No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
OFFERING MEMORANDUMDAKOTA PARK BOAT & RV STORAGE
3515 West Dakota Avenue | Fresno, CA
MAY 2011
LEE & ASSOCIATES SELF STORAGE GROUPCOMMERCIAL REAL ESTATE SERVICES
Subject Property–Dakota Park Boat & RV Storage 3515 West Dakota Avenue Fresno, California
Dakota Park Boat & RV Storage Entry and Office
Dakota Park Boat & RV Storage Entry Gate
Subject Property–Dakota Park Boat & RV Storage 3515 West Dakota Avenue Fresno, California
Dakota Park Boat & RV Storage Entry and Office
Dakota Park Boat & RV Storage Entry Gate
Storage Units- Drive Access
Storage Units– Drive Access
Canopy Units
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
For further information on this investment opportunity please contact:
CLIFFORD CROWE, CCIMPRINCIPAL
(760) [email protected]
STEVE BRUCEPRINCIPAL
(760) [email protected]
LEE & ASSOCIATES SELF STORAGE GROUP
COMMERCIAL REAL ESTATE SERVICES5872 OWENS AVE # 200
CARLSBAD, CA 92008PHONE: (760) 929-9700 FAX: (760) 929-9977
WEBSITE: www.lee-associates.com / www.leeselfstorage.com
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
CONFIDENTIAL MEMORANDUM AND DISCLAIMER
This is a confidential marketing package intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of this property.
This marketing package has been prepared by Lee and Associates Commercial Real Estate Services. All or a portion of the information provided herein may have been provided to Lee and Associates by the owner, other brokers or third party sources. Nothing herein is intended to represent exclusive information or an exclusive listing of Lee and Associates. It contains selected information pertaining to the subject property and does not purport to be a representation of the state of affairs of the owner, all-inclusive, or to contain all or part of the information which prospective investors may require to evaluate a purchase. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the owner and/or Lee and Associates. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. Interested parties are expected to review, independently, all documents relating to the property as to the accuracy and completeness of the information contained herein. All financial information is provided for general reference purposes only. Additional information and an opportunity to inspect the property will be made available to interested and qualified prospective purchasers following acceptance of an offer. Neither the owner nor Lee and Associates Commercial Real Estate Services, nor any of their respective directors, officers, affiliates or representatives make any representation or warranty, expressed or implied and no obligation shall arise by reason of your receipt of this marketing package or use of its contents.
The owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the subject property, and/or to terminate discussions with any entity, at any time, with or without notice, which may arise as a result of review of this marketing package. The owner shall have no legal commitment or obligation to any entity reviewing this marketing package or making an offer to purchase the subject property.
By receipt of this marketing package, you agree that this marketing package and its contents are of a confidential nature that you will hold and treat in the strictest confidence and that you will not disclose this marketing package or any of its contents to any other entity without the prior written authorization of the owner or Lee and Associates. You also agree that you will not use this package, or any of its contents, in any manner detrimental to the interest of the owner or Lee and Associates Commercial Real Estate Services. Further you agree not to contact any tenant of the property, owner, or the property manager in connection with your review of this marketing package and that you will direct all questions to Lee and Associates Commercial Real Estate Services.
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
The property is available for sale only until May 21, 2011. Given financing matters
on the Seller’s end, he is extremely motivated to sell the property quickly. Due to the
short timeframe, this marketing package is limited. Upon request, we can provide
interested buyers the June 2009 appraisal and/or the 2009 and 2010 property-level
tax returns.
Important Message
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
I. Property Overview & Transaction Terms
II. Location, Site Maps and Photos
III. Financial Overview a. Profit & Loss Statements b. Potential Gross Income/Unit Mix c. Periodic Overview Reports
TABLE OF CONTENTS
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
TRANSACTION TERMS:
• Closing Date: The purchase transaction must close or have non-refundable earnest money by May 21, 2011
• Price: $5,700,000 ($35.00 PSF)
PROPERTY OVERVIEW:
• Dakota Park Boat & RV Storage | 3515 West Dakota Avenue, Fresno, CA• 158,842 SF of covered or enclosed area on 9.61 acres• 315 units located within 7 buildings: 170 Enclosed | 123 Covered | 4 Uncovered | 18 Traditional• Projected 7% cap rate | 1Q 2011 income is 10.6% above 2010 • Rents on the enclosed units have not increased in four (4) years – approximately 95% of the leases will increase by 4% in July 2011.• Unit Occupancy: 94.1%• Economic Occupancy: +/- 75%• Opened May 2007 – Excellent upward trending since opening• Excellent location next to busy north/south freeway• Wash Bays, Dump Station, Etc. • “TASK MASTER” Property Management Software
AVAILABLE UPON REQUEST: JUNE 2009 APPRAISAL AND 2009 / 2010 TAX RETURNS
FINANCIAL OVERVIEW:
2009 2010 2011Total Income $536,000 $601,371 $665,116 (First quarter annualized)Actual 2010 Expenses (New taxes + Management fee) ($260,329) 39%NOI Forecast $404,787
SEE FOLLOWING PAGES FOR DETAILED ANALYSIS
I. Property Overview & Transaction Terms
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
I. Property Overview & Transaction Terms
Dakota Boat & RV
Investment Assumptions
Price of Property $5,700,000.00
Date of Acquisition 1 January 2011
Holding Period 5 Years
Inflation Rate 3% per Year
Sale Price Method 7% Capitalization of NOI on Sale Date
Selling Costs 3.5%
Investor's Assumptions
Present Value Discount Rate 10% per Year
Tax Rate - First Year 39.6%
Tax Rate - Following Years 39.6%
Capital Gain Rate 20%
Cost Recovery Recapture Rate 25% - Losses Carried Forward
Depreciation Assumptions
Depreciable Amount 75% of Property Price
Depreciable Life 39 Years
Depreciation Method Straight Line
Depreciation Start Date at Acquisition
Revenue Assumptions
Annual Revenue $665,000.00
Revenue Start Date at Acquisition
Revenue Period 5 Years
Revenue Growth Method Annual at 5% Over Inflation
Expense Assumptions
Annual Expense $260,000.00
Expense Start Date at Acquisition
Expense Period Until Projected Sale
Expense Growth Method Annual at the Inflation Rate
Analysis Assumptions Report --- Dakota Boat & RV file:///C:/Documents and Settings/adion/Local Settings/Temporary Internet...
1 of 2 5/3/2011 3:26 PM
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
I. Property Overview & Transaction Terms
Purpose ActualName Dakota Boat & RVLocation 3515 West Dakota Avenue, FresnProperty Type StorageDate 3 May 2011Square Feet 158,842
Price $5,700,000 -Loans 0Down Payment 5,700,000 +Acq Costs 0 +Loan Points 0Investment 5,700,000
Dakota Boat & RV
$/SqFt % of GI Annual $Gross Income $4.19 100.0% $665,000 - Vacancy & Credit Loss 0.00 0.0% 0Effective Income $4.19 100.0% $665,000Less: Operating Expenses Expense 1.64 39.1% 260,000Total Operating Expenses $1.64 39.1% $260,000Net Operating Income $2.55 60.9% $405,000 Less: Debt Service Total Debt Service $0.00 0.0% $0Cash Flow Before Taxes $2.55 60.9% $405,000
Capitalization Rate 7.11%Gross Income Multiplier 8.57Cash on Cash 7.11%Price/SqFt $36
Dakota Boat & RV
2011 2012 2013 2014 2015Total Gross Income $665,000 $718,200 $775,656 $837,708 $904,725 Less: Operating Expenses
Annual Property Operating Data --- Dakota Boat & RV file:///C:/Documents and Settings/adion/Local Settings/Temporary Internet...
1 of 3 5/3/2011 3:28 PM
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
I. Property Overview & Transaction Terms
Purpose ActualName Dakota Boat & RVLocation 3515 West Dakota Avenue, FresnProperty Type StorageDate 3 May 2011Square Feet 158,842
Price $5,700,000 -Loans 0Down Payment 5,700,000 +Acq Costs 0 +Loan Points 0Investment 5,700,000
Dakota Boat & RV
$/SqFt % of GI Annual $Gross Income $4.19 100.0% $665,000 - Vacancy & Credit Loss 0.00 0.0% 0Effective Income $4.19 100.0% $665,000Less: Operating Expenses Expense 1.64 39.1% 260,000Total Operating Expenses $1.64 39.1% $260,000Net Operating Income $2.55 60.9% $405,000 Less: Debt Service Total Debt Service $0.00 0.0% $0Cash Flow Before Taxes $2.55 60.9% $405,000
Capitalization Rate 7.11%Gross Income Multiplier 8.57Cash on Cash 7.11%Price/SqFt $36
Dakota Boat & RV
2011 2012 2013 2014 2015Total Gross Income $665,000 $718,200 $775,656 $837,708 $904,725 Less: Operating Expenses
Annual Property Operating Data --- Dakota Boat & RV file:///C:/Documents and Settings/adion/Local Settings/Temporary Internet...
1 of 3 5/3/2011 3:28 PM
Expense 260,000 267,800 275,834 284,109 292,632Total Operating Expenses $260,000 $267,800 $275,834 $284,109 $292,632Net Operating Income $405,000 $450,400 $499,822 $553,599 $612,093Taxable Income and Taxes (Losses Carried Forward) Taxable Revenues $665,000 $718,200 $775,656 $837,708 $904,725 Less: Deducted Expenses 260,000 267,800 275,834 284,109 292,632 Less: Depreciation 105,048 109,615 109,615 109,615 105,048Ordinary Income $299,952 $340,785 $390,207 $443,984 $507,045Taxable Income 299,952 340,785 390,207 443,984 507,045(Cum Suspended Losses) 0 0 0 0 0Taxes Due (- = Savings) 118,781 134,951 154,522 175,818 200,790Cash Flow After Tax $286,219 $315,449 $345,300 $377,782 $411,303Sale Proceeds:Sale Value $5,785,714 $6,434,286 $7,140,314 $7,908,564 $8,744,184 Less: Sale Costs (3.5%) 202,500 225,200 249,911 276,800 306,046Sale Proceeds Before Tax 5,583,214 6,209,086 6,890,403 7,631,764 8,438,138 Less: Taxes due to Sale (23,357) 154,341 318,008 493,685 682,363Sale Proceeds After Tax 5,606,571 6,054,745 6,572,395 7,138,080 7,755,774Ratio Analysis:Profitability Ratios Capitalization Rate 7.11% 7.90% 8.77% 9.71% 10.74% Cash on Cash Before Tax 7.11% 7.90% 8.77% 9.71% 10.74% Cash on Cash After Tax 5.02% 5.53% 6.06% 6.63% 7.22% Accounting RoR Before Tax 8.61% 19.28% 21.16% 23.19% 25.40% Accounting RoR After Tax 6.53% 16.91% 18.44% 20.11% 21.88% Current RoR Before Tax 19.28% 19.02% 18.79% 18.59% Current RoR After Tax 13.62% 14.25% 14.35% 14.42%Risk Ratios Breakeven Occupancy 39.1% 37.3% 35.6% 33.9% 32.3%Assumption Ratios NOI/Property Value 7.00% 7.00% 7.00% 7.00% 7.00% Gross Income Multiple 8.70 8.96 9.21 9.44 9.67 Operating Expense Ratio 39.1% 37.3% 35.6% 33.9% 32.3%Analysis Measures: IRR Before Debt 5.3% 12.1% 14.5% 15.6% 16.2% IRR Before Tax 5.3% 12.1% 14.5% 15.6% 16.2% IRR After Tax 2.7% 8.5% 10.4% 11.4% 12.0% NPV Before Debt @10.00% ($238,199) $208,028 $647,266 $1,079,573 $1,505,007 NPV Before Tax @10.00% ($238,199) $208,028 $647,266 $1,079,573 $1,505,007 NPV After Tax @10.00% ($369,881) ($151,321) $54,929 $263,150 $472,619
Annual Property Operating Data --- Dakota Boat & RV file:///C:/Documents and Settings/adion/Local Settings/Temporary Internet...
2 of 3 5/3/2011 3:28 PM
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
I. Property Overview & Transaction Terms
Dakota Boat & RV
2011 2012 2013 2014 2015Total Gross Income $665,000 $718,200 $775,656 $837,708 $904,725 Less: Operating Expenses Expense 260,000 267,800 275,834 284,109 292,632Total Operating Expenses $260,000 $267,800 $275,834 $284,109 $292,632Net Operating Income $405,000 $450,400 $499,822 $553,599 $612,093Taxable Income and Taxes (Losses Carried Forward) Taxable Revenues $665,000 $718,200 $775,656 $837,708 $904,725 Less: Deducted Expenses 260,000 267,800 275,834 284,109 292,632 Less: Depreciation 105,048 109,615 109,615 109,615 105,048Ordinary Income $299,952 $340,785 $390,207 $443,984 $507,045Taxable Income 299,952 340,785 390,207 443,984 507,045(Cum Suspended Losses) 0 0 0 0 0Taxes Due (- = Savings) 118,781 134,951 154,522 175,818 200,790Cash Flow After Tax $286,219 $315,449 $345,300 $377,782 $411,303Sale Proceeds:Sale Value $5,785,714 $6,434,286 $7,140,314 $7,908,564 $8,744,184 Less: Sale Costs (3.5%) 202,500 225,200 249,911 276,800 306,046Sale Proceeds Before Tax 5,583,214 6,209,086 6,890,403 7,631,764 8,438,138 Less: Taxes due to Sale (23,357) 154,341 318,008 493,685 682,363Sale Proceeds After Tax 5,606,571 6,054,745 6,572,395 7,138,080 7,755,774Ratio Analysis:Profitability Ratios Capitalization Rate 7.11% 7.90% 8.77% 9.71% 10.74% Cash on Cash Before Tax 7.11% 7.90% 8.77% 9.71% 10.74% Cash on Cash After Tax 5.02% 5.53% 6.06% 6.63% 7.22% Accounting RoR Before Tax 8.61% 19.28% 21.16% 23.19% 25.40% Accounting RoR After Tax 6.53% 16.91% 18.44% 20.11% 21.88% Current RoR Before Tax 19.28% 19.02% 18.79% 18.59% Current RoR After Tax 13.62% 14.25% 14.35% 14.42%Risk Ratios Breakeven Occupancy 39.1% 37.3% 35.6% 33.9% 32.3%Assumption Ratios NOI/Property Value 7.00% 7.00% 7.00% 7.00% 7.00% Gross Income Multiple 8.70 8.96 9.21 9.44 9.67 Operating Expense Ratio 39.1% 37.3% 35.6% 33.9% 32.3%Analysis Measures: IRR Before Debt 5.3% 12.1% 14.5% 15.6% 16.2% IRR Before Tax 5.3% 12.1% 14.5% 15.6% 16.2% IRR After Tax 2.7% 8.5% 10.4% 11.4% 12.0%
Proforma Income Statement --- Dakota Boat & RV file:///C:/Documents and Settings/adion/Local Settings/Temporary Internet...
1 of 2 5/3/2011 3:33 PM
NPV Before Debt @10.00% ($238,199) $208,028 $647,266 $1,079,573 $1,505,007 NPV Before Tax @10.00% ($238,199) $208,028 $647,266 $1,079,573 $1,505,007 NPV After Tax @10.00% ($369,881) ($151,321) $54,929 $263,150 $472,619
Proforma Income Statement --- Dakota Boat & RV file:///C:/Documents and Settings/adion/Local Settings/Temporary Internet...
2 of 2 5/3/2011 3:33 PM
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
I. Property Overview & Transaction Terms
Dakota Boat & RV
Price of Propertyversus
Net Capitalization Rate
Assumption NCR$5,200,000.00 7.79%$5,250,000.00 7.71%$5,300,000.00 7.64%$5,350,000.00 7.57%$5,400,000.00 7.50%$5,450,000.00 7.43%$5,500,000.00 7.36%$5,550,000.00 7.30%$5,600,000.00 7.23%$5,650,000.00 7.17%$5,700,000.00 7.11%
Sensitivity Analysis --- Dakota Boat & RV file:///C:/Documents and Settings/adion/Local Settings/Temporary Internet...
1 of 2 5/3/2011 3:55 PM
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
Copyright © 1988-2003 Microsoft Corp. and/or its suppliers. All rights reserved. http://www.microsoft.com/streets© Copyright 2002 by Geographic Data Technology, Inc. All rights reserved. © 2002 Navigation Technologies. All rights reserved. This data includes information taken with permission from Canadian authorities © 1991-2002 Government of Canada (Statistics Canada and/or Geomatics Canada), all rights reserved.
REGIONAL MAP
0 mi 10 20 30 40 50
II. Location, Site Maps & Photos
Subject PropertyDakota Park Boat & RV Storage3515 W Dakota AveFresno, CA
Regional Map
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
II. Location, Site Maps & PhotosDakota Park RV & Boat Storage SUBJECT PROPERTY DESCRIPTION
AERIAL PHOTO
Subject Property APN 433-060-21
NHighway 99
Dak
ota
Aven
ue
Valentine Avenue
Aerial Map
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
II. Location, Site Maps & PhotosDakota Park RV & Boat Storage SUBJECT PROPERTY DESCRIPTION
SITE PLAN 1
N
Site Plan
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
II. Location, Site Maps & PhotosDakota Park RV & Boat Storage SUBJECT PROPERTY DESCRIPTION
PARCEL LOCATION MAP
Subject
Parcel Map
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
II. Location, Site Maps & Photos
Subject Property–Dakota Park Boat & RV Storage 3515 West Dakota Avenue Fresno, California
Dakota Park Boat & RV Storage Entry and Office
Dakota Park Boat & RV Storage Entry Gate
Subject Property–Dakota Park Boat & RV Storage 3515 West Dakota Avenue Fresno, California
Dakota Park Boat & RV Storage Entry and Office
Dakota Park Boat & RV Storage Entry Gate
Subject Property–Dakota Park Boat & RV Storage 3515 West Dakota Avenue Fresno, California
Dakota Park Boat & RV Storage Entry and Office
Dakota Park Boat & RV Storage Entry Gate
Storage Units- Drive Access
Storage Units– Drive Access
Canopy Units
Storage Units- Drive Access
Storage Units– Drive Access
Canopy Units
Storage Units- Drive Access
Storage Units– Drive Access
Canopy Units
Front Signage Entry and Office
Entry Gate Storage Units Drive Access
Entry Gate Canopy Units
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
II. Location, Site Maps & Photos
Canopy Units
Enclosed Unit
Boat & RV Wash Station
Canopy Units
Enclosed Unit
Boat & RV Wash Station
Office & Apartment Building
Office & Apartment Building
Office– Front Desk
Office & Apartment Building
Office & Apartment Building
Office– Front Desk
Apartment– Kitchen
Apartment– Living Room
Apartment– Garage
Office– Interior
Office– Public Restroom
Office– Employee Breakroom
Enclosed Unit Boat & RV Wash Station
Office & Apartment Building Office - Front Desk
Apartment - Kitchen Office - Employee Break Room
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Profit & Loss Statements
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Profit & Loss Statements
*
*
NOI: $134,292+ Interest: $305,750- Real Estate Taxes: <$69,000>- Management Fee: <$30,000>
NOI: $341,042
Notes to Financial Underwriting / P&Ls
• Property taxes shown above have been adjusted assuming a purchase price of $5,700,000.
• A 5% management fee has been included in the above numbers. FYI: The Monday through Friday management services currently provided command a $52,000 / year payroll in addition to free housing. (Note - $13,700 of this shows up on the P&Ls as “Dakota Bonus” and ”Penske Rental Commission”.)
Trailing 12 NOI (April-December 2010 & 1st Quarter 2011) $360, 532
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Potential Gross Income
Dakota Park Boat & RV Storage VALUATION
POTENTIAL GROSS INCOME:No. of Unit Total Monthly Rent/Units Dimensions SF SF Rent SF Totals
Covered Spaces:2 12 x 12 144 288 $45 $0.31 $90
14 12 x 24 288 4,032 $80 $0.28 $1,120104 12 x 37 444 46,176 $120 $0.27 $12,480
1 12 x 55 660 660 $155 $0.23 $1552 12 x 80 960 1,920 $215 $0.22 $430
Subtotals for Covered Spaces:123 432 53,076 $116 $0.27 $14,275
(Average) (Average) (Average)
Enclosed Units:14 14 x 15 210 2,940 $130 $0.62 $1,82010 14 x 20 280 2,800 $160 $0.57 $1,60010 14 x 25 350 3,500 $215 $0.61 $2,15016 14 x 32 448 7,168 $240 $0.54 $3,840
110 14 x 48 672 73,920 $350 $0.52 $38,5006 14 x 65 910 5,460 $530 $0.58 $3,1801 14 x 85 1,190 1,190 $590 $0.50 $5903 14 x 100 1,400 4,200 $665 $0.48 $1,995
Subtotals for Enclosed Units:170 595 101,178 $316 $0.53 $53,675
(Average) (Average) (Average)
Traditional Small Mini-Storage Units:10 10 x 10 100 1,000 $75 $0.75 $7508 10 x 15 150 1,200 $105 $0.70 $840
Subtotals for Traditional Units:18 122 2,200 $88 $0.72 $1,590
(Average) (Average) (Average)
Open Spaces:
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Income Approach
Dakota Park Boat & RV Storage VALUATION
INCOME APPROACH
Potential Gross Annual Income:Rental Income from Storage Spaces $837,600Miscellaneous Income 2.0% of PGI $16,752Total Potential Gross Income $854,352
Less Vacancy & Collection Loss: 15.0% of PGI ($128,153)Effective Gross Income (EGI) $726,199
Less Expenses:Real Estate Taxes & Assesments 9.5% of EGI $68,981Insurance 1.2% of EGI $8,714Operations and Mainenance 2.2% of EGI $15,976Administration 4.0% of EGI $29,048On-Site Management 8.0% of EGI $58,096Off-Site Management 4.0% of EGI $29,048Utilities 2.5% of EGI $18,155Advertising 3.5% of EGI $25,417Other Expenses 3.5% of EGI $25,417
Total Expenses: 38.4% of EGI ($278,852)$1.76 /SF/Annually
Net Operating Income: 61.6% of EGI $447,347$2.83 /SF/Annually
Capitalization of the Net Income Stream:
Net Operating Income $447,347———————— = ——— = $5,591,838Overall Capitalization Rate 8.00%
SAY $5,590,000
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Storage Unit Mix
Dakota Park Boat & RV Storage VALUATION
Storage Unit MixUnit Style Size No. of TotalDimensions (Average) (SF) Units SF
Covered Spaces:12 x 12 = 144 2 28812 x 24 = 288 14 4,03212 x 37 = 444 104 46,17612 x 55 = 660 1 66012 x 80 = 960 2 1,920
Covered Spaces 432 123 53,076(Average)
Enclosed Units:14 x 15 = 210 14 2,94014 x 20 = 280 10 2,80014 x 25 = 350 10 3,50014 x 32 = 448 16 7,16814 x 48 = 672 110 73,92014 x 65 = 910 6 5,46014 x 85 = 1,190 1 1,19014 x 100 = 1,400 3 4,200
Enclosed Units 595 170 101,178(Average)
Traditional Small Mini-Storage Spaces:10 x 10 = 100 10 1,00010 x 15 = 150 8 1,200
Small Spaces 122 18 2,200(Average)------------ ------------ ------------
Total for Enclosed/Covered Units 503 311 156,454(Average)
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Servicess
III. Financial Overview - Periodic Overview Report
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.
LEE & ASSOCIATESCommercial Real Estate Services
PREPARED BY:
CLIFFORD CROWE, CCIMPRINCIPAL(760) [email protected]
STEVE [email protected]
MAY 2011
LEE & ASSOCIATES SELF STORAGE GROUPCOMMERCIAL REAL ESTATE SERVICES5872 OWENS AVE # 200CARLSBAD, CA 92008PHONE: (760) 929-9700 FAX: (760) 929-9977WEBSITE: www.lee-associates.com / www.leeselfstorage.com
Top Related