5660 Thomaston Rd, Macon, GA 31220
AAA Car Wash & Mini Storage is an 85-unit storage facility with a seven bay car wash on 1.5 acres in Macon, Georgia. The property fronts Thomaston Road which sees average traffic counts of 20,800 cars per day and is also visible from the intersection of Thomaston and Tucker roads just one parcel away. At this intersection, a new Publix was recently built in 2019, a strong indicator of the desirability of this location and long-term traffic driver.
At list price, $900,000, this opportunity will yield a 8.7% CAP based on current operations and an 13.8% cash-on-cash return once leverage is considered. The self-storage side of this property is currently under-preforming only collecting 75.6% of the gross potential despite being 91 percent occupied by square footage. With a more aggressive approach to management, a new owner could improve current rates as well as street rates and still be well below market rents. By doing this an owner can improve the CAP to 9.5% and the cash-on-cash return to 16.6%.
AAA Car Wash & Mini Storage is an 85-unit storage facility with a seven bay car wash on 1.5 acres in Macon, Georgia. The property fronts Thomaston Road which sees average traffic counts of 20,800 cars per day and is also visible from the intersection of Thomaston and Tucker roads just one parcel away. At this intersection, a new Publix was recently built in 2019, a strong indicator of the desirability of this location and long-term traffic driver.
At list price, $900,000, this opportunity will yield a 8.7% CAP based on current operations and an 13.8% cash-on-cash return once leverage is considered. The self-storage side of this property is currently under-preforming only collecting 75.6% of the gross potential despite being 91 percent occupied by square footage. With a more aggressive approach to management, a new owner could improve current rates as well as street rates and still be well below market rents. By doing this an owner can improve the CAP to 9.5% and the cash-on-cash return to 16.6%.
