SOLEDAD MINI STORAGE | FOR SALE · 2020. 7. 21. · Soledad Mini Storage, a 100 storage unit...

SOLEDAD MINI STORAGE

PRESENTED BY:

OFFERING MEMORANDUM

TABLE OF CONTENTS:

Investment Overview

Financial Analysis

Aerial Maps

Property Photos

Satellite Map

Site Plan

City of Soledad

Firm Information

Disclaimer

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4

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9

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JAMES KENDALL

Sales Associate | DRE #02010395

[email protected]

831.646.1919 ext. 112

MAHONEY & ASSOCIATES

501 Abrego St | Monterey, CA

www.mahoneycommercial.com

831.646.1919

1145 Front St. Soledad | 3

INVESTMENT OVERVIEW

Mahoney & Associates is pleased to present for the first time on the market Soledad Mini Storage, a 100 storage unit complex complete with a one bedroom/one bath manager’s apartment, located Soledad, CA. The subject property is ideally situated along Front Street with easy access to Highway 101 and the Soledad Mission Shopping Center, which is home to major retail tenants such as Starbucks, Foods Co, CVS, Burger King, O’Reilly Auto Parts as well as a new multi-screen movie theater. Front Street is the sole arterial that connects the residential area of Soledad to the major commercial district in town; meaning that one must drive past Soledad Mini Storage to visit any of the aforementioned retailers.

The subject property is comprised of three single story row buildings on concrete slab, with wood frame construction, stucco exterior, Spanish tile roofs with concrete driveways between the buildings. There are 97 identical 10'x12' units, all with drive up access and entry via a 6'x7' metal roll up door. Three of the units are 12'x18' and have been converted into vehicle storage garages, to be rented back by the Seller after the Close of Escrow at $150 per month, each. Both of the exterior row buildings could be expanded to 12'x18' storage units.

Soledad Mini Storage was developed in 1990 and has been maintained in impeccable condition by the original owner, who operates the storage business from his adjacent hotel property. After operating the business for 30 years, ownership is simplifying things and downsizing. Access to the storage unit property is granted by hotel staff after checking in at the hotel, who then open the entry gate manually; thus prospective buyers are encouraged to investigate the ideal management scenario for their needs. The installation of a key pad door alarms, security cameras, and other automated processes may help bring the property in line with comparable storage properties.

The on-site one bedroom, one bath manager’s apartment of approximately 576 SF is currently being rented for $900/month. Prospective buyers are encouraged to investigate the option of utilizing professional property management or offering the apartment to an on-site manager at low/zero rent in lieu of a management fee.

All financial information utilized herein was provided by the Seller based on 2019 actuals, with the exception of the pro forma income. Seller does not utilize a 21st Century automated/computerized documentation system. Buyer to conduct its own investigations and due diligence of the property and relevant materials.

PROPERTY DETAILS

Address 1145 Front St. Soledad, CA 93960

Asking Price $1,999,888

Actual Cap Rate 4.91%

Current Rent Per Unit $100/month

Current Unit Occupancy 100%

Pro Forma Cap Rate 5.96%

Pro Forma Rent Per Unit $120/month

APN 022-223-026

Building SF +/- 13,224

Land Area +/- 34,848

ImprovementsThree single story wood framed, stucco buildings with Spanish tile roofs

Parking +/- 6 off street spaces

Zoning H-C: Commercial Highway

Sprinkled No

Year Built 1990

Entry Gate Manually Operated

Security Cameras No


FINANCIAL ANALYSIS

CURRENT INCOME & EXPENSES †

Estimated Gross Scheduled Rents $116,400

Apartment Rent $10,800

Late fees $820

Estimated Adjusted Gross Income $128,020

Annual Prop Tax (1.19%) $23,799

Insurance $1,844

Management Fee 6%* $0

Business License Fee $204

Water, Sewer, Sanitation $1,071

Electricity $1,857

Repairs/maintenance $850

Office Supplies $191

Accounting $100

Current Expenses Total $29,916

Current Net Income $98,104

Cap Rate 4.91%

ESTIMATED PRO FORMA INCOME & EXPENSES

Estimated Gross Scheduled Rents †† $145,080

Apartment Rent $12,000

Late fees $820

Estimated Adjusted Gross Income $157,900

Annual Prop Tax (1.19%) $23,799

Insurance $1,844

Management Fee 6% $8,705

Business License Fee $204

Water, Sewer, Sanitation $1,071

Electricity $1,857

Repairs/maintenance $850

Office Supplies $191

Accounting $100

Estimated Expenses Total $38,620

Estimated Net Income $119,280

Cap Rate 5.96%

† Operating Income and Expenses based on 2019 actuals provided by Seller.†† Pro Forma income based upon market rate rents of 97 units at $120/month per unit, three 12'x18' units at $150/month per unit, and $1,000/month for apartment.

* Management fee: No management fee currently in place.

PROPERTY LOCATION

MOTEL 8

VALERO

DENNY’S

TACO BELLVALLEY HARVEST INN

FRONT S

T. (SO

UTHBOUN

D)

FRONT S

T. (SO

UTHBOUN

D)

FOOD CO.


AERIAL MAP | SOUTH

PROPERTY LOCATION

MOTEL 8

FRONT ST. (NORTHBOUND)

FRONT ST. (NORTHBOUND)

SALINAS | 14 MILESSALINAS | 14 MILES

DOWNTOWN SOLEDAD


AERIAL MAP | NORTH


AERIAL PROPERTY PHOTO

Tax Map 1145 Front St, Soledad, CA 93960

Tax Map 1145 Front St, Soledad, CA 93960 6/5/2020 Page 1 (of 4)All information contained herein is subject to the Limitation of Liability for Informational Report set forth on the last page hereof. ©2005-2020 First American Financial Corporationand/or its affiliates. All rights reserved.


SITE PLAN

Imagery ©2020 Data MBARI, Landsat / Copernicus, Data CSUMB SFML, CA OPC, Data SIO, NOAA, U.S. Navy, NGA, GEBCO, Imagery ©2020 TerraMetrics, Map data ©2020 5 mi

PROPERTY LOCATION

MONTEREYMONTEREY

CARMEL-BY-THE-SEACARMEL-BY-THE-SEA

CARMEL VALLEYCARMEL VALLEY

PACIFIC GROVEPACIFIC GROVE

SALINASSALINAS

MOSS LANDINGMOSS LANDING

SEASIDESEASIDE

MARINAMARINA

GONZALESGONZALES

CARMEL HIGHLANDSCARMEL HIGHLANDS

BIG SURBIG SUR

CHUALARCHUALAR

SOLEDADSOLEDAD

GREENFIELDGREENFIELD


SATELLITE MAP


CITY OF SOLEDAD

The City of Soledad continues to be a model of economic vitality and resilience through the implementation of infrastructure improvements to city

parks, roads, schools, and water treatment systems. Renewable energy, water reclamation, and downtown revitalization are at the heart of their

mission to provide a sustainable future for their residents, businesses, and visitors.

Since the early 2000’s, the City of Soledad has played a major role in fostering and increasing much-needed units of affordable housing to support

the diverse needs of Monterey County’s growing workforce. Since 2015, the city has been working closely with developers to add single family

and multi-family housing to areas approved for development before 2008. This housing development boom is increasing economic development

opportunities for small businesses, franchise businesses, service providers, medical facilities, entertainment venues, and large retailers who seek to

expand to an untapped market.

The City of Soledad is located in the center of the Salinas Valley, nestled between the beautiful Santa Lucia Mountains to the west and the

picturesque Gabilan Mountains to the east. The City is surrounded by the Salinas Valley’s booming agricultural community, home to fields of lettuce,

broccoli, and asparagus, as well as row upon row on some of the finest wine grapes in the state.

https://cityofsoledad.com/


$3 BILLIONIN TRANSACTION VOLUME

1,000+ASSETS SOLD

1,750+LEASE TRANSACTIONS

6,000,000SQUARE FEET LEASED

SOLD PROPERTY HIGHLIGHTS

40+ Years of Commercial Real Estate Represented

UNEQUALED COMMITMENT TO OUR CLIENTS’ NEEDS AND SATISFACTION…

MAHONEY & ASSOCIATES WORKS TIRELESSLY ON MAXIMIZING REAL ESTATE

VALUES.

With our Collaborative Team of Real Estate Professionals and Consultants, Mahoney

& Associates works to maximize your property’s potential, whether for selling, leasing

or trading. In everything we do, there is just one driving principle: client satisfaction.

For over 40 years, Mahoney & Associates has been known as a local and regional

trusted industry leader, founded by John Mahoney. Our clients span every industry,

so we serve them with broad, creative and diverse expertise and a market knowledge

that touches every facet of commercial real estate, from raw land development to

sophisticated 1031 Single-and Multi-Tenant Net Leased exchanges in other states. In

every transaction we enter, beyond the beams and masonry or ROI, one mission

alone drives us all and that is representing your interests as if they were our own.

It will be our pleasure and duty to sit with you and listen…so we can understand your

motivation, background, needs, challenges and goals in discussing potential solutions

for your properties. We have learned that one solution does not fit all situations

and look forward to working with you to develop a strategy that encompasses all

stakeholders’ interests. Nothing is more satisfying than driving by a property with

which we have partnered with owners, knowing there is now a new business, a

greater stream of income, a legacy honoring a family member, a community treasure

restored…the list is endless in how we work with our valued clients to enrich their lives

and the community in which their property sits.



DISCLAIMER

JAMES KENDALL

Sales Associate | DRE #02010395

[email protected]

831.646.1919 ext. 112


501 Abrego St | Monterey, CA

www.mahoneycommercial.com

831.646.1919

EXCLUSIVELY LISTED BY:

Mahoney & Associates (M&A) hereby advises all prospective purchasers of property as follows:

All materials and information received or derived from M&A and its directors, officers, agents,

advisors, affiliates and/or any third party sources are provided without representation or

warranty as to completeness, veracity, or accuracy, condition of the property, compliance or

lack of compliance with applicable governmental requirements, developability or suitability,

financial performance of the property, projected financial performance of the property for

any party’s intended use or any and all other matters. Neither M&A and its directors, officers,

agents, advisors, or affiliates makes any representation or warranty, express or implied, as to

accuracy or completeness of the any materials or information provided, derived, or received.

Materials and information from any source, whether written or verbal, that may be furnished for

review are not a substitute for a party’s active conduct of its own due diligence to determine

these and other matters of significance to such party. M&A will not investigate or verify any

such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH

PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify

all information and to conduct their own inspections and investigations including through

appropriate third party independent professionals selected by such party. All financial data

should be verified by the party including by obtaining and reading applicable documents and

reports and consulting appropriate independent professionals. M&A makes no warranties and/

or representations regarding the veracity, completeness, or relevance of any financial data or

assumptions. M&A does not serve as a financial advisor to any party regarding any proposed

transaction. All data and assumptions regarding financial performance, including that used for

financial modeling purposes, may differ from actual data or performance. Any estimates of

market rents and/ or projected rents that may be provided to a party do not necessarily mean

that rents can be established at or increased to that level. Parties must evaluate any applicable

contractual and governmental limitations as well as market conditions, vacancy factors and

other issues in order to determine rents from or for the property. Legal questions should be

discussed by the party with an attorney. Tax questions should be discussed by the party with

a certified public accountant or tax attorney. Title questions should be discussed by the party

with a title officer or attorney. Questions regarding the condition of the property and whether

the property complies with applicable governmental requirements should be discussed by the

party with appropriate engineers, architects, contractors, other consultants and governmental

agencies. All properties and services are marketed by M&A and in compliance with all applicable

fair housing and equal opportunity laws.

SOLEDAD MINI STORAGE | FOR SALE · 2020. 7. 21. · Soledad Mini Storage, a 100 storage unit...

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Transcript of SOLEDAD MINI STORAGE | FOR SALE · 2020. 7. 21. · Soledad Mini Storage, a 100 storage unit...