Estate Owned 274 Unit Self Storage Facility in Greenville, SC (Greenville County)
47,520± SF Storage Facility with 274 Units & 52 Parking Spaces on 4.92± Acres in the Donaldson Center Area
Selling for the Margaret A. Frank Estate
Selling Absolute! No Minimums, No Reserves
Live Onsite Auction Thursday, March 30 at 1:00 PM
108 N. Old Standing Springs Rd., Greenville, SC 29605
Inspection: Thursday, March 23 from 11:00 AM – 1:00 PM
Sale Manager: Rickey Heaton 864-350-0323
Property Description: 47,520± SF Storage Facility with 274 Units and 52 Parking Spaces for Cars, Boats & RVs on 4.92± Acres in the Donaldson Center area. There is also a 1,300± SF Office with 2 Bedrooms & 1.5 Baths. The Facility was built around 2000 and is being operated as L&M Self Storage.
This property has been operated by the Estate for the past four years and is currently only at 44% Unit Occupancy with a 13% Delinquency Rate (Q4 2016) and 25% Economic Occupancy. There is tremendous opportunity the right buyer to significantly improve performance with very little improvement costs. If 80% Economic Occupancy was achieved, at current rental rates, the Gross Annual Income could be $282,682. (This figure is simply for illustration purposes and is not given as a representation from the Seller nor the Auctioneer)
Three Storage Buildings totaling 47,520± SF:
Bldg A = 19,260± SF
Bldg B = 18,000± SF
Bldg C = 10,260± SF
Total Storage Units by Size:
10’ X 10′ (37)
10’ X 15′ (176)
10’ X 20′ (34)
10’ X 30′ (20)
20’ X 30′ (7)
& 52 Parking Spaces
Storage Units Currently Rented by Size:
10’ X 10′ (24)
10’ X 15′ (59)
10’ X 20′ (19)
10’ X 30′ (18)
20’ X 30′ (5)
& 22 Parking Spaces
Storage Unit Rental Rates:
10’ X 10′ ($68/Mth)
10’ X 15′ ($89/Mth)
10’ X 20′ ($109/Mth)
10’ X 30′ ($156/Mth)
20’ X 30′ ($300/Mth)
& Parking Spaces ($45/Mth)
Past Income: 2016 was $86,541, 2015 was $94,854 (See Documents for 2016 P&L Summary)
Currently using SiteLink for Management Software and Payment Processing
Current Renovations: Cool Sealed Storage Building roofs in 2016, new shingles on office in 2012 & maintenance on all door springs over the past four years.
There is a Sign Easement for L&M Storage off Fork Shoals Rd. at the intersection of N. Old Standing Springs Rd. (See Documents)
Zoned S-1 (Services)
Tax Maps# 0410000100300 & 302
2016 Taxes were $15,491 (Seller will pay remaining back taxes from sale proceeds and 2017 taxes will be prorated up until the date of closing)
Seller guarantees marketable title free of any liens to be conveyed through a Limited Warranty Deed.
Broker Participation Invited:
A One Percent (1%) Commission will be paid on the final contract price to any properly registered broker whose prospect purchases real estate at the auction and closes in full. Please click HERE
to view the complete listing for full details.
Property Inspection: Thursday, March 23rd from 11:00AM to 1:00PM (Please do not just show up and ask the Manger if you can take a look around. If you cannot attend the Property Inspection above then please call for an appointment – thanks for your understanding.)
Closing Attorney: Closing attorney fees paid by buyer.
Contact Rickey Heaton at 864-350-0323 with any questions regarding this property or the auction process.
Click HERE to View Complete Listing!
Palmetto Auction & Realty, LLC
Rickey Heaton | Auctioneer
26 Seashell Court
Simpsonville, SC 29681