- RATES & OCCUPANCY // The facility is 100 percent full (as of October 8, 2020) with below market rents. Nearby facilities charge between $119 and $157 for a 10×10 unit compared to our $100 rate. The existing tenant base is stable with 50 percent of the tenants having been there longer than four years.
- LOCATION // Longmont is a community strategically located between the growing cities of Denver, Boulder, and Loveland. Within three-miles the population is 65,441 and average household income is a strong $105,231. Located just 1,000 feet off Kenn Pratt Boulevard which is the main road through Longmont with its 32,000 cars per day.
- CONSTRUCTION & AMENITIES // The building’s sturdy masonry construction is original while the rubber membrane roofs were replaced in 2016. Drive aisles and parking surfaces are all concrete. In the fall of 2020 the seller re-painted and replaced the carpet in the on-site managers apartment. All seven of the exterior lights were replaced with energy efficient automatic-on LED lights in the fall of 2020. This facility has an experienced on-site manager who’s lived on-site and managed the facility for six years. The on-site apartment is given to the manager as part of his compensation which helps keep owner expenses low.
- UPSIDE TO NEW OWNER // Increase revenue by raising rental rates to market levels and selling tenant insurance. Improve the business by adding a website and allowing customers to pay via credit cards. Currently every unit has an electrical plug with complimentary electricity, but a new owner could change that to decrease expenses.