Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 160 & 162 Imboden Dr, Winchester, Virginia. The 35,000 SF building was constructed in 1998 and sits on 2.07 Acres. 160 Imboden Dr is a 20,000 SF industrial warehouse space that has been leased to the same tenant for over 20 years and 162 Imboden Dr is a 15,000 SF space consisting of 82 self-storage units. The property is located within 5-minutes of I-81, putting it within a one-day drive of more than half of the U.S. population. Other notable companies located in the area include Amazon, Home Depot, Kraft-Heinz, and Rubbermaid Commercial Products. This investment features significant upside through raising below market rents for both the warehouse tenant and self storage tenants. Alternatively, plans exist to convert the warehouse space to 88 additional storage units, giving a new owner the ability to more than double rent per foot in that space. The warehouse is currently occupied by Patton’s Movers, a family owned and operated moving and storage company that has been servicing the Winchester area for more than 100 years. They currently pay $3.97/SF on a year-to-year lease, which is well below market. In 162 Imboden Drive, Air Control Storage operates climate-controlled storage units, ranging in size from 5’x10’ to 10’x30’. Despite offering a secure facility with 24/7 access, rents for every unit size are the lowest of any nearby self storage facility. The storage business is not widely advertised and does not have a sign that is visible from the street. By just raising the self storage monthly rates to the lowest of nearby comparable properties and filling the existing vacancy, an investor would increase self storage revenue by 68%. Ownership is offering Seller Financing to qualified investors at a 5.5% interest rate, with interest only payments for 15 years and a $1,000,000 down payment. Between the interest only Seller Financing and opportunity to increase rents, a new owner should be able to achieve a double-digit cash-on-cash return within the first year of ownership.