Investment Overview

Coastal Climate Control & Mini Storage opened in 2003 as a state of the art self storage facility in the Lafayette MSA. Pride of ownerhip is evident, and the facility is the premier storage option in the area. The property is being offered for sale along with American Stor N Lock, ownerships satellite location which is 1.7 Miles away from this property. Both properties are being offered as a fee simple acquisition or the option to purchase 40% of the General Partner position. The property features 54,675 Net Rentable SF in which 51,950 NRSF are climate controlled and 2,725 are non climate controlled spaces. The property has maintained high historical occupancy achieving 95% unit occupancy today. Coastal Climate Control and American Stor N Lock are both owner operated and have never utilized outside management services. The market is currently achieving $14 SF on a 10 x 10 climate controlled rental and Coastal Climate Control is achieving $13 SF on a 115 average unit size. The property would benefit from experienced third party management to implement a tenant insurance program, enforce late fees, improvements to the collections process, revenue management and an in place tenant rate increase process. The property would benefit from a new website with improved Search Engine Optimization, online rental capability and dynamic pricing linked to a management software. Additionally, this facility should be utilized to drive rentals to the satellite location, Amercian Stor N Loc.