Athens Mini Storage

Industrial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30677149
Property Subtypes: Self Storage
Status: Pending/Contingent
Building Size (RSF): 2,800 SF
Gross Building Area: See Agent
Sale Price: $160,000
Unit Price: $57.14 PSF
Property Use Type: Investment, Business
Sale Terms: Cash to Seller
Cap Rate: 8.68%
Average Occupancy Rate: 96
Last Updated: 2/4/2021

Overview / Comments

Athens Mini Storage
104 Benton Rd
Athens TN 37303
➢ Central location 1.4 miles from downtown Athens
➢ Room to develop more units
➢ Web site: https://www.athensministoragetn.com/
➢ Google Maps: https://tinyurl.com/AthensMiniStorage
➢ Facebook Page: https://www.facebook.com/AthensMiniStorage
➢ Facility was established June 2019 with zero occupancy
➢ Land Area: 0.57 Acres
➢ Electric bill ~$65/mo.
➢ Rentable space: 2,800 Square Feet
➢ Number of units: 32
➢ Stabilized occupancy past 7 months: 96%
➢ Fully fenced with manual sliding gate
➢ Nighttime security lighting
➢ Stabilized average monthly gross income past 7 months: $1653
➢ Operating expense ratio 25% (excluding management)
➢ Net Operating Income (actual expenses and proforma stabilized rent): $19,104
Turnkey self-storage property with stabilized occupancy .
The facility is in good condition with all storage units and other equipment operating correctly. Regular maintenance has been performed and repairs have been made as needed. Every unit is maintained/repaired each time a customer moves out. The site is set up to operate remotely to minimize management effort. Customer service is provided almost entirely using text messages, emails and phone calls. Customers rent units online and move into their units without manager involvement. The owner visits the site once a week to turn over vacant units and perform basic maintenance. Seller uses Easy Storage Solutions management software, which is web based and accessible from any internet-capable device, including smart phones. The software account can be
transferred to buyer with all tenant data and history. Easy Storage Solutions provides a customer-facing web site through which customers are able to rent units, sign agreements, and make payments without manager involvement. The software automatically invoices customers and sends late notices. The cost of the software ranges between $39/mo and $69/mo depending on the number of units per location. The software processes paymtents and 90% of customers are either on autopay or pay through the web site. About 10% either call in to pay or
mail their payments. Cash payments are not accepted.The properties have a strong presence on Google/Google Maps with positive customer reviews.
Seller will be available for 30 days to assist buyer(s) with start-up.

Additional Details

Nearest MSA: Athens
County: McMinn
Tax ID/APN: 054056N A 02300
Property Located Between: Athens TN
Highway Access: yes
Tenancy: Multiple Tenants
Number of Stories: 1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,650 13,852 23,198
Median Age: 42.68 38.74 40.58
Households: 2,420 5,837 9,414

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