Self Storage Unit Number Analysis and Offer

[Gerald Lightfoot]

I am looking at a self storage unit in Splendora Texas.It has 149 units and currently 122 of them rented out which is $7800.00 in rent. The asking price is $650,000 which seems to be middle of the road in pricing. The owners are living in Montana and are selling investments in Texas. I believe retiring from the business. I have two questions, I am considering offering $500,000 to see how motivated they are and how do the numbers look? Any feedback would be appreciated. Gerald L