FOR SALE DEVELOPMENT OPPORTUNITY SAV-SPACE STORAGE COMPLETION PROJECT 550 Newtown Road Littleton, MA 01460 PROPERTY HIGHLIGHTS 30,800 NRSF Existing Climate Controlled Storage; 4,300 SF Interior Expansion Areas 12,040 NRSF Office Space available for rent or conversion 35+/-Acres, Expansion Possibilities Competitive Self Storage Rents at $17.00/SF PRESENTED BY: Connie Neville, J.D. Managing Director/Self Storage Council Co-Chair 781.696.6241 nevillec@svn.com Upside for new Owner includes additional interior storage & drive-up exterior storage All SVN Offices Independently Owned & Operated.
EXECUTIVE SUMMARY Executive Summary PROPERTY SUMMARY SALE PRICE: $3,875,000 LOT SIZE: 35+/- Acres BUILDING SIZE: 56,000 SF PROPERTY OVERVIEW Sav-Space Storage is a 56,000 gross square foot building which currently houses a 30,800 net rentable square foot self storage facility on 35+/- acres in Littleton, MA. The concrete block building was constructed in 1960 as a manufacturing and testing plant for telegraph equipment. Presently there are 237 climate controlled units that range in size from 5x5 to 10x21. Amenities at this property include climate controlled storage, 24 hour video surveillance, dock height loading, document storage, daily postal service, insurance and a very convenient location. In addition to the existing storage there is 4,300 square feet available for new units to be built in phases 3 and 4. On the third floor is 12,040 SF of office space that can remain or maybe converted to more self storage. The current owners originally bought the property in 1999 and used it primarily to house their mortgage business operations. As a result of the economic downturn they closed the mortgage business, pursued other ventures, moved out of the building and only half-heartedly have managed the self storage facility as absentee owners since 2009. The bottom line for this facility will be increased by employing the following upside strategies: 1) rental rates to market standards for new customers 2] build out and lease up phases 3 and 4 that total 4,300 SF 3) utilize the parking area and additional acreage for portable drive-up units, RV and boat storage 4) rent 12,040 SF of office or convert it to self storage 5) upgrade web presence to allow online rentals, payments and institute a mobile App 6) employ a full time manager to staff the onsite rental office which is currently unmanned This acquisition offers a new owner the benefits of cash flow from day one of operations as well as the ability to progressively add value to the facility. MARKET: SUB MARKET: CROSS STREETS: Littleton Concord, Acton, Westford Suburbs Route 2 And Nashoba Road LOCATION OVERVIEW Sav-Space is located on Newtown Road which carries approximately 10,000 vehicles per day past the property as they travel north and south to Routes 2, and 495 and the residential neighborhoods of Littleton, Westford, Acton and Concord. This facility is located 3 miles from the 550,000 SF IBM campus on King St. and just 3 miles from the new 540,000 SF mixed use retail destination called The Point which combines retail, restaurants, grocery, hotel and entertainment. Littleton is approximately 30 miles from Boston and perfectly positioned to benefit from the commercial and residential growth in western 2
REGIONAL MAP Regional Map 3
LOCATION MAPS Location Maps 4
SATELLITE MAP Satellite Map 5
SITE PLAN Site Plan 6
FLOOR PLANS Floor Plan Upper Level 7
FLOOR PLANS Floor Plan Lower Level 8
FLOOR PLANS Floor Plan Office Spaces 9
PRO FORMA AT STABILIZATION 550 Newtown Road, Littleton, MA Pro Forma Stabilized Valuation Income Amount per square foot Square feet Total Climate Controlled Storage $17.00 30,800 $523,600 Office $9.00 12,040 $108,360 29 10x20 Portable Units $200/month $69,600 15 Outside Parking Spaces $50.00 $9,000 Late fees 1.50% $9,479 Insurance Commissions 1.00% $6,320 Retail Sales 2.00% $12,639 $14.75 42,840 $738,998 Vacancy 14% $103,460 Effective gross Income $635,538 National Averages Expenses Advertising 3% $19,066 Personnel 10% $63,554 Management Fees (% 0f EGI) 6% $38,132 Insurance 2% $12,711 Property Tax 8% $75,000 Cost of Goods Sold 1% $6,355 Repairs & Maintenance 3% $19,066 General/ Administrative 3% $19,066 Utilities 4% $25,422 40% $278,372 Total Expenses NOI $357,166 Capitalization Rate 10.85% Stabilized Value $3,875,000 Stabilized Value Rounded $3,900,000 Value per SF $91.04 10
COMPETITION ANALYSIS Competition Analysis Sav-Space Storage 550 Newtown Road, Littleton, MA PROPERTY NAME SUBJECT SITE Littleton Storage Solutions Public Storage Acton Personal Storage II Property Address 550 Newtown Rd., Littleton, MA 509 Great Rd., Littleton, MA 277 Littleton Rd., Westford, MA 816 Main St., Acton, MA No. of Units (est.) 237 existing NRSF (est.) 28,449 existing 60,000 Distance from Subject N.A. 3.6 miles 4.1 miles 4.2 miles NON Climate Control 5x5 $52 $32 5x10 $99-$105 $88 5x15 $149 10x10 $150 $177 10x15 $210 10x20 $305 $205 $251 10x25 $353 $312 10x30 $330 Climate Control 5x5 $94-$96 $55 $48 5x10 $138-$150 $63 $101 5x15 $177 10x10 $203-$225 $105 $195 10x15 $278-$297 $233 $240 10x20 $364-$385 10x25 $439-$449 $360 10x30 $492-$514 $330 11
COMPETITION MAP Competition Map SUBJECT PROPERTY 550 Newtown Road Littleton, MA 01460 1 LITTLETON STORAGE SOLUTIONS 3.6 MILES 2 509 Great Road Littleton, MA 01460 PUBLIC STORAGE 4.1 MILES 3 277 Littleton Rd. Westford, MA 01886 ACTON PERSONAL STORAGE II 4.2 MILES 816 Main St. Acton, MA 01720 12
DEMOGRAPHICS REPORT Demographics Report 1 MILE 5 MILES 10 MILES Total households 584 19,153 72,909 Total persons per hh 2.8 2.8 2.8 Average hh income $106,262 $129,041 $129,806 Average house value $761,867 $491,366 $508,999 1 MILE 5 MILES 10 MILES Total population 1,615 53,449 201,958 Median age 43.0 41.3 41.7 Median age (male) 42.3 41.2 41.1 Median age (female) 43.8 41.6 42.5 1 MILE 5 MILES 10 MILES Total population - White / % White 1,507 / 93.3% 45,084 / 84.3% 179,256 / 88.8% Total population - Black / % Black 3 / 0.2% 419 / 0.8% 2,598 / 1.3% Total population - Asian / % Asian 86 / 5.3% 6,300 / 11.8% 14,163 / 7.0% Total population - Hawaiian / % Hawaiian 0 / 0.0% 10 / 0.0% 17 / 0.0% Total population - Indian / % Indian 4 / 0.2% 124 / 0.2% 360 / 0.2% Total population - Other / % Other 0 / 0.0% 309 / 0.6% 1,644 / 0.8% 1 MILE 5 MILES 10 MILES Total population - Hispanic 11 / 0.7% 924 / 1.7% 5,383 / 2.7% * Demographic data derived from 2010 US Census 13
DEMOGRAPHICS MAP Demographics Map 1 Mile 5 Miles 10 Miles Total Population 1,615 53,449 201,958 Population Density 514 681 643 Median Age 43.0 41.3 41.7 Median Age (Male) 42.3 41.2 41.1 Median Age (Female) 43.8 41.6 42.5 Total Households 584 19,153 72,909 # of Persons Per HH 2.8 2.8 2.8 Average HH Income $106,262 $129,041 $129,806 Average House Value $761,867 $491,366 $508,999 * Demographic data derived from 2010 US Census 14
ADDITIONAL PHOTOS Additional Photos 15
ADVISOR BIO Connie Neville, J.D. Managing Director/Self Storage Council Co-Chair SVN C.M. Neville & Associates, Inc. Constance (Connie) Neville, J.D., is a Managing Director & Co-Chair of the Self Storage Product Council for SVN. She specializes in the sale of self storage facilities in New England. As a member of the SVN Asset Recovery Team (SVNART) Connie represented regional banks and lenders in the disposition of troubled loans and foreclosed properties. Locally, Connie works with landlords and tenants leasing retail and office properties in Lexington, MA. On a national level Connie has clients who remediate, reposition and re-develop environmentally impacted properties. Phone: 781.696.6241 Fax: 781.372.7299 Cell: 781.696.6241 Email: nevillec@svn.com Address: P.O. Box 193 Lexington, MA 02420 In 2000, before affiliating with SVN, Neville founded her own full service brokerage firm, C.M. Neville & Associates. Under her direction the firm sold land, industrial, retail, and office properties in Eastern Massachusetts. These transactions included the acquisition of several properties for Public Storage, a variety of investment sale transactions and several end-user purchases. Prior to entering commercial real estate Neville practiced law, serving as litigator and negotiator for individuals, business owners and corporations. Coupled with her commercial real estate expertise, Neville's legal training and experience enable her to effectively negotiate deals in the best interest of all parties. Since joining the SVN National Self Storage Team, Neville has participated in the sale of self storage properties totaling 2,800,000 square feet and over $157,000,000 in Massachusetts, Connecticut, Rhode Island, Maine, New Hampshire and New York. Neville is a member of the National Self Storage Association (SSA). She is a member of and board member of the Northeast Self Storage Association (NESSA), the Maine Self Storage Association (MeSSA) and the New Hampshire Self Storage Association (NHSSA). In addition to her primary focus on the self storage asset class, Neville brokers transactions involving mixed-use retail and office properties, and industrial buildings. As a resident of Lexington, Massachusetts, Neville is actively involved in community groups including Rotary, and various town committees. Neville received her Juris Doctor from Northeastern University School of Law, her master's degree from George Washington University and her bachelor's degree from Skidmore College. 16
DISCLAIMER The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of the SVN Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor. Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. This Offering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the SVN Advisor from any liability with respect thereto. To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.