First Self Storage Acquisition

[Christopher Melum]

My name is Christopher Melum. I am native to Spokane WA, where I have built a mobile welding and fabrication business, which I have used to fund my real estate business. Over the years I have been acquiring under valued properties that I fix up and turn into long term rentals. I am currently looking for any under performing assets around 1 million. I am a very hands on fix anything kind of guy. Derelict properties do not bother me, I see them as an opportunity. I am interested in all forms of real estate. My Ideal property at this point in time would be a 10-20 unit class c apartments, mobile home park, or self storage. I am looking for a project and willing to partner. I am looking to meet new people in our Spokane real estate investment community. I could appreciate some mentoring. I am a Christian, a business owner, a veteran, I can fix anything, and I love Real Estate. I am available any time.

The property I am currently offering on is 2842 W Seltice Way - Post Falls Mini Storage For Sale 19,775 SF Specialty Building Offered at $1,150,000 in Post Falls, ID. https://www.loopnet.com/Listing/2842-W-Seltice-Way-Post-Falls-ID/16453826/
The property is being offered at a 5 cap 65k NOI. I feel this is to low of a rate due to market saturation, there has been 3 other storage facilities built in the last 3 years within 2 miles, the location is fully developed "no space for further growth", and the size of the facility only being 141 units makes it just large enough to need a full time manger while just being small enough that management is a large expense factor, pushing this facility towards the owner operator. I believe that 55k NOI is more realistic and made an offer at $650k putting the cap rate at 8.4 which I felt was more deserving of a property that was constrained by the, small size to management expense ratio, capped development potential, and market saturation. I was quickly denied. I have waited a few weeks and would like to take another shot at it. I feel the NOI is off $10k which is big on such a small property. I would like to make an offer at $725k 55k NOI 7.5 cap

Is there anyone who could give me an outside perspective on how I could better negotiate and close this deal? 

Thank you for your time and consideration,
Christopher Melum