Description
Glenn's Mini Storage is a mom n' pop owned storage facility in the Longview/Tyler MSA located .6 miles form Lake O' the Pines. 74 units totaling 10,880 SF with great visibility on state highway 155 priced under $35 psf. The current owner does not use management software or online rentals. Rates are well below market, the property will benefit greatly from active property management, Google MB and online marketing. The facility grossed $32,000 in 2022 but should stabilize at $55,000 and 9.8% cap rate by EOY1. There is room for 4K-5K sf expansion of conventional or boat storage. Offering memorandum, detailed financials, and occupancy report available upon request. Seller would consider owner financing in second position.
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0BEDS
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1.25ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
Glenn's Mini Storage is a mom n' pop owned storage facility in the Longview/Tyler MSA located .6 miles form Lake O' the Pines. 74 units totaling 10,880 SF with great visibility on state highway 155 priced under $35 psf. The current owner does not use management software or online rentals. Rates are well below market, the property will benefit greatly from active property management, Google MB and online marketing. The facility grossed $32,000 in 2022 but should stabilize at $55,000 and 9.8% cap rate by EOY1. There is room for 4K-5K sf expansion of conventional or boat storage. Offering memorandum, detailed financials, and occupancy report available upon request. Seller would consider owner financing in second position.
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