All Purpose Storage - Rutland
For saleUnder contract1331 US-7, Rutland, VT 05701
$11,250,000592 units77,250 SF
Self Storage$19,003/unit$146/SF2001/2021
Property type
Self Storage
Unit / Space count
592
Price
$11,250,000
Rentable area
77,250 SF
Year built
2001
Year renovated
2021
Occupancy
89.19%
Stories
1
Lot size
11.96 Acres
Number of buildings
23
Sold/status
Under Contract
CAP
7.11%
Price per SF
$145.63
Property description
In Association with Scott Reid & ParaSell Inc. | A Licensed Vermont Broker: #083.0650387-MAIN SCOTT REID Broker - ParaSell Inc. broker@parasellinc.com 949.942.6578 VT - #81.0105695
Property highlights
- Cash Flowing Self Storage Portfolio With the Rutland Location Comprised of 482 Non-Climate Units Totaling 62,350 NRSF and the West Rutland Location Comprised of 110 Non-Climate Units Totaling 12,900 NRSF and a 2,000 SF Commercial Space.
- The Facilities Are Located Less Than Four Miles From Each Other, Allowing for Management Efficiencies.
- Strong Occupancy and a Moderate SF/Capita Should Allow the Next Owner to Increase Revenue Through Existing Customer Rent Increases.
- Rutland Location Was Doubled in Size During the 2021 Expansion and Currently Sits at 84.23% Physical Occupancy.
- Room for Future Expansion at the West Rutland Location. Seller Has Been Working Toward Approvals With the Town and Conceptual Plans are Included in the Deal Room.
- Facilities are Excellent Candidates for Remote Management With Automatic Gate and Keypad Entry Already In-Place at the Larger Rutland Location. Management Software and Essential Vendor Contracts In-Place at Both Locations.
- Recent Cap/Ex Improvements at the Rutland Location Include the Installation of Ornamental Fencing, $50,000 in Landscaping Upgrades, and a Fresh Coat of Paint for the Buildings That Were Not Part of the 2021 Expansion.
- Strong Average Household Income of $83,366 Within Five Miles of the Rutland Location.
- The Rutland MSA is Comprised Solely of Rutland County, Which is Located in Eastern Vermont and is Home to 60,271 Residents.