Download - GENERAL SELF STORAGE...Self-storage facilities can typically be broken down into four specific categories that depend largely on their location. We use the following rating system

GENERAL SELF STORAGE 123 Main Street Toledo, Ohio 43605

Custom Self-Storage Capitalization Rate & Sales Analysis Date of Report: March 16, 2017 Order Number #: 0001

PREPARED FOR John Smith General Self Storage 123 Main Street Toledo, OH 43605

PREPARED BY COLLIERS INTERNATIONAL

VALUATION & ADVISORY SERVICES

LETTER OF TRANSMITTAL

Colliers International Valuation & Advisory Services, and certain of its subsidiaries, is an independently owned and operated business and a member firm of Colliers International Property Consultants, an affiliation of independent companies with over 500+ offices throughout more than 63 countries worldwide.

COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES MAIN +1 FAX +1 WEB www.colliers.com/valuationadvisory

March 16, 2017 John Smith General Self Storage 123 Main Street Toledo, OH 43605 RE: General Self Storage 123 Main Street Toledo, Ohio 43605

Order Number #: 0001

Mr. Smith:

Thank you for ordering this tailored Self-Storage Sales & Capitalization Rate Analysis through the ISS Store. We designed it to inform you on the most recent capitalization rate trends and sale transactions within the local market.

You have inquired about a facility consisting of 450 units and 65,000 SF located in Ohio. Based on the data provided in your order and our research we estimate this property to have a Class B rating. We discuss our rating system later in this report. The sale comparable set selected for our analysis will be of a generally similar rating based on the same criteria.

For this analysis, we have analyzed the sales and capitalization rates of self-storage properties in and around Ohio. We targeted our search to facilities similar in age and design to your property as much as possible based on the data available to us. We note that sale prices and capitalization rates have the tendency to vary not only based on the subject’s physical characteristics, but also on other internal and external factors.

REPORT SCOPE

In this report, our data and discussion are presented in the following order:

1) Classifications of self-storage facilities and the impact on capitalization rates 2) Presentation of capitalization rate trends 3) Presentation of comparable real sales within the local market.

Please note that the information here is provided on an informational basis alone and is intended for your internal use only. As with many industry reports, references to comparable properties should be done with some caution as every property is unique. Our presentation is an aggregation and compilation from various data sources including REIS, CoStar, and Colliers International data collection efforts. We make no representation or warranty as to the accuracy or completeness of any information obtained from any third party

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© 2017 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

data source. The identification of comparable properties is kept strictly confidential in compliance with regulatory practices. The number of units and net rentable area of the comparables in this analysis are intentionally rounded so-as not to be identifying features of the data presented. Nevertheless, the information presented is representative of a real operation and factually represented on a real per SF basis to the best of our knowledge.

ADDITIONAL SERVICES

In addition, we have a full array of self-storage ownership services that we either provide directly or work with affiliates:

1) Advisory services (how to boost income and occupancy and lower expenses) 2) Market reports and feasibility 3) Site selection 4) Appraisals 5) Broker opinion of value 6) Preparing your facility for sale (capital projects, timeline, etc…) 7) Review of any existing offers for purchase (Are they fair?) 8) Refinancing or lending advice 9) Partnership buyouts, negotiations, valuations, and operating agreements 10) Property Management

If you have any interest in the above or are simply looking to be “pointed in the right direction” please don’t hesitate to ask and we will put you in touch with one of our top advisors free of charge to assist you. If interested please email [email protected]. Please provide your ISS order number when emailing.

Again, we thank you for ordering this customized report and choosing ISS and Colliers International. If you have any feedback or further questions please don’t hesitate to contact us.

Sincerest regards,

COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

SELF STORAGE SPECIALTY PRACTICE GROUP

mailto:[email protected]

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© 2017 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 1

GENERAL INFORMATIONProperty NameAddressCity ToledoState OhioZip Code 43605County LucasCore Based Statistical Area (CBSA)Longitude -83.522959Latitude 41.648052Census Tract Number 0047.01IMPROVEMENT INFORMATIONNumber Of Units 450Net Rentable Area SF (NRA) 65,000 SFTotal Number Of Buildings 1Number Of Stories 3Year Built 1980Class B

General Self Storage

Toledo, OH

123 Main Street

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WHAT IS A CAPITALIZATION RATE

Capitalization rates are a fundamental concept in the commercial real estate industry. Capitalization rates, often called cap rates, are the ratio of a properties net operating income (NOI) divided by the market value of the property, and represents the unlevered annual return on the asset. Capitalization rates essentially represent the associated risk level of an asset. A lower capitalization rate generally corresponds with a lower risk property, whereas a higher capitalization rate would imply more risk. There are a number of factors that go into determining the riskiness of a deal and a reasonable capitalization rate for a property. Colliers Self-Storage Rating System accounts for several of these factors for determining a reasonable capitalization rate range for a property. Our Colliers Rating System is presented below, followed by our, Colliers International Valuation and Advisory Services (CIVAS), regional analysis. Afterwards we will present our overall national CIVAS capitalization rate trend analysis. Next, we briefly describe the Band of Investment Technique, another method of deriving a reasonable capitalization rate. Lastly, we will provide real sales and capitalization rates within your local market. Should you require additional information not provided in this report please do not hesitate to contact us for a further analysis of your property.

SELF-STORAGE RATING

Self-storage facilities can typically be broken down into four specific categories that depend largely on their location. We use the following rating system used to classify all self-storage facilities. The four major categories are: Class A – Good/Excellent, Class B – Average/Good, and Class C – Fair/Average. Each property is classified according to its location, size, access & exposure, quality, physical condition, occupancy/saturation, and amenities. Generally, a property that meets 3 or 4 characteristics in a category should be classified as such. Using this rating system creates a simple, but comprehensive view of the property.

CIVAS FACILITY RATING GUIDEA B C

***** **** ***GOOD/EXCELLENT AVERAGE/GOOD FAIR/AVERAGE

Location Major MSA Major MSA/ Secondary Secondary / Rural

Size 40,000 SF + 20,000 - 80,000 SF + 5,000 - 30,000 SF

Access/ExposureFreew ay Exposure w ith Good

Access or Major Thoroughfare w ith Good Access and Exposure

Major Thoroughfare w ith Above Average Access and Exposure

Secondary Thoroughfare w ith Avrage Access and Limited

Exposure

QualityBrick, Block, or Tilt-Up, w ith Paved

Asphalt or Concrete (Office Style/Multi-level)

Brick, Block, Tilt-Up, Steel or Wood Frame w ith Metal Siding and Paved

Asphalt

Steel or Wood Frame w ith Metal Siding and Paved Asphalt (Can

include portable units or sw ing out doors)

ConditionNew er Construction, Well Maintained, No Deferred

Maintenance, Clean and Appealing

Aging Improvements, Well-Maintained, Recurring Maintenance,

Clean

Older Construction, Fair Maintenance, Potential for Costly

Repairs, Appeal Reflects Age

OccupancyProven Over 90% Occupancy

Strong FundamentalsInconsistent Occupancy Average

FundamentalsInconsistent Occupancy, Weak

Fundamentals

Saturation Low to Moderate / High Barriers to Entry

Low to Moderate / Vulnerable to New Development

Saturated Market / New Development Risk

AmmenitiesOn-Site Managers, Video

Surveillance, Individual UnitAlarms, Electronic Gate, Exterior Lighting

On-Site Managers, Video Surveillance, Electronic Gate,

Exterior Lighting

On-Site Managers, Permiter Fencing, Exterior Lighting / Minimal

CATEGORY

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The following table provides CIVAS’s findings that pertain to a property’s regional location and a reasonable capitalization rate range for each property class. The capitalization rate range is based off of the findings of our appraisal experience (past and current appraisal work), as well as recent conversations that we have had with developers, buyers, sellers, brokers and lenders within the region.

As noted in the table above, capitalization rates can vary from region to region and from class to class.

• Based on our findings there is approximately a 50 to 100 basis point spread when comparing Class A facilities in the West and Midwest regions. Possible reasons why this spread exists include:

o There are more major markets within the Western Region of the U.S. compared to the Midwest. Major markets present less risk to investors as economies are more stable and the cost of living is higher which generally implies higher achievable rental rates.

• Based on our findings there is approximately a 200 to 250 basis point spread when comparing a class A facility versus a Class C facility in the Northeast. Possible reasons why this spread exists include

o Class A facilities are generally newer vintage properties compared to Class C facilities which are generally older facilities. The costs associated with maintaining the property are typically significantly less. This in turn increases a properties NOI and decreases risk to an investor.

The follow pictures are general representations of each property class:

A B C***** **** ***

Excellent/Good Good/Average Average/Fair

Northeast 4.5% - 6.00% 5.75% - 7.25% 7.00% - 8.50%

South 4.75% - 6.00% 6.00% - 7.50% 6.75% - 8.00%

Midwest 5.00% - 6.25% 6.00% - 7.00% 7.00% - 8.50%

West 4.50% - 5.75% 5.5% - 6.5% 6.50% - 7.50%

Canada 5.50% - 6.25% 6.00% - 7.00% 6.75% - 8.00%

International

COLLIERS RATING SYSTEM / CAPITALIZATION RATES - 4Q 2016

Characteristics

10% - 15%

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Aurora, Colorado- Class A Facility

Columbia, Missouri- Class B Facility

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Bloomington, Illinois - Class C Facility

NATIONAL CAPITALIZATION RATE TRENDS

According to the National Investor Survey prepared by CIVAS, capitalization rates for self-storage facilities have continued to decline, with an average of 5.80% in the 2nd Quarter 2016. This represents a decrease of 15 basis points from six months ago. As seen in the table below, capitalization rates have declined approximately 140 points over the last three years.

So why has the self-storage industry done so well in the last 5- 6 years?

• Self-Storage is driven by population (roof tops). The typical tenant mix for facilities is approximately 70% residential users. At the end of 2015, there were 500,000+ multi-family units under construction,

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the most since 1986. As single-family subdivisions and multi-family communities continue to build out or become more diverse, there will be a continued need for self-storage space.

• There is plenty of room for industry consolidation. The 10 largest operators control only 11%-12% of the facilities nationwide and 12%-13% of the NRSF. With more sophisticated and creative management and marketing, facilities are able to maintain high levels of return in spite of higher purchase prices.

• Although occupancy has fluctuated based on the economy and seasonality, rental rates have consistently increased over the years. Over the last 18 months, we have seen dramatic increases in certain markets.

• Self-storage facilities are not recession proof, but rather resistant. When the economy is strong people have the extra income to afford storing their stuff. When the market is struggling and people are moving around there is also a need to store “valuables.”

• Self-storage is easier and less risky to manage compared to many other asset classes. Low overhead costs are attractive for entrepreneurs who invest in storage. Self-storage is an easy investment to oversee as an owner.

• Self-storage facilities are adaptable. Due to the construction materials (typically metal) you can reconfigure units based on demand. In addition, the most successful operators in this industry have recognized that income is not limited to the monthly rent of their units. Additional income generators include tenant insurance, RV/boat storage, moving truck rentals, administration fees, late fees, merchandise sales, and auction services. Each market is unique!

There is no doubt that this asset class has been one of the best kept secrets for investors over the years. So the question regarding capitalization rates is, “Can this trend of downward pressure continue in the future?” We don’t anticipate any significant change in 2017.

LOCAL CAPITALIZATION RATE TRENDS

The following table provides a capitalization rate range of generally comparable properties within the local self-storage market in and around Ohio. The capitalization rates presented are generally of similar location, build-out, and condition.

CAPITALIZATION RATE COMPARABLES (OAR)NAME CITY ST SALE DATE YR BLT NRA $/SF UNITS $/UNIT SALE PRICE CAP RATE

1 All Secure Storage North Ridgeville OH October 28, 2014 1999 51,300 $57 410 $7,073 $2,900,000 9.05%2 Store N Lock Middletow n OH May 8, 2014 2000 60,865 $45 422 $6,422 $2,710,000 8.01%3 Uncle Bob's Self Storage Dayton OH November 4, 2013 1989 62,227 $51 603 $5,307 $3,200,000 8.80%4 Englew ood Self-Storage Clayton OH March 1, 2013 1987 44,750 $45 334 $5,988 $2,000,000 9.58%5 Extra Space Storage Middletow n OH July 26, 2012 2001 64,725 $42 545 $4,988 $2,718,450 7.56%6 Uncle Bob's Self Storage Reynoldsburg OH February 20, 2012 1992 73,948 $43 494 $6,427 $3,175,000 7.66%

LOW Feb 2012 7.56%HIGH Oct 2014 9.58%AVERAGE Jun 2013 8.44%MEDIAN Jul 2013 8.41%

LOCAL SALES

The following Sales Summation Table, Location Map and datasheets summarize recent sale comparable information within the local market.

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IMPROVED SALES SUMMATION TABLECOMPARABLE SUBJECT COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 COMPARABLE 5 COMPARABLE 6Name General Self All Secure Store N Lock Uncle Bob's Self Englew ood Self- Extra Space Uncle Bob's Self Address 123 Main Street 33433 Center

2400 S Breiel 1830 Needmore 7533 Salem Ave 909 Elliott Dr 7304 Tussing Rd

City Toledo North Ridgeville Middletow n Dayton Clayton Middletow n ReynoldsburgState OH OH OH OH OH OH OHZip 43605 44039 45044 45414 45315 45044 43068County Lucas Lorain Butler Montgomery Montgomery Butler Fairf ield

PHYSICAL INFORMATIONNRA (SF) 65,000 51,300 60,865 62,227 44,750 64,725 73,948Units 450 410 422 603 334 545 494Year Built 1980 1999 2000 1989 1987 2001 1992

SALE INFORMATIONDate 10/28/2014 5/8/2014 11/4/2013 3/1/2013 7/26/2012 2/20/2012Parcel Number 07-00-008-115- Q654205800003 R72103703-0001 M57 00907 0017 Q654205200004 05-80205-430Recording Number 20140523939 8693-903 13-076958 N/A - 1591-1674Rights Transferred Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee SimpleTransaction Price $2,900,000 $2,600,000 $3,200,000 $2,000,000 $2,718,450 $3,175,000Transaction $/Unit $7,073 $6,161 $5,307 $5,988 $4,988 $6,427Transaction $/SF NRA $56.53 $42.72 $51.42 $44.69 $42.00 $42.94Capitalization Rate 9.05% 8.01% 8.80% 9.58% 7.56% 7.66%

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SALES LOCATION MAP

COMPARABLE KEY COMP DISTANCE NAME ADDRESS OCC. SALE DATE OAR $/UNITSUBJECT - General Self Storage 123 Main Street, Toledo, OH - - -

No. 1 81.2 Miles All Secure Storage 33433 Center Ridge Rd, North Ridgeville, O 86.0% 10/28/2014 9.05% $57

No. 2 155.4 Miles Store N Lock 2400 S Breiel Blvd, Middletow n, OH 90.0% 5/8/2014 8.01% $43

No. 3 131.3 Miles Uncle Bob's Self Storage 1830 Needmore Rd, Dayton, OH 87.4% 11/4/2013 8.80% $51

No. 4 131.1 Miles Englew ood Self-Storage 7533 Salem Ave, Clayton, OH 87.0% 3/1/2013 9.58% $45

No. 5 154.4 Miles Extra Space Storage 909 Elliott Dr, Middletow n, OH 77.3% 7/26/2012 7.56% $42

No. 6 124.7 Miles Uncle Bob's Self Storage 7304 Tussing Rd, Reynoldsburg, OH 86.0% 2/20/2012 7.66% $43

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COMPARABLE 1 .LOCATION INFORMATION .

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.ALL SECURE STORAGEOPERATING INCOME

TOTAL PER UNIT PER SFRent Income $0 $0 $0.00 Other Income $0 $0 $0.00 Gross Income $0 $0 $0.00 Vacancy @ 0.0% $0 $0 $0.00 Effective Gross Income $0 $0 $0.00 Expenses $0 $0 $0.00 Net Operating Income $262,400 $640 $5.12 Occupancy at Sale 86.0%Expense % of PGI / EGI - -ANALYSIS INFORMATIONPrice/SF $57 Adjusted Price/SF $62 Capitalization Rate 9.05%PGIM / EGIM - -CONFIRMATIONName ConfidentialCompany ConfidentialSource Seller's BrokerDate / Phone Number 01/5/2015 Confidential

UNIT MIX REMARKSSIZE UNITS TYPE LEVEL

Average

AverageGood

Recorded

AverageWood FrameMetalMetal7.2 Acres (311,454 SF)

On 10/28/2014, the 51,300 SF storage facility at 33433 Center Ridge Road,North Ridgeville, OH 44039 w as sold for $2,900,000, or $56.53 per SF. Thefacility has been since rebranded as Valley Storage. The property w as on the market for one year one month w ith an initialasking price of $3,200,000. The sale had a cap rate of 9.05%. On 10/28/2014, the 51,300 SF storage facility at 33433 Center Ridge

Road, North Ridgeville, OH 44039 w as sold for $2,900,000, or $56.53 perSF. The facility has been since rebranded as Valley Storage. The property w as on the market for one year one month w ith an initialasking price of $3,200,000. The sale had a cap rate of 9.05%.

All Secure Storage33433 Center Ridge RdNorth Ridgeville, OH, 44039LorainCleveland-Akron, OH CMSA 07-00-008-115-094

All Secure Storage LTDFrank J Dettore10/28/2014Recorded$2,900,000$2,900,00020140523939Fee Simple$725,000

12 Months

Self-Storage51,300 SF410 Buildings / 1 Floors1999

NameAddress City, State, Zip CodeCountyMSAAPNSALE INFORMATIONBuyerSellerTransaction DateTransaction StatusTransaction PriceAnalysis PriceRecording NumberRights TransferredDow n PaymentConditions of SaleMarketing TimePHYSICAL INFORMATIONProject TypeProject Size NRAUnitsNo. of Buildings/FloorsYear BuiltQualityConditionAccessExposureBuilding StructureExteriorRoofSite Size

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.STORE N LOCKOPERATING INCOME

TOTAL PER UNIT PER SFRent Income $358,000 $848 $5.88 Other Income $35,500 $84 $0.58 Gross Income $393,500 $932 $6.47 Vacancy @ 9.0% ($35,800) ($85) ($0.59)Effective Gross Income $357,700 $848 $5.88 Expenses ($140,735) ($333) ($2.31)Net Operating Income $216,965 $514 $3.56 Occupancy at Sale 90.0%Expense % of PGI / EGI 36% 39%ANALYSIS INFORMATIONPrice/SF $43 Adjusted Price/SF $55 Capitalization Rate 8.01%PGIM / EGIM 6.89 7.58CONFIRMATIONName ConfidentialCompany ConfidentialSource Seller's BrokerDate / Phone Number 04/28/2015 Confidential

UNIT MIX REMARKSSIZE UNITS TYPE LEVEL5 x 10 68 Exterior Ground5 x 10 9 Interior Ground5 x 15 3 Exterior Ground10 x 10 103 Exterior Ground10 x 10 17 Interior Ground10 x 15 64 Exterior Ground10 x 20 95 Exterior Ground10 x 24 41 Exterior Ground10 x 25 5 Exterior Ground10 x 30 17 Exterior Ground

The property consists of multiple buildings across non-contiguous parcels.This property w as appraised by Colliers International and the Purchase andSales Agreement w as review ed by the appraiser. The actual purchaseprice w as $2,600,000.00, w hich w as concluded to be slightly below themarket value provided as the analysis price ($2,710,000.00). Based on thein-place NOI, the cap rate is closer to 8.30%; how ever, w hen w e considera market based management fee, and replacement reserves, the actual caprate moves to approximately 8%+/-. The property consists of multiplebuildings across non-contiguous parcels. This property w as appraised byColliers International and the Purchase and Sales Agreement w as review edby the appraiser. The actual purchase price w as $2,600,000.00, w hichw as concluded to be slightly below the market value provided as theanalysis price ($2,710,000.00). Based on the in-place NOI, the cap rate iscloser to 8.30%; how ever, w hen w e consider a market based managementfee, and replacement reserves, the actual cap rate moves to approximately8%+/-.

AverageAverageMetal

2000AverageAverage

C-1, C-2, C-4

MetalMetal3.2 Acres (140,263 SF)

$2,710,0008693-903Fee Simple

05/8/2014Recorded$2,600,000

60,865 SF422 Buildings / 1 Floors

Recorded

Self-Storage

BREIEL SELF STORAGE LLC

ButlerCincinnati-Hamilton, OH-KY-IN CMSA Q6542058000034; Q6542055000038; Q6542063

Store N Lock2400 S Breiel BlvdMiddletow n, OH, 45044

BREIEL BUTLER LLC

NameAddress City, State, Zip CodeCountyMSAAPNSALE INFORMATIONBuyerSellerTransaction DateTransaction StatusTransaction PriceAnalysis PriceRecording NumberRights TransferredConditions of SalePHYSICAL INFORMATIONProject TypeProject Size NRAUnitsNo. of Buildings/FloorsYear BuiltQualityConditionAccessExposureBuilding StructureExteriorRoofSite SizeZoningTopography Level

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.UNCLE BOB'S SELF STORAGEOPERATING INCOME

TOTAL PER UNIT PER SFRent Income $448,800 $744 $7.21 Other Income $47,856 $79 $0.77 Gross Income $496,656 $824 $7.98 Vacancy @ 0.0% $0 $0 $0.00 Effective Gross Income $496,656 $824 $7.98 Expenses ($215,000) ($357) ($3.46)Net Operating Income $281,656 $467 $4.53 Occupancy at Sale 87.4%Expense % of PGI / EGI 43% 43%ANALYSIS INFORMATIONPrice/SF $51 Adjusted Price/SF $74 Capitalization Rate 8.80%PGIM / EGIM 6.44 6.44CONFIRMATIONName ConfidentialCompany ConfidentialSource Seller's BrokerDate / Phone Number 04/8/2014 Confidential

UNIT MIX REMARKSSIZE UNITS TYPE LEVEL

Wood FrameConcrete Block3.6 Acres (154,638 SF)

AverageAverageAverage

The sale price w as confirmed w ith Jonathan M Attea, the listing broker onthis comparable. Due to confidentiality, Jonathan declined to give a f inal cap rate on the sale, although the sellers proforma listed the sale at a 7.04%cap rate off of an initial listing price of $4,000,000. The cap rate presentedin this sale w as derived using the reported sellers financials. The saleprice w as confirmed w ith Jonathan M Attea, the listing broker on thiscomparable. Due to confidentiality, Jonathan declined to give a final caprate on the sale, although the sellers proforma listed the sale at a 7.04%cap rate off of an initial listing price of $4,000,000. The cap rate presentedin this sale w as derived using the reported sellers f inancials.

Level

Fee SimpleRecorded

$3,200,000$3,200,00013-076958

Buildings / 1 Floors1989Average

Self-Storage62,227 SF603

Dayton-Springfield, OH MSA

Uncle Bob's Self Storage1830 Needmore Rd

Locke Sobran I LLC11/4/2013Recorded

R72103703-0001

Needmore Road LLC

NameAddress City, State, Zip CodeCounty

Dayton, OH, 45414Montgomery

MSAAPNSALE INFORMATIONBuyerSellerTransaction DateTransaction StatusTransaction PriceAnalysis PriceRecording NumberRights TransferredConditions of SalePHYSICAL INFORMATIONProject TypeProject Size NRAUnitsNo. of Buildings/FloorsYear BuiltQualityConditionAccessExposureBuilding StructureExteriorSite SizeTopography

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.ENGLEWOOD SELF-STORAGEOPERATING INCOME

TOTAL PER UNIT PER SFRent Income $304,934 $913 $6.81 Other Income $0 $0 $0.00 Gross Income $304,934 $913 $6.81 Vacancy @ 0.0% $0 $0 $0.00 Effective Gross Income $304,934 $913 $6.81 Expenses ($113,344) ($339) ($2.53)Net Operating Income $191,590 $574 $4.28 Occupancy at Sale 87.0%Expense % of PGI / EGI 37% 37%ANALYSIS INFORMATIONPrice/SF $45 Adjusted Price/SF $70 Capitalization Rate 9.58%PGIM / EGIM 6.56 6.56CONFIRMATIONName ConfidentialCompany ConfidentialSource Seller's BrokerDate / Phone Number 01/2/2014 Confidential

UNIT MIX REMARKSSIZE UNITS TYPE LEVEL5 x 5 16 Exterior Ground5 x 10 59 Exterior Ground10 x 10 91 Exterior Ground10 x 15 68 Exterior Ground10 x 20 79 Exterior Ground10 x 30 21 Exterior Ground

MetalMetal4.4 Acres (191,664 SF)Industrial

This comparable consists of 374 total units, including 40 RV units. Five ofthe units are being used by management. Occupancy is 87%. The selfstorage facility also sells boxes & packing supplies and rents Budget trucksas w ell as its ow n local truck. The property has 24 hour camerasurveillance and a computerized security gate. Englew ood Self Storage islocated off Interstate 70 in the City of Englew ood, Montgomery County,Ohio. Over the past few years, Englew ood has seen a dramatic increase innew economic development. The Hoke Road interchange at Interstate 70and the Main Street corridor are just a few of the hot spots. The old Krogergrocery at Union Blvd. and Wenger Road w as demolished and rebuilt brandnew along w ith a new gas station and shopping plaza. The newgovernment center on National Road w as also completed. A Walmart w asconstructed on Hoke Road w ith tw o accompanying retail centers (one ofw hich is called Hoke Plaza), a Bob Evans restaurant, and a Sonic drive-in. This comparable consists of 374 total units, including 40 RV units. Five ofthe units are being used by management. Occupancy is 87%. The selfstorage facility also sells boxes & packing supplies and rents Budget trucksas w ell as its ow n local truck. The property has 24 hour camerasurveillance and a computerized security gate. Englew ood Self Storage islocated off Interstate 70 in the City of Englew ood, Montgomery County,Ohio. Over the past few years, Englew ood has seen a dramatic increase in


10 Months

Self-Storage

AverageAverageConcrete Block

1987AverageAverage

N/AWCS INVESTMENTS HOLDING LLC03/1/2013

Cincinnati-Hamilton, OH-KY-IN CMSA M57 00907 0017

N/AFee SimpleListing

Listing$2,000,000$2,000,000

Englew ood Self-StorageNameAddress City, State, Zip CodeCountyMSA

7533 Salem AveClayton, OH, 45315Montgomery

APNSALE INFORMATIONBuyerSellerTransaction DateTransaction StatusTransaction PriceAnalysis PriceRecording NumberRights TransferredConditions of SaleMarketing TimePHYSICAL INFORMATIONProject TypeProject Size NRAUnitsNo. of Buildings/FloorsYear BuiltQualityConditionAccessExposureBuilding StructureExteriorRoofSite SizeZoning

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.EXTRA SPACE STORAGEOPERATING INCOME

TOTAL PER UNIT PER SFRent Income $393,600 $722 $6.08 Other Income $0 $0 $0.00 Gross Income $393,600 $722 $6.08 Vacancy @ 20.0% ($78,720) ($144) ($1.22)Effective Gross Income $314,880 $578 $4.86 Expenses ($109,444) ($201) ($1.69)Net Operating Income $205,436 $377 $3.17 Occupancy at Sale 77.3%Expense % of PGI / EGI 28% 35%ANALYSIS INFORMATIONPrice/SF $42 Adjusted Price/SF $53 Capitalization Rate 7.56%PGIM / EGIM 6.91 8.63CONFIRMATIONName ConfidentialCompany ConfidentialSource Seller's BrokerDate / Phone Number 04/9/2014 Confidential

UNIT MIX REMARKSSIZE UNITS TYPE LEVEL This property is situated on the southeast corner of the Grand

Avenue/Elliott Drive intersection, a mile and a half northw est of the I-75/SR122 interchange, and tw o and a half miles southeast of dow ntow nMiddletow n. This property is also located 20 miles southw est of the DaytonCBD and 29 miles northeast of the Cincinnati CBD. This sale is the allocatedvalue of a 15 property portfolio w ith properties located in theCincinnati/Dayton metro area. There are also tw o located in eastern Indiana. This property is situated on the southeast corner of the GrandAvenue/Elliott Drive intersection, a mile and a half northw est of the I-75/SR122 interchange, and tw o and a half miles southeast of dow ntow nMiddletow n. This property is also located 20 miles southw est of the DaytonCBD and 29 miles northeast of the Cincinnati CBD. This sale is the allocatedvalue of a 15 property portfolio w ith properties located in theCincinnati/Dayton metro area. There are also tw o located in eastern Indiana.

Metal4.9 Acres (214,315 SF)Level

A-American Self Storage Management Co., Inc.07/26/2012Recorded

Q6542052000043

Extra Space Storage, Inc.

$2,718,450Recorded6 Months

$2,718,450$2,718,450Fee Simple

Middletow n, OH, 45044ButlerDayton-Springfield, OH MSA

Extra Space Storage909 Elliott Dr

NameAddress City, State, Zip CodeCountyMSAAPNSALE INFORMATIONBuyerSellerTransaction DateTransaction StatusTransaction PriceAnalysis PriceRights TransferredDow n PaymentConditions of SaleMarketing TimePHYSICAL INFORMATIONProject TypeProject Size NRAUnitsNo. of Buildings/FloorsYear BuiltQualityCondition

545 Buildings / 1 Floors2001

Self-Storage64,725 SF

AverageMetalMetal

GoodGoodAverageAccess

ExposureBuilding StructureExteriorRoofSite SizeTopography

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.UNCLE BOB'S SELF STORAGEOPERATING INCOME

TOTAL PER UNIT PER SFRent Income $619,392 $1,254 $8.38 Other Income $0 $0 $0.00 Gross Income $619,392 $1,254 $8.38 Vacancy @ 14.0% ($86,714) ($176) ($1.17)Effective Gross Income $532,678 $1,078 $7.20 Expenses ($289,503) ($586) ($3.91)Net Operating Income $243,175 $492 $3.29 Occupancy at Sale 86.0%Expense % of PGI / EGI 47% 54%ANALYSIS INFORMATIONPrice/SF $43 Adjusted Price/SF $75 Capitalization Rate 7.66%PGIM / EGIM 5.13 5.96CONFIRMATIONName ConfidentialCompany ConfidentialSource Seller's BrokerDate / Phone Number 11/18/2013 Confidential

UNIT MIX REMARKSSIZE UNITS TYPE LEVEL This property is situated on the north side of Tussing Road, about a mile

from the I-70/SR 256 interchange and tw o and a half miles east of the I-270/I-70. This property is located tw o miles south of dow ntow nReynoldsburg and 11 miles east of the Columbus CBD. This property issituated on the north side of Tussing Road, about a mile from the I-70/SR256 interchange and tw o and a half miles east of the I-270/I-70. Thisproperty is located tw o miles south of dow ntow n Reynoldsburg and 11miles east of the Columbus CBD.

Metal8.3 Acres (361,112 SF)M2

3 Months

Self-Storage

AverageAverageMetal

1992AverageAverage

02/20/2012

Columbus, OH MSA 05-80205-430

1591-1674Fee SimpleRecorded

Recorded$3,175,000$3,175,000

Uncle Bob's Self Storage7304 Tussing RdReynoldsburg, OH, 43068Fairf ield

VSI IV Reynoldsburg, LLCKittle's Bloomington Properties, LLP

SALE INFORMATIONBuyerSeller

Site SizeZoningTopography Level

Project TypeProject Size NRAUnitsNo. of Buildings/FloorsYear BuiltQualityConditionAccessExposure


Building StructureRoof

Transaction DateTransaction StatusTransaction PriceAnalysis PriceRecording NumberRights TransferredConditions of SaleMarketing TimePHYSICAL INFORMATION

NameAddress City, State, Zip CodeCountyMSAAPN

CONTINUED 0001


CONCLUSION

Should you like additional consultation regarding your operating expenses as well as strategies to lower such expenses or if you would like to explore other services, please don’t hesitate to contact us at the information below. Our services are fully outlined at the front of this report.

Sincerely,

COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

Download - GENERAL SELF STORAGE...Self-storage facilities can typically be broken down into four specific categories that depend largely on their location. We use the following rating system

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