Value Add Self Storage Facility In Slidell For Sale

Description

Self-storage facility for sale in Slidell, Louisiana, within the New Orleans–Metairie metropolitan area.

The property is offered at $795,000 and includes approximately 11,886 net rentable sq. ft. across 98 storage units in two buildings.

Property details

• Asking price: $795,000
• Approximately 11,886 net rentable sq. ft.
• 98 storage units
• Two buildings
• Approximately 3 acres
• Physical occupancy: approximately 72%, excluding owner-occupied units
• 24-hour tenant access
• Security systems in place

The seller reports an in-place cap rate of approximately 4.56% and estimates that the cap rate could exceed 9% after additional lease-up and operating improvements. Buyers should treat the higher figure as a projection rather than current performance.

The facility was originally constructed in the mid-1990s and renovated in the late 2000s.

Vacant units provide an opportunity to increase occupancy. A buyer could also review current rental rates, owner-occupied units and operating expenses for possible adjustments.

The listing describes the surrounding area as having limited nearby storage competition and constrained new development. Buyers should independently verify current competing supply, demographics and planned storage projects.

Buyers should also verify historical rent rolls, delinquency, occupancy calculations, unit mix, current rental rates, operating expenses, property taxes, insurance, security systems, building condition, zoning, flood exposure and the assumptions used to calculate both current and projected cap rates during due diligence.