Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts.

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Presentation transcript:

Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts

Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts Property Description This 300 unit self-storage facility is located on one of three entrance corridors to Salem, Massachusetts, a city of 300,000 residents. The converted factory building was renovated in 1997 and has been an established and well known business since With over 3000 car traffic counts on it’s 270’ frontage and 4 story height, it has a commanding presence in the center of the growing city. Adjacent transit systems, municipal facilities, college, dormitories, schools, hospital, and state court system, allows it to draw not only from a high rental demographic in the 1, 3 and 5 mile ring, but a strong commercial client base as well.

Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts Property Assets Land Total Area: 27,470 sf. Open Area: 17,000 sf Frontage: 270’, 150’, 370’ Parking: Zoning: Industrial Building Total Area: 33,000 s.f. Net Leasable: 24,000 s.f. Buildings: 2; (4 story & 1 story) Units: 300+ Unit Mix: 5x5 up to 20x30

Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts Property Financials 2008 Pro Forma Income Gross Rent: $267,000 Other Income: $28,000 Total Income: $290,000 Current Expenses Operating Expenses: 110,000 RE Taxes: 26,000 Total Expenses: 136,000 Current Statistics Unit Occupancy: 75% S.F. Occupancy: 81.21% Avg. $/s.f./m: $1 Added Values Penske Truck Rental Land Value Expansion

Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts Property Acquisition NOI ,000 Cost/s.f.$68.18 Acquisition$2,250,000

Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts Property Photographs

Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts Property Photographs

Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts Property Photographs

Ogden & Hawkes Real Estate Investment Self Storage Facility, Salem Massachusetts Property Photographs