OFFERING MEMORANDUM 3321 Leslie St. Pahrump, NV 89048 WALT TURNER 702 340 2900 Turner@PahrumpAccess.com
Davey s Locker TABLE OF CONTENTS Section 1: Executive Summary Section 2: Financial Analysis
3321 Leslie Street Pahrump, NV 89048 SALES PRICE: $820,000 TOTAL UNITS: 69 Rentable Square Feet 9,000 Lot Size (Approximately) 10 AC Pro Forma Occupancy 95% VITAL DATA CAP Rate 9.1% Net Operating Income $74,745 Operating Expenses $5,775 DSCR 12.9 FINANCIAL SUMMARY Loan Amount $492,000 LTV Ratio 60% Interest Rate 5% Amortization Period 30 Years Monthly Payment $2,641.16 3
Summary of Terms Fee Simple interest in, a 9,000 square foot self storage facility located on 10 Acres in Pahrump, NV Terms of Sale Subject property is offered at $820,000 based on a capitalization rate of 9.1%. The net operating income figures for the property assume a fiscal year based on a pro forma with 95% occupancy. Seller will respond to offers on a first-come, first-serve basis. Property Tours Seller open to property tours. Property tours must be arranged with Access Realty listing agents. Please do not contact the tenants, on-site management or staff without prior approval. 4
Investment Highlights 3 Stick build dwellings 1 Leasing Office (1 of 3 dwellings) 10 RV Hookups 1 detached shower/ bathroom/ laundry room for RV Tenants Plenty of room to expand 69 units; 9,000 rentable square feet High-Quality, Well-Maintained facility 45 miles west of Las Vegas All single-story units Low overhead expenses CAP Rate of 9.1% New Roofing Installed (2017 for units & 2015 for primary residence) Offering Access Realty is pleased to offer for sale Davy s Locker located in the Pahrump, NV. is offered at $820,000 Property Overview consists of 69 self storage units located within 3 separate buildings comprised of 9,000 net rentable square feet with plenty of room for an additional 69 storage units. In addition, has 3 separate stick build dwellings; Primary, Guest House & Leasing Office. The facility was built in one phase in 1989. All units are located on ground level for client convenience and easy access. The units are all wood frame built on concrete slabs and each unit has a metal roll-up door. Roofing has been updated on all units as of 2017. There are 3 different unit sizes overall and the lot has potential for additional growth if so desired. The site consists of 1 tax parcel totaling 10 acres. The facility 10 RV hookup slots to accommodate those who either stop by for the night or wish to rent a slot paying an affordable $250/month. There is a detached bathroom/ shower/ laundry room located near the RV hookups to help accommodate all tenants. Davy s Locker is secured with outer fencing encumbering the perimeter. There s also a onsite work shop for any mechanical issues that may arise. Best of all this sale conveys 3 stick build single family homes. The primary residence is a 2,160 SF home which consists of 4 bedrooms and 2 full bathrooms. The 3 rd stick build home is perfect for a leasing office or a on site manager or can be used for additional income as a rental property. Great potential for experienced storage unit owners or hands on investors! 5
Summary would appeal to a national or regional institutional owner or REIT looking for a high-quality location with intentions of expanding or maintaining. The facility would also appeal to an exchange or cross-product buyer who would be attracted to the stable cash flow or even a owner of multifamily properties would be intrigued by an asset with similar operational characteristics. 6
Infrastructure THE OFFERING Property Property Address 3321 Leslie Street Pahrump, NV 89060 Assessor s Parcel Number 027-381-18 SITE DESCRIPTION Total Units 69 Rentable Square Feet 9,000 Year Built 1989 Lot Size Type of Ownership Land for Additional Development 10 Acres Fee Simple Yes Stick Build Dwellings 3 RV Home Hookups 10 Water / Private Well 2 Septic Tanks 4 Detached Bathroom/ Shower/ Laundry Rm for RV Tenants 1 Leasing Office / Guest House 1 UNIT CONSTRUCTION Foundation Framing Exterior Walls New Roofing Fencing Concrete Slab Wood Wood Comps Perimeter 7
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Unit Mix FINANCIAL ANALYSIS UNIT SQ FT DESCRIPTION TOTAL UNITS VACANT UNITS OCCUPIED UNITS UNIT OCCUPANCY % TOTAL SQ. FT. CURRENT MONTHLY RENT / UNIT PRO FORMA MONTHLY INCOME PRO FORMA MONTHLY RENT / SF GROSS MONTHLY INCOME GROSS MONTHLY RENT / SF 5 X 10 50 DRIVE UP 8 0 8 100% 400 $40 $320 $0.80 $320 $0.80 10 X 10 10 X 20 100 DRIVE UP 200 DRIVE UP 36 2 34 94 % 3,600 $50 $1,700 $0.47 $1,800 $0.50 25 1 24 96 % 5,000 $60 $1,440 $0.41 $1,500 $0.30 69 3 66 95 % 9,000 $3,460 $0.38 $3,620 $0.40 OCCUPANCY GROSS ACTUAL %OCC UNITS 69 66 95% SF 9,000 8,600 95% ECONOMIC $3,620 $3,460 95% *Unit Mix and Occ Stats Exclude(s) RV parking Unit Mix by Building BUILDING A B C 5 X 10 10 X 10 10 X 20 TOTAL UNITS 8 6 5 19 0 0 20 20 0 30 0 30 8 36 25 69 15
Annualized Operating Data INCOME PRO FORMA @ 95% GROSS ANALYSIS Gross Income $41,520 $43,440 RV Hookups $27,000 $30,000 Other Income $12,000 $12,000 Operating Expenses $5,775 $5,775 Net Operating Income $74,745 $79,665 EXPENSES PRO FORMA @ 95% GROSS ANALYSIS Real Estate Taxes $4,075 $4,075 Insurance $700 $700 Repairs & Maintenance $1,000 $1,000 RV Hook Up Electric $0 $0 Total Operating Expenses $5,775 $5,775 7.7% 7.2% FINANCIAL ANALYSIS Footnotes Income 1. Gross Income is based on unit mix and pro forma with a 95% occupancy. 2. RV Hookup pro forma income is based on 9 of the 10 available hookup stations being occupied annually at $250/month. 3. Other Income based on 2 nd home converted to rental property at $1,000/month. Expenses 1. Currently, no budgeted advertising or marketing. 2. RV Hook Ups individually metered. 3. Actual expenses for Taxes & Insurance as of 2/2019 4. Repairs & Maintenance based on previous costs. 16