Investment Overview

American Stor N Lock Self Storage & RV Parking was built in 2004, and the property features 36,260 Net Rentable SF. Additionally, the facility offers outside parking spaces, which could be vacated for a future expansion that would be 8,400 Gross SF. The ownership group recently vacated ten, 10 x 10 units with plans to tear down a building and expand in favor of larger contractor units. The doors to the 10 x 10 units have been removed, and are being held in a storage unit for guidance from a future buyer on the plans for the doors and the proposed building tear down. The ownership group has self managed the facility since the properties inception in 2004 and currently uses Sitelink management software. The property has 1 renter with tenant insurance, low delinquency and existing tenants are not on a routine rate increase plan. Current rental rates are 5% to 20% below market on each size with an average unit mix size of 190 NRSF. The property does not have a website, nor dynamic pricing based on unit/property occupancy. The property would benefit financially from a revenue management plan for existing tenants and vacant units. The annual advertising and marketing spend is less then $500, and the property would benefit from a new website and an increased spend on search engine optimization. The property is being offered for sale as a fee simple acquisition opportunity or an acquisition of 40% of the General Partnership of the property. The property will only be sold along with the ownership groups other self storage asset, Coastal Climate Control Storage, which is also located in Youngsville, LA and only 1.7 miles away from this location.