Exclusively Listed By:
EquiCap Commercial 

 DEAL SUMMARY

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List Price:  $1,450,000

NRSF:         25,348

Units:          189

Acres:         1.97

Locations:    2

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INVESTMENT HIGHLIGHTS

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PRIME LOCATION // Both locations are on main

thoroughfares through town and have great visibility

 

FAVORABLE YIELDS // With broker adjusted expenses, to

allow for remote management, marketing and other industry standard expense that the current owner doesn’t incur, the in-place NOI is $109,825 or an 7.1% cap rate. By adjusting street rates and implementing a rate management model, the cap rates jumps to 8.31% by the end of year 1.

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ATTRACTIVE REAL ESTATE TAX MARKET // Current real

estate taxes are only $0.16 per square foot. Chester County does a county-wide reappraisal every six year and the next reappraisal isn’t due until 2028.

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EXPANSION OPPORTUNITY // Opportunity to expand by

adding portables or another small non-climate building

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INVESTMENT SUMMARY

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EquiCap Commercial is pleased to offer CPW Storage, a two-property operation located at 253 N Church Avenue and 212 W Main Street in Henderson, Tennessee.

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The two CPW Storage locations are about 1 mile apart and offers 189 units, climate-controlled, non-climate-controlled and an spacious open office, all within 25,348 net rentable square feet on approximately 1.97 acres. The office is currently leased to a business who pays $650 per month.

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The current owners have invested significant capital into recent enhancements including the addition of two new

climate-controlled buildings, freshly painted exteriors and new concrete drive aisles at the Church Avenue location. The properties currently maintain a physical occupancy of 92% and an economic occupancy of 79%.

There is the opportunity to expand by adding portables or another non-climate-controlled building at the Church Avenue location.

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Henderson, TN is located 18 miles south of Jackson, TN and about 90 minutes east of Memphis. This rural west

Tennessee town is a growing community of approximately 6,600 residents and has a labor force of over 8,000 workers. One of the largest economic drivers is Freed-Hardiman University, a private Christian university that enrolls about 2,000 students annually.

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CPW Storage is offered at $1,550,000, $61.15 per square foot, and in-place cap rate of 7.1%. The facility’s street rates are up to 30% below the competitors presenting an opportunity to push street rates and existing customer’s rates. By increasing overall street rates a modest 9% and closing the gap between physical occupancy and economic occupancy, a buyer can achieve a cap rate of 8.31% by the end of year one. Furthermore, the current owners do not charge any late fees or admin fees or offer tenant insurance – providing additional opportunities to enhance the income stream.​