All Forum Posts by: Jeff Herda

After talking with brokers, we've decided to put it on Loopnet. The occupancy has gone up to 88% and looking to go higher this week. Check out the listing here: https://www.loopnet.com/Listing/14026-US-90-Greenville-FL/32...

Sorry I thought I hit submit on this one. 

You are correct the as-is revenue is about 17k. For a storage facility, it's all about what you're paying for today and it's future value once stabilized on a Value-add property like this one. 

My preforma shows a stabilized NOI of $36,285. So an 8 CAP puts the value at $453,651. That is much more conservative than what is happening to be truthful.

I'm still waiting for May's numbers to settle. April came in $3828.50 at 75% full. The owner purchased the property when the occupancy was at 92% with a few non-payers & supper low paying tenants. 

If you're conservative, 85% occupancy would be around $4,338/mo. Plus the owner told me that he'll be signing someone to lease out the car wash for $600/mo. That would provide a total monthly revenue of $4,938/mo (or a yearly gross of $59,256). If you run the place using the same systems as the owner, it would give you an NOI of $45,458. So at an 8 CAP makes the property worth $568,225.

The seller is open to offers, just not able to do seller financing. 

Out of curiosity, what would be the price that you'd offer?

Hey everyone! 

I'm helping sell one of my business consulting client's properties. It is a small self-storage facility in Greenville, FL. 

Some quick info on it:

-4,000 SF on 1 Acre

-Has an abandoned car wash (owner working a month-to-month lease to rent this out at $600/mo)

-75% Occupied (was over 90% before kicking out non-paying tenants)

-About 55% below local rent rates

-Only Storage facility in 12 miles (Apartment complex 0.1miles away on same road & has a Dollar General dianglely across the street)

-Street traffic over 14,000 AADT

-Currently grossing $3,828 for April (May's report is waiting for cash collections to finalized.) [This does not include the $600/mo]

There is a lot of upside; 4 sided billboard (est @ $200/mo per side) & the $600/mo rental of car wash. That does not include the occupancy increase, nor the increase in rental rates. 

The Seller has asked me to list it at $495,000. He wants this to close by August 1, 2024! He is very negotiable on the price; Just no seller financing available.

If you'd like to know more, see the images below. To get a PDF version of this please click this link!

Feel free to reach out to me with any and all questions!

Jeff Herda

Prestige Consulting

414-217-7632

[email protected]

Hey BP! I'm currently reviewing my first car wash. The numbers look ok. However, since 2021 the car wash numbers have been in decline. The owner said that it's due to him living in Florida and visiting 4 times a year, the downturn in the economy, and employee turnover. 

What are you seeing as a trend in your Wisconsin Car Wash business?