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Commercial Storage 1007 N DAVIS DR, WARNER ROBINS, GA OFFERING MEMORANDUM

Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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Page 1: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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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

Page 2: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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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)

Page 3: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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Commercial Storage

Page 4: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

Commercial Storage

INVESTMENTHIGHLIGHTS01

Page 5: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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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

Page 6: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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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

Page 7: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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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

Page 8: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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FINANCIALOVERVIEW02

Page 9: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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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

Page 10: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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

Page 11: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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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

Page 12: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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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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S

1 2

3

4

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86

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Commercial Storage

Page 14: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

LOST RIVERCommercial Storage

AREAOVERVIEW03

Page 15: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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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

Page 16: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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

Page 17: Commercial Storage - 1007 N David Dr, Warner Robins, GA · WARNER ROBINS, GA Warner Robins is a city in the U.S. state of Georgia, located in Houston and Peach counties in the central

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)