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$ 1,336,000

10862 CHEMAINUS ROAD, Ladysmith, BC, V9G 2A4

Listing ID# 429480
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$ 1,336,000

  • 10862 CHEMAINUS ROAD
    Ladysmith, BC V9G 2A4
  • Listing ID 429480
  • Building Type: Commercial
  • Status: For Sale/Active

Property Description

Saltair Self Storage Ltd has 132 self storage units that currently generate gross annual revenues of $130,038 and have gross potential revenue of $148,080. Occupancy is 97 - 100% with an expense ratio of 33.2% including a generous management fee. The value of this business is $1,336,000 at a conservative capitalization rate of 6.5%. The ongoing turnover of existing renters will increase annual revenue by approximately $18,000. These automatic increases are not reflected in the current valuation but will eventually result in an approximately $277,000 increase in value with no capital expenditures required. The new owner may also secure a U-Haul dealership at the site which has the potential to add a further $92,000 in value with virtually no additional cost. Note: The real estate underpinning the businesses of Saltair Self Storage Ltd. (SSS) and the Stocking Creek Development Corp, (SCD) is currently held under a single legal title. If a buyer wishes to purchase both SSS and SCD, then the current title will be used to effect the transaction. If a buyer wishes to purchase only one of the businesses, then the current title will be separated by registering Form P, Phase 1 of the Stocking Creek Strata Plan and related documents. Strata Lot 1 and 2 under the Strata Plan constitute the real estate used in the operations of SSS. The remaining Strata Lots constitute the real estate associated with the business of SCD. A Confidential Valuation is available by request. Please contact John Morris at (250) 710-0765 or johnmorris@remax.net.




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MLS? system data provided by VIREB, copyright? 2017. The information is from sources deemed reliable but not relied upon with independent verification.