Flyer for RV Storage

For Sale 22,800 NRSF | $565,000 RV & Boat Storage (Kansas City MSA)

St. Joe Boat & RV Storage

4022 Waterworks Rd St. Joseph, Missouri 64505

Property Highlights Value-add opportunity located in the Kansas City MSA with rents below market and the ability to lease up additional outdoor parking spots.

The property has benefited from high occupancy historically with only 3 - 13'x30' units available currently.

Very low delinquency rate with most renters paying yearly.

Two of the buildings are open without dividing walls and one of the buildings has wiring fencing in between units.

Majority of the buildings are located in the FEMA Flood Zone - A Zone with a small portion in the X500 or B Zone.

Sale Price: $565,000 - $24.78/SF Year Built: 1999

Offering Summary Sale Price:

$565,000

Net Rentable SF (Enclosed Storage): Number of Units:

22,800 NRSF 42 Units (44 Doors)

Outdoor Parking Spaces:

8 Spaces

Lot Size:

1.88 Acres

Physical Occupancy (Storage):

92.9%

Physical Occupancy (Overall):

84%

Economic Occupancy:

91.3%

Cap Rate (Actual):

8.26%

Yr 3 Proforma Cap Rate:

10.33%

For More Information

Drew Gannon, CCIM O: 316 680 1108 dgannon@naimartens.com

FLYER | St. Joe Boat & RV Storage 4022 Waterworks Rd Saint Joseph, MO 64505

Broker of Record:

Larry Goldman Goldman Investment Advisors

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For Sale 22,800 SF | $565,000 RV & Boat Storage (Kansas City MSA)

Saint Joseph, MO

FLYER | St. Joe Boat & RV Storage 4022 Waterworks Rd Saint Joseph, MO 64505

2

For Sale 22,800 SF | $565,000 RV & Boat Storage (Kansas City MSA)

FLYER | St. Joe Boat & RV Storage 4022 Waterworks Rd Saint Joseph, MO 64505

3

For Sale 22,800 SF | $565,000 RV & Boat Storage (Kansas City MSA)

Current Financials UNIT TYPE

TOTAL UNITS

CURRENTLY OCCUPIED

13x30 16x40 13x50 16x80 Outdoor Parking TOTAL / AVERAGE

22 4 14 2 8 50

19 4 14 2 3 42

SQ. FT.

RENTABLE SQ.FT.

ASKING RENT

390 640 650 1,280

8,580 2,560 9,100 2,560

$110 $140 $145 $265 $40

22,800

$/SQ. FT. $0.28 $0.22 $0.22 $0.21 $0.26

CURRENT MONTHLY RENT $2,028 $540 $2,038 $533 $215 $5,354

POTENTIAL MONTHLY RENT $2,420 $560 $2,030 $530 $320 $5,860

CURRENT INCOME & EXPENSES ANNUAL INCOME Potential Rental Income Vacancy/Discounts Effective Gross Income Late Fees & Other Income NSF, Admin & Other Fees Total Effective Gross Income

NOTES $70,320 -$6,068 $64,252 $660 $25 Late Fee $500 $25 Admin Fee $65,412

ANNUAL EXPENSES

PER SF

Real Estate Taxes Insurance Management (Boots on Ground) Management (Off-site) Utilities Repairs & Maintenance Advertising Bank Charges/CC Processing Security Cameras Office/Postage/Software

$4,107 $4,221 $1,300 $3,510 $1,620 $2,372 $200 $327 $675 $378

Total Expenses

$18,710

Net Operating Income

$46,702

$0.18 $0.19 $0.06 $0.15 $0.07 $0.10 $0.01 $0.01 $0.03 $0.02

NOTES

% OF E.G.I. 6.3% 6.5% 2.0% 5.4% 2.5% 3.6% 0.3% 0.5% 1.0% 0.6%

2024 County Appraised Value: $162,140 Boots on the ground contractor is neighboring property owner.

Off-site management group handling phone calls

Unit Trac software

28.60%

PURCHASE PRICE ANALYSIS Cap Rate 8.3%

Sale Price $565,000

Price/SF $24.78

For Sale 22,800 SF | $565,000 RV & Boat Storage (Kansas City MSA)

Proforma Financials ANNUAL INCOME

CURRENT

Gross Potential Rental Income Vacancy/Discounts Effective Rental Income Late Fees & Other Income NSF, Admin & Other Fees Total Effective Gross Income

ANNUAL EXPENSES

YEAR 1

YEAR 2

YEAR 3

$70,320

$84,140

$88,347

$92,764

$

($6,068) 64,252 $ $660 500 $

($8,414) 75,726 $ $660 500 $

($7,068) 81,279 $ $675 550 $

($7,421) 85,343 $690 567

$

65,412

76,886

82,504

86,600

$

$

CURRENT

$

YEAR 1

$

YEAR 2

YEAR 3

Real Estate Taxes Insurance Management (Boots on Ground) Management (Off-site) Utilities Repairs & Maintenance Advertising Bank Charges/CC Processing Security Cameras Office/Postage/Software

$4,107 $4,221 $1,300 $3,510 $1,500 $2,500 $200 $327 $675 $378

$4,928 $6,500 $1,339 $7,497 $1,575 $2,575 $750 $343 $769 $389

$5,175 $6,630 $1,406 $7,647 $1,622 $2,652 $773 $361 $784 $401

$5,434 $6,763 $1,476 $7,800 $1,671 $2,732 $796 $379 $800 $413

Total Expenses

$18,718 28.6%

$26,666 34.7%

$27,450 33.3%

$28,262 32.6%

Expense Ratio Net Operating Income

$

46,694

Year 3 Proforma Cap Rate

$

50,220 10.33%

$

55,054

$

58,337

For Sale 22,800 SF | $565,000 RV & Boat Storage (Wichita, KS MSA)

Market Rent Survey

Property Address 13x30

St Joe Boat & RV AB Storage Storage 4022 20209 North 169 Waterworks Rd Highway, St St Joseph, MO Joseph, MO $110

Village Storage 19037 59 Highway, St Joseph, MO

Arrowhead Storage 19610 US 169 Highway, St Joseph, MO

$119 (10x30)

13x35

$165

12x40

$200

$175

13x45

$185

16x40

$140

13x50

$145

16x80

$265

Outdoor Parking

$40

$235

$55

$40.00

For Sale 22,800 SF | $565,000 RV & Boat Storage (Kansas City MSA)

Population

3 Miles

5 Miles

10 Miles

Total Population

16,081

51,988

87,329

Average Age

41

40

41

Average Age (Male)

40

39

39

Average Age (Female)

42

41

42

3 Miles

5 Miles

10 Miles

6,728

21,145

35,198

# of Persons per HH

2.4

2.5

2.5

Average HH Income

$66,708

$76,672

$80,196

Average House Value

$197,670

$193,696

$200,290

Households & Income Total Households

Demographics data derived from AlphaMap

FLYER | St. Joe Boat & RV Storage 4022 Waterworks Rd Saint Joseph, MO 64505

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