2630 E Grand River Ave - Prime Storage Solutions 43,858 SF Specialty Building Offered at $4,568,000 at a 6.67% Cap Rate in Howell, MI 48843

Built in 2023, this storage unit is still ready to reach its full potential.
2022 Appraisal for $6,690,000 attached
331 Climate controlled Self Storage Units.
Property is in distress because owner had to fire the original operator a year ago. Occupancy increases slowly every single month and is currently 56% occupied. With a smart operator experienced in self storage, this should become a great investment. The seller dd not want to operate a self storage building and it was unfortunate the original operator set them so far behind. Owner has run out of project funding and cant wait 12 more months to hit full occupancy. Occupancy is increasing every month and ready for an ideal well funded operator.
Cannot do seller financing, the sales price is the current debt payoff. Not trying to walk away at a profit, just trying to walk away. $2M below appraisal. Seller will take a $2 million dollar loss but ready for buyer gain.
We have a bid from a fencing company $37,000 to enclose a portion of the parking lot for boat and RV storage. This is permitted and approved by the city. This would add 40 exterior spaces adding potential of $4,000-12,000 per month in revenue.
The front of the lot could also easily be changed to a gas station, uhaul center, car wash, laundromat etc. Huge site and huge site potential.
Original projections use the comparable sales that this project could get to $415,000 per year in NOI. As inexperienced operators, we don't think that is possible, but $300,000 NOI is definitely within reach quickly