This property is Off-Market
900 Lonus Court
San Jose, CA 95126 ·
90,624 SF · Industrial For Sale
SAFE PLACE STORAGE
|Building Size||90,624 SF||No. Stories||1|
|Property Sub-type||Self/Mini-Storage Facility||Year Built||1988|
|Property Use Type||Investment||Lot Size||4.63 AC|
|Listing ID: 13806551||Date Created: 11/11/2003||Last Updated: 03/15/2004|
Safe Place Storage is located at 900 Lonus Court, located just off Lincon Ave and highway 280. This facility is in excellent condition. The property was built in 1988. The facility is currently demised into 996 self storage units. This investment is offered at a 10.4% cap rate based upon the proforma income and expenses. The 10.3% cap rate would be achieved by raising the current rents as outlined in the Proforma Unit Mix & Income Schedule. The facility is currently 91% physically occupied as of October 2003.
The facility is offered to the investor $7,600,000 cash to the existing financing with an approximate balance of $2,650,000. The terms of the existing financing are as follows: $3,390,000 Original Balance, 8.125% Fixed, 20 year Amortization, Due November 2015.
Safe Place Storage is located at 900 Lonus Court, located just off Lincon Ave and highway 280. This facility is in excellent condition. The property was built in 1988. The facility is currently demised into 996 self storage units.
Construction of the one-story buildings are masonry walls over a concrete slab. The doors are metal roll up doors and wood swing doors. The interior walls are wood and the roofs are all metal. The property sits on 4.63 acres.
The self storage facility is located in the City of San José on Lonus Court just south of Highway 280. The City is located south of San Francisco. The city covers 177 square miles. With a population of 925,000 residents San José is the third largest city in California, following Los Angeles and San Diego. It is the 11th largest city in the U.S. Major employers in the area include; IBM, Cisco Systems, Agilent Technologies and Pacific Bell. San José ranks No.1 in the U.S., based on median household income of $67,504.
- Institutional Quality
- 10.4% Cap Rate on Proforma
- 96% Leased
- 996 Self Storage Units, 90,624 square feet
- Excellent Location- just south of Highway 280 in Willow Glen
- All one-story buildings, Built 1988
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