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Commercial Storage 1 0 0 7 N D A V I S D R ,W A R N E R R O B I N S , G A
O F F E R I N G M E M O R A N D U M
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Commercial Storage
INVESTMENT HIGHLIGHTS4 FINANCIAL OVERVIEW8 AREA OVERVIEW14
KYLE MATTHEWSBroker of RecordLicense No. 67120 (GA)
AUSTIN MCLEODAssociate
D: (404) 445-1093 M: (678) 576-1780E: [email protected] No. 394903 (GA)
Commercial Storage
JOHNNY BLUE CRAIGRegional Director
D: (404) 410-9201 M: (850) 509-8733E: [email protected] No. SL3331383 (FL)
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Commercial Storage
Commercial Storage
INVESTMENTHIGHLIGHTS01
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INVESTMENT HIGHLIGHTS• Preliminary expansion plans have already been drafted for
this location – showing that the facility can be expanded from 24,400 NRSF to 60,025 NRSF.
• Climate Controlled storage in the 3-mile radius is severely undersupplied - only 7,214 NRSF – justifying the need for climate controlled expansion
• Substantial upside through improved management - numerous tenants have occupied their units for 5+ years and are paying rent that is well below the street rate
• Low coverage ratio - existing buildings are only covering 20% of the parcel
• Surrounding facilities boast strong occupancy rates for their climate controlled units
PHYSICAL DESCRIPTION
YEARBUILT/RENOVATED
1986/2016
TOTAL UNITS
199
NET RENTABLE AREA
±24,400 SF
PROPERTY ADDRESS
1007 N Davis Dr,Warner Robins, GA
Commercial Storage
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May 5, 2020301 Walnut Blvd, Rochester, Michigan 48307p 248 601 4422 | www.designhaus.com
Setbacks: Front: 40’
Rear: 25’ min. against residential Sides: 10’ min. against residential
Lot coverage:50% max (72,527 sf)Height: 5 stories/70’
Proposed:Existing Building Coverage: approx. 28,535 SF
Proposed Climate Controlled Building: 43,700 SFTotal Building Coverage proposed on site: 72,235 SF (49.80% coverage)
Single Story Climate Controlled Building
1007 N. Davis and 1003 N. DavisTotal: 3.33 AcresZoning: C-2 General Commercial
Commercial Storage
PROPOSED CLIMATE CONTROLLED EXPANSION
1007 N. DAVIS & 1003 N. DAVISTOTAL: 3.33 ACZONING: C-2 GENERAL COMMERCIAL
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May 5, 2020301 Walnut Blvd, Rochester, Michigan 48307p 248 601 4422 | www.designhaus.com
Setbacks: Front: 40’
Rear: 25’ min. against residential Sides: 10’ min. against residential
Lot coverage:50% max (72,527 sf)Height: 5 stories/70’
Proposed:Existing Building Coverage: approx. 28,535 SF
Proposed Drive Up Buildings: 38,600 SFTotal Building Coverage proposed on site: 67,135 SF (46.28% coverage)
Drive Up Buildings (Unit Sizes to include but not limited to: 5x10/10x10/10x15/5x15/10x20/10x30)
1007 N. Davis and 1003 N. DavisTotal: 3.33 AcresZoning: C-2 General Commercial
Commercial Storage
PROPOSED DRIVE-UP EXPANSION
1007 N. DAVIS & 1003 N. DAVISTOTAL: 3.33 ACZONING: C-2 GENERAL COMMERCIAL
LOST RIVERCommercial Storage
FINANCIALOVERVIEW02
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INVESTMENT SUMMARY
CONCRETE BLOCKSW A L L S
ASPHALTF O U N D A T I O N
BEST OFFER L I S T P R I C E
CEMENTF L O O R S
±3.33 ACL O T S I Z E
±24,400 SFG L A
CAMERAS/FENCEDS E C U R I T Y
Commercial Storage
CURRENT UNIT MIX
UNIT TYPE SF # OF UNITS TOTAL SQFTCURRENT RENTAL RATE PRO FORMA RENTAL RATE TOTAL ANNUAL RENT
CURRENT PRO FORMAMO/UNIT MO/TOTAL MO/UNIT MO/TOTAL
6 X 10 60 44 2,640 $45 $1,980 $50 $2,178 $23,760 $26,136
8 X 10 80 98 7,840 $50 $4,900 $55 $5,390 $58,800 $64,680
10 X 12 120 18 2,160 $75 $1,350 $80 $1,440 $16,200 $17,280
10 X 24 240 22 5,280 $100 $2,200 $105 $2,310 $26,400 $27,720
15 X 24 360 16 5,760 $135 $2,160 $142 $2,268 $25,920 $27,216
30 X 24 720 1 720 $225 $225 $236 $236 $2,700 $2,835
TOTALS 199 24,400 $1,945 $12,815 $2,114 $13,822 $153,780 $165,867
EXPANDED UNIT MIX
UNIT TYPE SF # OF UNITS TOTAL SQFTCURRENT RENTAL RATE PRO FORMA RENTAL RATE TOTAL ANNUAL RENT
CURRENT PRO FORMAMO/UNIT MO/TOTAL MO/UNIT MO/TOTAL
6 X 10 60 44 2,640 $45 $1,980 $50 $2,178 $23,760 $26,136
8 X 10 80 98 7,840 $50 $4,900 $55 $5,390 $58,800 $64,680
10 X 12 120 18 2,160 $75 $1,350 $80 $1,440 $16,200 $17,280
10 X 24 240 22 5,280 $100 $2,200 $105 $2,310 $26,400 $27,720
15 X 24 360 16 5,760 $135 $2,160 $142 $2,268 $25,920 $27,216
30 X 24 720 1 720 $225 $225 $236 $236 $2,700 $2,835
5 X 5 25 25 625 $30 $750 $33 $825 $9,000 $9,900
5 X 10 50 100 5,000 $75 $7,500 $83 $8,250 $90,000 $99,000
10 X 10 100 60 6,000 $120 $7,200 $132 $7,920 $86,400 $95,040
10 X 15 150 20 3,000 $155 $3,100 $171 $3,410 $37,200 $40,920
10 X 20 200 105 21,000 $185 $19,425 $204 $21,368 $233,100 $256,410
TOTALS 509 60,025 $2,065 $50,790 $2,246 $55,595 $609,480 $667,137
Commercial Storage
LOST RIVER
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FINANCIAL OVERVIEWCURRENT STABILIZED EXPANDED
Total $ PSF Total $ PSF Total $ PSF
Income
Rental Income $153,780 $6.30 $153,780 $6.30 $609,480 $10.15
Vacancy/Collection Loss -50.00% ($76,890) ($3.15) -10.00% ($15,378) ($0.63) -10.00% ($60,948) ($1.02)
Effective Gross Income $76,890 $3.15 $138,402 $5.67 $548,532 $9.14
Expenses
Real Estate Taxes* $10,649 $0.44 $10,649 $0.44 $35,000 $0.58
Insurance $1,350 $0.06 $1,350 $0.06 $15,000 $0.25
Utilities $3,000 $0.12 $3,500 $0.14 $12,000 $0.20
Payroll $4,800 $0.20 $20,000 $0.82 $50,000 $0.83
Management $0 $0.00 $6,920 $0.28 $27,427 $0.46
Bank and Credit Card Fees $1,000 $0.04 $1,730 $0.07 $6,857 $0.11
Advertising $0 $0.00 $5,000 $0.20 $12,500 $0.21
Administrative $500 $0.02 $1,500 $0.06 $7,500 $0.12
Repairs & Maintenance $2,440 $0.10 $2,440 $0.10 $6,000 $0.10
Total Operating Expense $23,739 $0.85 $53,089 $2.01 $172,283 $2.87
Net Operating Income $53,151 $2.30 $85,313 $3.66 $376,249 $6.27
Commercial Storage
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RENT COMPARABLES - NON-CLIMATE CONTROLLED
PROPERTY ADDRESS 5X10 NC 10X10 NC 10X15 NC 10X20 NC
A&A Self Storage 68 Green St, Warner Robins, GA 31093 $55 $70 $80 $95
The Storage Locker 95 Green St, Warner Robins, GA 31093 $40 $46 $65 $75
G&D Self Storage 623 Greenbriar Rd, Warner Robins, GA 31093 $46 $66 $89 $99
U-Haul 1235 Watson Blvd, Warner Robins, GA 31093 $75 $105
Dixieland Mini Warehouses
150 Commercial Alley, Centerville, GA $54 $79 $99 $119
Averages $54 $73 $83 $97
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RENT COMPARABLES - CLIMATE-CONTROL
PROPERTY ADDRESS 5X10 CC 10X10 CC 10X15 CC 10X20 CC
StoreSmart Self Storage 230 Carl Vinson Pkwy, Warner Robins, GA 31088 $87 $138 $185 $222
World Storage 1549 Russell Pkwy, Warner Robins, GA 31088 $69 $109 $139 $159
All American Self Storage 1408 Leverette Rd, Warner Robins, GA 31088 $79 $119 $149 $174
Averages $78 $122 $158 $185
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Commercial Storage
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Commercial Storage
LOST RIVERCommercial Storage
AREAOVERVIEW03
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Commercial Storage
WARNER ROBINS, GAWarner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central part of the state. It is currently Georgia’s tenth-largest incorporated city. The city is the main component of the Warner Robins Metropolitan Statistical Area, including the entirety of Houston, Peach, and Pulaski counties. Robins Air Force Base, a major U.S. Air Force maintenance and logistics complex founded as Warner Robins Air Depot in 1942, is located just east of the city limits; the base’s expansion and the suburbanization of nearby Macon have led to the city’s rapid growth in the post-World War II era.
Robins Air Force Base is one of the largest employers in the state of Georgia and directly contributes over 25,000 military, civil service, and contractor jobs to the local economy.[26] It has provided economic stability for Warner Robins that has benefited the entire Middle Georgia community.
The city of Warner Robins is working on redeveloping and renewing areas that have suffered from urban decay and/or abandonment through neglect and city growth. The city’s plans include development of a centralized downtown center “for pedestrian-oriented businesses, culture and community gathering” to be re-established at Commercial Circle in order to “connect commerce and culture back to Downtown.
POPULATION 1-MILE 3-MILE 5-MILE
2025 Projection 4,761 29,052 62,572
2020 Estimate 4,705 28,533 61,037
Growth 2020-2025 1.19% 1.82% 2.52%
HOUSEHOLDS 1-MILE 3-MILE 5-MILE
2025 Projection 1,909 11,846 25,785
2020 Estimate 1,865 11,500 24,898
Growth 2020-2025 2.36% 3.01% 3.56%
INCOME 1-MILE 3-MILE 5-MILE
2020 Avg. Household Income $42,691 $55,446 $64,675
DEMOGRAPHICS
This Offering Memorandum contains select information pertaining to the business and affairs of Commercial Storage located at 1007 N Davis Dr, Warner Robins, GA (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion
or manner detrimental to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
CONFIDENTIALITY AGREEMENT & DISCLAIMER
AUSTIN MCLEODAssociate
D: (404) 445-1093 M: (678) 576-1780E: [email protected] No. 394903 (GA)Commercial
Storage
KYLE MATTHEWSBroker of RecordLicense No. 67120 (GA)
JOHNNY BLUE CRAIGRegional Director
D: (404) 410-9201 M: (850) 509-8733E: [email protected] No. SL3331383 (FL)