Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago on . Most recent reply

User Stats

13
Posts
4
Votes
Spencer C.
  • New to Real Estate
  • Tooele, UT
4
Votes |
13
Posts

10 miles from Oklahoma City - Storage unit deal analysis

Spencer C.
  • New to Real Estate
  • Tooele, UT
Posted

Hi BiggerPockets,

Hoping I can get some help analyzing a deal on storage units, since my niche has primarily been in smaller multi-family units. 2 questions:

1. How do you find out about an area you're unfamiliar with?

2. Wondering if I'm missing something from the analysis below. Let me know and thank you in advance!

283 Storage Unit Facility - residential area close to Oklahoma City.

almost 2 acres
Total Sqft: 26,400
Price per Sqft: $10.80
Price per Unit: $1,007.

Unit Mix:
130 5x10 
109 10x10
44 10x 20

My thought on what Market rate rents would be:
5x10 - $55
10x10 - $80
10x 20 - $160

Property seems to be in excellent condition - on a scale of 1-10 it would be an 8. No leaks in the roof, paving is good, new paint, a few broken doors, fencing is in good condition.

Current Rent Roll: 134 units occupied

Expenses for 2019:
Supplies $200
Repairs $660
Taxes $15,273
Utilities $5,728
Office $1,393
Payroll $13,782
Insurance $5,239

Total Expenses: $42,275

It seems like this is a no-brainer but I don't know if I'm missing something here. Let me know if there is anything I'm not thinking of. Thanks!

Loading replies...