Help analyze this storage unit purchase

[Jane Wu]

Small town, but It is 35 mins to major city downtown. An operating 47-unit self-storage and 13 RV spaces. Current 4 vacant storage. They charge $30 for RV parking, 4-7$/sf for storage units. This storage business started in 2004. Plenty of land for expansion. On-site office or residence for manager. Pay roll $1800/year bu cause The Manager live in the mobile home on the property. Gross income: $56,340. Expense: $19200 (realistic?) NOI: $33906. No competition in 4 miles radius. 9 miles from WalMart. Appraised Value: $284,640 1. Property Improvement - Building Type: Mobile Home State Code: F1 Living Area: 672.00sqft Value: $27,100 Build 1993 Type: Commercial State Code: F1 Living Area: 6,400.00sqft Value: $101,520 2. Land: Residential $36,000/Commercial $116,960 Previous owner financed Asking for 350k for 6500 leasable space and 2.5 acre land. In the market for 4 days, many inquires so far, no offer yet. How much should I offer?