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Colonial Storage Center 
7469 Tara Blvd.
Jonesboro, GA 30236
County: Clayton
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(843) 342-7650 |
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Midcoast Properties, Inc.
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| Property Use Type: | Investment |
| Type: | Industrial
Self/Mini-Storage Facility |
| Building Size: | 41,368 SF |
| Lot Size: | 3.52 Acres |
| Occupancy: | 70.00% |
| Price: | $1,100,000 |
| Price/SF: | $26.59 |
| Cap Rate: | 7.70% |
| Year Built: | 1973 |
| Date Last Verified: | 11/1/2008 |
| Property ID: | 15832778 |
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Property Description:
Colonial Storage Center is a well located and highly visible well established facility offering 257 units and 40,042 RSF on 3.52 +/- acres. It is comprised of five self storage buildings, three which are sturdy concrete block and two newer metal storage building. Additionally, the property offers retail spaces facing the road, an attached rental office, and an on-site apartment. With good visibility from US Hwy 19/US Hwy 41 along with traffic counts exceeding 59,000 vehicles per day, this property is well positioned to respond to a focused management effort. At $27.47 per RSF, this property is priced at or below replacement value. Based upon projections, this property represents a 13.2% capitalization rate in year 7 at 80% Occupancy even factoring in an additional capital investment of $100,000.
Location Description:
Colonial Storage Center is located on US-19/US-41 (Tara Boulevard), a very busy, multi-lane street in a retail area in Jonesboro, GA.
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| • | Priced At or Below Replacement Value | • | On Site Rental Office |
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| • | On Site Apartment | • | Sturdy Concrete Block Buildings |
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| • | Significant Upside Potential | | |
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Financial Summary
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Proforma
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| Year: | 2008 |
| Net Operating Income: | $84,293 |
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| Debt & Equity Information |
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No Debt & Equity Information Provided
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8/4/2008
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| The information above has been
obtained from sources believed reliable. While we do not doubt its accuracy we
have not verified it and make no guarantee, warranty or representation about
it. It is your responsibility to independently confirm its accuracy and
completeness. Any projections, opinions, assumptions, or estimates used are for
example only and do not represent the current or future performance of the
property. The value of this transaction to you depends on tax and other factors
which should be evaluated by your tax, financial, and legal advisors. You and
your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for
your needs.
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