$900000

Lapeer City Mini Storage
  • Units: 290
  • Cap Rate: 10.14 Percent
  • Price Paying: 10.14 sqft
  • Price Per Unit: $3,134
  • Property Type: Commercial
  • Gross Rent Multiplier: 6.29
  • Year Built: 1996
  • Monthly Income Per Unit: $48.97
  • Expense to Income Ratio: 36.18 Percent
  • Average Square Feet: 168
  • Debt Service Coverage: 1.93
  • Cash Flow: 48,539
  • ROI Year One: 19.51
  • Listing Agent: Bruce Lister
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of Lapeer City Mini Storage which is located in Lapeer, Michigan. This property consists of:

    290 Units – 45,268 sq. ft. Drive-Up & Outside Storage Manager’s Office

    Lapeer City Mini Storage is situated on 500 Demille Boulevard, just South of W Genesee Street & East of S Main Street.

    This property is comprised of 290 units, ranging from 50 to 360 square feet. The property also has a three bedroom two bath house, part of the house is rented out and another part is used as the manager’s office. There are a total of 10 buildings sitting on approximately 3.5 acres. The Property’s amenities include an on-site office, RV parking, and close proximity to the town’s center.

    This property has a strong cash flow with its occupancy above 90% for many years, due to its location and the effective management of this facility. The owner is motivated to sell, and based on the asking price of $995,000, Lapeer City Mini Storage reflects a 10.14% cap rate with a cash-on-cash return of 19.51%.
  • Interior Features: -
  • Exterior Features: -

Location


View Larger Map
  • IPO Social Media

    Follow us on Facebook!
    LinkedIn
    Tweet to us!
  • About Us

    Income Property Organization offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301