Location Summary

• The location of this property has a potential higher and better use, as it is the intention of the City of Venice to provide aggressive zoning and future land use designations for the eventual redevelop for much of this area, specifically around Venice Ave and Seaboard fronting the intercontinental waterway.
• This storage facility provides great opportunity with a long term stabilized tenant base. The property is one of a couple cage style facilities within the market and although they are competitive with other similar style facilities, the units are less expensive than the more modern style facilities. This provides for protection during economic downturns were potential patrons are looking savings at every corner. The basic financial breakdown is $1,300,000 for the storage and $200,000 for the vacant yard. Contrary to the financials depicted in the packet the actual CAP rate on the storage facility is north of 8%. In reviewing numbers provide by owner, many of the operating expenses were less than normal because of the many properties owned by the owner within a two block radios. Within the financial summary they have been adjusted to reflect numbers believed to be closer to actual. In addition to the storage facility there is an adjoining vacant yard that has provided for additional income in the past and although not used in the financial income and expense projections of this packet, it could a) accommodate additional storage buildings or revenue from outdoor storage for; boats, RV's and other similar users which is in high demand. Other similar storage facilities like this one, that can provide for moving truck parking and a small office space, have been able to capitalize on renting to a moving companies and, pushing occupancy to nearly 100% while cutting operating expenses relating to employment. The proximity to Venice Ave provides easy access throughout the local area and to I-75, also making it appealing for moving companies.