All Forum Posts by: Danny Heidle

Scott,

thank you for the welcome.  I tried to delete this post as it was incomplete.  I did repost under self storage in east tn and have had some response.

I've got a great opportunity with 17.5 acres approved for storage.  It's got interstate visibility in fast growing area with a lot of unmet storage demand.  

I'm looking for a money partner or someone that would buy it outright.  

Let me know if you're interested. 

I've been involved in self-storage since 2001 and got involved with real estate several years back. I'm currently a general partner at 865Storage in Knoxville, where I found the land, got the entitlements (not easy in Knoxville City), designed the facility, and managed it. Our success has allowed us to begin phase two, with phase three coming shortly after. Once complete, we will have just over 100,000 rentable sf.

I've acquired 17.5 acres, got it through the Use Upon Review, and permitted for 85,000sf storage with 72,000 rentable. It's in a great location with interstate visibility, a booming population, and substantial unmet storage demand. Climate is vastly underserved in this market, and rents for more psf. I've plotted 72,000 rentable sf with 60% climate / 40% drive up. No brainer.

Estimated stabilized value at a 6% cap, 94% occupancy, $13 per rentable sf, and 23% expense ratio is around $11,000,000. Current build costs are around $90psf.

We could use the additional land for parking, and around 200 covered spots could be built and rented at $170 each, adding an estimated $6,000,000 in value and costing much less psf to build. The land also has an 8" pressurized sewer line and could be used for a hotel or motel.

I have built storage in this area and have contractors and architects I work with. I can be hands-on throughout the process.

The address is 239 Buffalo Rd, Clinton, TN.

We prefer to work with a money partner, maintain some ownership, and are willing to use the land as the down payment for the loan.

Or sell it outright for $1.8.

I'm new to BiggerPockets, and my experience in these deals is minimal, but I'm willing to learn.

If you're not interested but have some advice, I would love to hear it.

I've got 17.5 acres through the Use Upon Review process with the county and approved for 85,000sf storage with 72,000 rentable. It's in a great location with interstate visibility, a booming population, and substantial unmet storage demand. I've plotted 72,000 rentable sf. 60% climate / 40% drive up. Climate is vastly underserved in this market, and rents for more psf.

Estimated stabilized value at a 6% cap, 94% occupancy, $13 per rentable sf, and 23% expense ratio is around $11,000,000.

We could use the additional land for parking, and around 200 covered spots could be built and rented at $170 each, adding an estimated $6,000,000 in value and costing much less psf to build.

I have built storage in this area and have contractors and architects I work with. I can be hands-on throughout the process.

The address is 239 Buffalo Rd, Clinton, TN.

We want to work with a money partner and maintain some ownership, and I am willing to use the land as the down payment for the loan.

Or sell it outright for $1.8.

I've been involved in self storage since 2001 and am currently a general partner in 865Storage.com.