Updated: Oct 13
"The Storage Store"
6540 Frankfort Rd., Shelbyville KY 40065
4,000 Sq/Ft Value-Add, Self Storage Facility • Assignable Contract!
Asking: $180,000.00 OBO
Price per Square Foot: $45.00
Current CAP Rate: 7.2
Sub-Market Rate Rents
Projected CAP Rate: 14.2
Current Gross Rents: $1,560.00
Reflects Current Vacancy
Current Rents are Approximately 30% BELOW MARKET.
Potential Gross Rents: $3420.00
Facility Size: 4,000 Sq/Ft
Square Footage Includes 700 Sq/Ft Conditioned Office that can be converted to additional Conditioned Storage Units.
Lot Size: .33 Acre
50' X 300' Lot
Opportunity to Purchase Neighboring 100' X 160' Track.
Year Constructed: 2001
Construction Type: Wood Frame / Post Frame / Pole Barn.
Current Unit Mix:
(2) Covered Parking Spots
(1) Dumpster Space *Rented by Local Business Client*
3 Mile Population: 1,756
5 Mile Population: 3,434
10 Mile Population: 39,079
The existing Air Conditioned Office could easily be converted to Conditioned Storage, being the only Conditioned Storage in its immediate Market! It is my opinion you could convert the office to approximately:
(4) 5X8 Units @ $70.00 Monthly
(2) 11X8 Units @ $90.00 Monthly
(1) 10X10 Unit @ 105.00 Monthly
To our analysis Current Rents are approximately 30% BELOW MARKET VALUE; presenting a huge opportunity by simply raising rents to Market Rate.
Units are currently rented in person and rents are paid via cash or check deposited in a drop box on the premise. "The Storage Store" has no online presence, Auto-Payments, or Atomization; presenting a HUGE opportunity to implement Technology and automate the Rental Process!
Neighboring Business will consider selling rear 100' X 160' Portion of their lot, allowing the potential to add an additional 5,000+ Sq/Ft at a later date if desired.
What I Like:
"The Storage Store" is the only facility in its immediate 3 Mile Population, being the only Facility serving the Town of Waddy, KY.
This low maintenance facility holds a HUGE Value-Add opportunity to implement Technology to Automate the Rental Experience (and your CA$H FLOW!).
Earnest Money Deposit: $2,500.00
Property is SOLD AS-IS; please perform your own due diligence as Scope of Work may vary.
We are in possession of an Assignable Contract that allows us to market our contractual interest in this property. Any information provided by 502RENTALS.COM, LLC is for informative purposes only, is not binding, and should not effect buyers due diligence or final decision to purchase.
NOW SCHEDULING PROPERTY VIEWINGS!
Text or Call Dillon @ (502) 233-1342 to schedule a Viewing.
Property is on Lock-Box; ask about scheduling a Self-Guided Tour!
FOR MORE INFORMATION OR TO ACCESS THIS PROPERTY:
Text or Call Dillon @ (502) 233-1342