We bought another KMart! $31.5 million in assets closed this year

[Clint Harris]

We closed on our second KMart a couple weeks ago, this one is in Danville, VA, 1.3 miles from the new $550 million casino thats under construction right now and opening in Q1 2024, big things happening in that town! Here is the quick summary. The property is an old KMart that has been empty for quite a while, 97,500 sf, purchase price and construction cost total $5.5 million. We are converting this property to a Drive-In, Climate Controlled self storage facility with 680 units with a unit density mix determined by the feasability study. Our conservative analysis puts the stabilized NOI with below market rents and occupancy at $938k, and at a 6 Cap, the bank puts a stabilized value on the facility of $12.5 million! Very happy with this project, and very grateful for our Nomad Capital team! Can't wait to be paying out cash flows soon, and then cutting some very nice checks to our investors in a few years! Very thankful for this BP community, and all that we have been able to learn over the past few years from so many people willing to share. On to the next!!!

Clint Harris

Nomad Capital