Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts.
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Transcript of Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts.
Ogden & HawkesReal Estate Investment
Self Storage Facility, Salem Massachusetts
Ogden & HawkesReal Estate Investment
Self Storage Facility, Salem Massachusetts
Property Description
This 300 unit self-storage facility is located on one of three entrance corridors to Salem, Massachusetts, a city of 300,000 residents.
The converted factory building was renovated in 1997 and has been an established and well known business since 1998.
With over 3000 car traffic counts on it’s 270’ frontage and 4 story height, it has a commanding presence in the center of the growing city.
Adjacent transit systems, municipal facilities, college, dormitories, schools, hospital, and state court system, allows it to draw not only from a high rental demographic in the 1, 3 and 5 mile ring, but a strong commercial client base as well.
Ogden & HawkesReal Estate Investment
Self Storage Facility, Salem Massachusetts
Property Assets
Land
Total Area: 27,470 sf.
Open Area: 17,000 sf
Frontage: 270’, 150’, 370’
Parking: 20-30
Zoning: Industrial
Building
Total Area: 33,000 s.f.
Net Leasable: 24,000 s.f.
Buildings: 2; (4 story & 1 story)
Units: 300+
Unit Mix: 5x5 up to 20x30
Ogden & HawkesReal Estate Investment
Self Storage Facility, Salem Massachusetts
Property Financials
2008 Pro Forma Income
Gross Rent: $267,000
Other Income: $28,000
Total Income: $290,000
Current Expenses
Operating Expenses: 110,000
RE Taxes: 26,000
Total Expenses: 136,000
Current Statistics
Unit Occupancy: 75%
S.F. Occupancy: 81.21%
Avg. $/s.f./m: $1
Added Values
Penske Truck Rental
Land Value
Expansion
Ogden & HawkesReal Estate Investment
Self Storage Facility, Salem Massachusetts
Property Acquisition
NOI 2008 200,000
Cost/s.f. $68.18
Acquisition $2,250,000
Ogden & HawkesReal Estate Investment
Self Storage Facility, Salem Massachusetts
Property Photographs
Ogden & HawkesReal Estate Investment
Self Storage Facility, Salem Massachusetts
Property Photographs
Ogden & HawkesReal Estate Investment
Self Storage Facility, Salem Massachusetts
Property Photographs
Ogden & HawkesReal Estate Investment
Self Storage Facility, Salem Massachusetts
Property Photographs