1241 NW 50th Ave - Porterfield Mini Storage
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1241 NW 50th Ave - Porterfield Mini Storage
11,980 SF Specialty Building Offered at £874,821 at a 5.86% Net Initial Yield in Gainesville, FL 32609
INVESTMENT HIGHLIGHTS
- Price Reduction
- Opportunity to develop four (4) new 10’x20’ climate-controlled units with roll-up doors
- Solid inventory: 85 Total storage units | 11,980 GSF | 9,660 NRSF
- Expansion Opportunity: Potential to increase revenue by adding storage units | 800 SF of vacant climate-controlled space currently underutilized
- Further Upside Potential: Opportunity to increase NOI by standardizing & raising rental rates to market levels
- Ideal location: Located approximately 4 miles from The University of Florida & 5 miles from the Gainesville Regional Airport
EXECUTIVE SUMMARY
PRICE REDUCTION
Current Cap Rate: 5.86%
Pro-Forma Cap Rate: 8.33%
Current Cap Rate: 5.86%
Pro-Forma Cap Rate: 8.33%
PROPERTY FACTS
| Price | £874,821 | Building Class | C |
| Price Per SF | £73 | Lot Size | 1.00 AC |
| Sale Type | Investment | Building Size | 11,980 SF |
| Net Initial Yield | 5.86% | Number of Floors | 1 |
| Property Type | Specialty | Year Built/Renovated | 2005/2006 |
| Property Subtype | Self-Storage | Parking Ratio | 4.76/1,000 SF |
| Price | £874,821 |
| Price Per SF | £73 |
| Sale Type | Investment |
| Net Initial Yield | 5.86% |
| Property Type | Specialty |
| Property Subtype | Self-Storage |
| Building Class | C |
| Lot Size | 1.00 AC |
| Building Size | 11,980 SF |
| Number of Floors | 1 |
| Year Built/Renovated | 2005/2006 |
| Parking Ratio | 4.76/1,000 SF |
AMENITIES
- Signage
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PROPERTY TAXES
| Parcel Number | 07966-011-000 | Improvements Assessment | £102,282 |
| Land Assessment | £51,527 | Total Assessment | £153,809 |
PROPERTY TAXES
Parcel Number
07966-011-000
Land Assessment
£51,527
Improvements Assessment
£102,282
Total Assessment
£153,809
ZONING
| Zoning Code | I1 (light industrial) |
| I1 (light industrial) |
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1241 NW 50th Ave - Porterfield Mini Storage
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