204 Kelley Rd - Kelly Road Mini Storage
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204 Kelley Rd - Kelly Road Mini Storage
19,650 SF Specialty Building Offered at $699,000 at a 6.95% Cap Rate in Valparaiso, FL 32580
Investment Highlights
- Value Add - only 75% occupied currently
- Leases at below market rates
Executive Summary
Value Add investment property in Central Okaloosa County, FL. Boasting a well-maintained 19,650 SF self storage complex boasting 196 units, this facility offers ample space for a thriving Self Storage business. Phase 1 built in 1998 and phase 2 built in 2005, the property is designed to meet the diverse needs of tenants. Zoned C-2 by the City of Niceville, this strategically located asset presents an ideal setting for an owner / investor seeking a robust and lucrative opportunity with tremendous upside. With its strategic location, this property is poised to deliver significant returns. Current rent roll is only at 75% occupied at what I believe are under market rent. This property is all non-climate controlled space.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$92,047
|
$4.68
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$92,047
|
$4.68
|
| Taxes |
$9,095
|
$0.46
|
| Operating Expenses |
$34,400
|
$1.75
|
| Total Expenses |
$43,495
|
$2.21
|
| Net Operating Income |
$48,552
|
$2.47
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $92,047 |
| Annual Per SF | $4.68 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $92,047 |
| Annual Per SF | $4.68 |
| Taxes | |
|---|---|
| Annual | $9,095 |
| Annual Per SF | $0.46 |
| Operating Expenses | |
|---|---|
| Annual | $34,400 |
| Annual Per SF | $1.75 |
| Total Expenses | |
|---|---|
| Annual | $43,495 |
| Annual Per SF | $2.21 |
| Net Operating Income | |
|---|---|
| Annual | $48,552 |
| Annual Per SF | $2.47 |
Property Facts
| Price | $699,000 | Building Class | C |
| Price Per SF | $36 | Lot Size | 1.42 AC |
| Sale Type | Investment or Owner User | Building Size | 19,650 SF |
| Cap Rate | 6.95% | No. Stories | 1 |
| Property Type | Specialty | Year Built | 1998 |
| Property Subtype | Self-Storage | Parking Ratio | 0.15/1,000 SF |
| Price | $699,000 |
| Price Per SF | $36 |
| Sale Type | Investment or Owner User |
| Cap Rate | 6.95% |
| Property Type | Specialty |
| Property Subtype | Self-Storage |
| Building Class | C |
| Lot Size | 1.42 AC |
| Building Size | 19,650 SF |
| No. Stories | 1 |
| Year Built | 1998 |
| Parking Ratio | 0.15/1,000 SF |
Amenities
- Signage
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PROPERTY TAXES
| Parcel Number | 01-1S-23-0000-0048-0030 | Total Assessment | $682,276 |
| Land Assessment | $157,398 | Annual Taxes | $9,095 ($0.46/SF) |
| Improvements Assessment | $524,878 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
01-1S-23-0000-0048-0030
Land Assessment
$157,398
Improvements Assessment
$524,878
Total Assessment
$682,276
Annual Taxes
$9,095 ($0.46/SF)
Tax Year
2023
zoning
| Zoning Code | C-2 |
| C-2 |
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204 Kelley Rd - Kelly Road Mini Storage
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