Sold! Backyard Self-Storage Complex
13211 Conneaut Lake Rd
Conneaut Lake, PA 16316
PRICE: $2850000 | GSF: 42000 |
CAP RATE: 8.65% | LOT SIZE: 5.9 AC |
NOI: $246384 | UNITS: 224 |
PROPERTY TYPE: Self-Storage | YEAR BUILT: 2019 |
OCCUPANCY: 95% | STATUS: Sold |
DETAILS:
Sold! Brand new self-storage facility. The Backyard Self- Storage Complex is a lucrative asset to add to any portfolio. This newly completed, 5-star facility consists of a total of 224 units, 5.9 acres, a 3-bedroom rental house, barbershop, 1,200sf commercial space, and additional land for expansion. The house and barbershop are both currently leased and have a very secure rental history. This facility is in a high-exposure and convenient location right on Conneaut Lake Road, with an average daily traffic count of over 12,000 cars. The complex is fully fenced, gated entry, offers climate-controlled units, paved roadways, and equipped with a full-service surveillance system. The additional property is approved for 3 more buildings consisting of 137 units. The facility is quickly gaining occupancy and soon to be fully stabilized. Pro- forma cap rate of over 9.26% return at a purchase price of $2,850,000.