OFFERING MEMORANDUM Davy’s Locker3321 Leslie St. | Pahrump, NV 89048
WALT TURNER702 340 2900 | [email protected]
Davey’s Locker
TABLE OF CONTENTS
Executive SummarySection 1:
Financial AnalysisSection 2:
EXECUTIVE SUMMARY
Davy’s Locker
Davy’s Locker3321 Leslie StreetPahrump, NV 89048
SALES PRICE: $820,000
TOTAL UNITS: 69
Rentable Square Feet 9,000
Lot Size (Approximately) 10 AC
Pro Forma Occupancy 95%
VITAL DATA
Net Operating Income $74,745
Operating Expenses $5,775
DSCR 12.9
CAP Rate 9.1%
FINANCIAL SUMMARY
LTV Ratio 60%
Loan Amount $492,000
Amortization Period 30 Years
Interest Rate 5%
Monthly Payment $2,641.16
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EXECUTIVE SUMMARY
Davy’s Locker
Summary of TermsFee Simple interest in Davy’s Locker, a 9,000 square foot self storage facility located on 10 Acres in Pahrump, NV
Terms of SaleSubject property is offered at $820,000 based on a capitalization rate of 9.1%. The net operating income figures for the propertyassume a fiscal year based on a pro forma with 95% occupancy. Seller will respond to offers on a first-come, first-serve basis.
Property ToursSeller open to property tours. Property tours must be arranged with Access Realty listing agents. Please do not contact thetenants, on-site management or staff without prior approval.
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EXECUTIVE SUMMARY
Davy’s Locker
Investment Highlights
5Access Realty LLC
• 3 Stick build dwellings• 1 Leasing Office (1 of 3 dwellings)• 10 RV Hookups• 1 detached shower/ bathroom/ laundry room for RV Tenants• Plenty of room to expand• 69 units; 9,000 rentable square feet• High-Quality, Well-Maintained facility• 45 miles west of Las Vegas• All single-story units• Low overhead expenses• CAP Rate of 9.1%• New Roofing Installed (2017 for units & 2015 for primary residence)
OfferingAccess Realty is pleased to offer for sale Davy’s Locker located in the Pahrump, NV. Davy’s Locker is offered at $820,000
Property OverviewDavy’s Locker consists of 69 self storage units located within 3 separate buildings comprised of 9,000 net rentable square feet with plenty of room for an additional 69 storage units. In addition, Davy’s Locker has 3 separate stick build dwellings; Primary, Guest House & Leasing Office.
The facility was built in one phase in 1989. All units arelocated on ground level for client convenience and easy access. The units are all wood frame built on concrete slabs and each unit has a metal roll-up door. Roofing has been updated on all units as of 2017.There are 3 different unit sizes overall and the lot has potential for additional growth if so desired.
The site consists of 1 tax parcel totaling 10 acres. The facility 10 RV hookup slots to accommodate those who either stop by for the night or wish to rent a slot paying an affordable $250/month. There is a detached bathroom/ shower/ laundry room located near the RV hookups to help accommodate all tenants. Davy’s Locker is secured with outer fencing encumbering the perimeter. There’s also a onsite work shop for any mechanical issues that may arise.
Best of all this sale conveys 3 stick build single family homes. The primary residence is a 2,160 SF home which consists of 4 bedrooms and 2 full bathrooms. The 3rd stick build home is perfect for a leasing office or a on site manager or can be used for additional income as a rental property. Great potential for experienced storage unit owners or hands on investors!
EXECUTIVE SUMMARY
Davy’s Locker
Summary
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Davy’s Locker would appeal to a national or regional institutional owner or REIT looking for a high-quality location with intentions of expanding or maintaining. The facility would also appeal to an exchange or cross-product buyer who would be attracted to the stable cash flow or even a owner of multifamily properties would be intrigued by an asset with similar operational characteristics.
EXECUTIVE SUMMARY
Davy’s Locker
Infrastructure
Property Davy’s Locker
Property Address 3321 Leslie Street
Pahrump, NV 89060
Assessor’s Parcel Number 027-381-18
SITE DESCRIPTIONTotal Units 69
Rentable Square Feet 9,000
Year Built 1989
Lot Size 10 Acres
Type of Ownership Fee Simple
Foundation Concrete Slab
Stick Build Dwellings 3
Exterior Walls Wood
Framing Wood
New Roofing Comps
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THE OFFERING
Land for Additional Development Yes
RV Home Hookups 10
UNIT CONSTRUCTION
Fencing Perimeter
Water / Private Well 2
Septic Tanks 4
Detached Bathroom/ Shower/ Laundry Rm for RV Tenants 1
Leasing Office / Guest House 1
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A1 STORAGE
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FINANCIAL ANALYSIS
Davy’s Locker
Unit Mix
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UNITSQ FT
DESCRIPTION TOTALUNITS
VACANT UNITS
OCCUPIED UNITS
UNIT OCCUPANCY %
TOTAL SQ. FT.
CURRENTMONTHLYRENT / UNIT
PRO FORMAMONTHLYINCOME
PRO FORMAMONTHLYRENT / SF
GROSSMONTHLYINCOME
GROSSMONTHLYRENT / SF
5 X 10 50 DRIVE UP 8 0 8 100% 400 $40 $320 $0.80 $320 $0.80
69 3 66 95 % 9,000 $3,460 $0.38 $3,620 $0.40
10 X 10
10 X 20
100 DRIVE UP
DRIVE UP200
36
25
2
1
34
24
94 %
96 %
3,600
5,000
$50
$60
$1,700
$1,440
$0.47
$0.41
$1,800
$1,500
$0.50
$0.30
OCCUPANCY GROSS ACTUAL %OCC
UNITS 69 66 95%
SF 9,000 8,600 95%
ECONOMIC $3,620 $3,460 95%
*Unit Mix and Occ Stats Exclude(s) RV parking
Unit Mix by Building
8
BUILDING
A
B
C
5 X 10 10 X 10 10 X 20
0
0
6
0
30
8 36
5
20
TOTAL UNITS
19
20
0 30
25 69
FINANCIAL ANALYSIS
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Annualized Operating Data
INCOME PRO FORMA @ 95% GROSS ANALYSIS
Gross Income $41,520 $43,440
Other Income $12,000 $12,000
Operating Expenses $5,775 $5,775
Net Operating Income $74,745 $79,665
EXPENSES PRO FORMA @ 95% GROSS ANALYSIS
Real Estate Taxes
Insurance
Repairs & Maintenance
$4,075 $4,075
$700 $700
$1,000 $1,000
Total Operating Expenses $5,775 $5,775
Footnotes
1. Gross Income is based on unit mix and pro forma with a 95% occupancy.
2. RV Hookup pro forma income is based on 9 of the 10 available hookup stations being occupied annually at $250/month.
3. Other Income based on 2nd
home converted to rental property at $1,000/month.
Income
Expenses1. Currently, no budgeted
advertising or marketing.2. RV Hook Ups individually
metered.3. Actual expenses for Taxes &
Insurance as of 2/20194. Repairs & Maintenance
based on previous costs.
RV Hookups $27,000 $30,000
RV Hook Up Electric $0 $0
7.7% 7.2%