OFFERING MEMORANDUM Davy’s Locker3321 Leslie St. | Pahrump, NV 89048

WALT TURNER702 340 2900 | Turner@PahrumpAccess.com

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

6Access Realty LLC

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

Davy’s Locker

16Access Realty LLC

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%