents a change of 8.34% from
the current year. The average household size in the area is 2.25 persons.
Income
In 2014, the median household income for your selected geography is $36,034, compare this to the $Entire US average which is
currently $51,972. The median household income for the area has changed by 8.20% since 2000. It is estimated that the median
household income in the area will be $43,987 five years from now, which represents a change of 22.07% from the current year.
The current year per capita income in the area is $21,913, compare this to the $Entire US average, which is $28,599. The current
year average household income in the area is $49,601, compare this to the $Entire US average which is $74,533.
Race & Ethnicity
The current year racial makeup of the selected area is as follows: 90.86% White, 4.39% Black, 0.00% Native American and 0.75%
Asian/Pacific Islander. Compare these to Entire US% averages which are: 71.60% White, 12.70% Black, 0.18% Native American
and 5.02% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 8.94% of the current year
population in the selected area. Compare this to the Entire US% average of 17.13%.
Housing
In 2000, there were 4,661 owner occupied housing units in your area and there were 627 renter occupied housing units in the area.
The median rent at the time was $388.
Employment
In 2014, there are 3,095 employees in the selected area, this is also known as the daytime population. The 2000 Census revealed
that 53.21% of employees are employed in white-collar occupations in this geography, and 47.97% are employed in blue-collar
occupations. In 2014, unemployment in this area is 10.91%. In 2000, the average time traveled to work was 32.0 minutes.
Demographic data © 2012 by Experian.
31
DUNNELLON, FL
OFFERING MEMORANDUM
Exclusively listed by:
Michael Mele
Senior Vice President Investments
TAMPA OFFICE
Tel: (813) 387-4790
Fax: (813) 387-4710
[email protected]
Offices Throughout the U.S and Canada
www.MarcusMillichap.com
Brian Baldwin
TAMPA OFFICE
Tel: (813) 387-4749
Fax: (813) 387-4710
[email protected]

Outback Self Storage.mpd2

Transcription

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