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STORMAX STORAGE & INDUSTRIAL Offering Memorandum Offering Memorandum STORMAX STORAGE & INDUSTRIAL 101 Mauldin Rd NW • Calhoun, GA 30701 1 NON- ENDORSEMENT AND DISCLAIMER NOTICE Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. STORMAX STORAGE Calhoun, GA ACT ID ZAA0230148 2 STORMAX STORAGE TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 01 Aerial Photos Maps Executive Summary Property Summary Market Overview FINANCIAL ANALYSIS 02 Unit Mix Income & Expenses MARKET COMPARABLES 03 Rent Comparables DEMOGRAPHIC OVERVIEW 04 Demographic Analysis Traffic Count Map 3 STORMAX STORAGE INVESTMENT OVERVIEW 4 STORMAX STORAGE AERIAL PHOTO 5 STORMAX STORAGE AERIAL PHOTO 6 STORMAX STORAGE REGIONAL MAP 7 STORMAX STORAGE LOCAL MAP 8 STORMAX STORAGE OFFERING SUMMARY EXECUTIVE SUMMARY VITAL DATA EXPANDED CURRENT PRO FORMA COST TO BUILD Price $1,600,000 CAP Rate 2.23% VARIES Net Operating Income $35,650 $181,422 Self Storage SF 27,000 Industrial SF 67,461 Total Rentable SF 99,721 Price Per Rentable SF $16.04 Six Storage Number of Buildings Buildings and One Industrial Building Year Built / Completed 1968 / 2017 Industrial Building is Vacant Lot Size 12.21 acre(s) MAJOR EMPLOYERS EMPLOYER # OF EMPLOYEES Engineered Floors LLC 1,630 Dal-Tile Services Inc 1,000 Mohawk Industries Inc 848 Mannington Commercial 700 Shaw Industries Group Inc 520 Apache Mills Inc 505 Mohawk Carpet Distribution Inc 500 GORDON HOSPITAL 494 CALHOUN CITY SCHOOLS 450 Gordon Physcn Hosp Orgnization 450 Self Storage is 91% Physically Mohawk Carpet LLC 400 Brumlow Carpet 350 Occupied #99 STORMAX STORAGE OFFERING SUMMARY PROPERTY SUMMARY THE OFFERING DEMOGRAPHICS Property Stormax Storage 1-Miles 3-Miles 5-Miles Price $1,600,000 2018 Estimate Pop 4,235 22,022 32,064 Property Address 101 Mauldin Rd NW, Calhoun, GA 2010 Census Pop 4,088 21,223 30,895 Assessors Parcel Number C22 080; C22 002 2018 Estimate HH 1,698 8,029 11,455 C-2 General Business District / IND-G General Industrial Zoning District 2010 Census HH 1,638 7,726 11,027 SITE DESCRIPTION Median HH Income $42,859 $40,978 $43,468 Number of Buildings Six Storage Buildings and One Industrial Building Per Capita Income $23,029 $20,189 $20,211 Number of Stories Single Story Buildings Average HH Income $56,347 $54,441 $55,855 Year Built/Renovated 1968/2017 Lot Size 12.21 Acres Type of Ownership Fee Simple Highway Access 1.8 Miles from I-75 1,000 Feet on Mauldin Rd NW and 480 Feet on Fred Hurley Street Frontage Rd NW Cross Street Fred Hurley Rd NW CONSTRUCTION Foundation Poured Concrete Framing Steel Exterior Walls Metal with Brick Facade Parking Surface Asphalt Construction of Climate Controlled Space in Roof Screw Down & Flat Roof Industrial Building was begun, but abandoned Fencing Chain Link Entry Keypad INDUSTRIAL SPACE Ceiling Heights 10 to 24 Feet (16’ Average) # of Docks Five Exterior Docks Drive-Ins Two Sprinkler System Wet Former Use Meat Packing MECHANICAL Security Digital Video Surveillance 10 STORMAX STORAGE OFFERING SUMMARY MARKET OVERVIEW The greater Calhoun/Dalton area has always been referred to as the “Carpet Capital of the World” but in the last five years, this northwest Georgia market has exploded to include an increasing and diverse number of high-tech chemical, plastics and automotive companies. Located conveniently on Interstate 75 and just 25 miles south of Chattanooga and 85 miles north of Atlanta, the area is within a day’s drive of half the country’s population. This market is at a historical vacancy rate of under 5%, with little to no functional buildings currently available. The northwest Georgia market is also home to the recently-opened Appalachian Regional Port, which receives direct rail service from the Savannah Port, thus opening a powerful new gateway to global markets. National and International companies are taking advantage of this strategic solution, and Calhoun is a direct beneficiary of the activity. 11 STORMAX STORAGE FINANCIAL ANALYSIS 12 STORMAX STORAGE FINANCIAL ANALYSIS As of 9/27/2019 Unit Type: Self Storage Units UNIT S M ONT HLY R ENT OCCUPANCY Rented Rented Monthly Occupied Annual Occupied Size Total Units Unit SqFt Total SqFt Rate Rent PSF # Units SqFt Units SqFt Gross Pot Gross Pot Gross Pot Economic 5x10 20 15 50 1,000 750 $40.00 $800 $600 $9,600 $0.80 75.0% 75.0% 75.0% 10x10 37 35 100 3,700 3,500 $60.00 $2,220 $2,100 $26,640 $0.60 94.6% 94.6% 94.6% 10x15 34 34 150 5,100 5,100 $75.00 $2,550 $2,550 $30,600 $0.50 100.0% 100.0% 100.0% 10x20 11 10 200 2,200 2,000 $90.00 $990 $900 $11,880 $0.45 90.9% 90.9% 90.9% 10x30 42 36 300 12,600 10,800 $130.00 $5,460 $4,680 $65,520 $0.43 85.7% 85.7% 85.7% 20x30 4 4 600 2,400 2,400 $245.00 $980 $980 $11,760 $0.41 100.0% 100.0% 100.0% TOTALS 148 134 27,000 24,550 $13,000 $11,810 $156,000 $0.48 90.5% 90.9% 90.8% Unit Type: Industrial Space UNIT S M ONT HLY R ENT OCCUPANCY Rented Rented Monthly Occupied Annual Occupied Size Total Units Unit SqFt Total SqFt Rate Rent PSF # Units SqFt Units SqFt Gross Pot Gross Pot Gross Pot Economic Industrial 1 0 67,461 67,461 0 $0.00 $0 $0 $0 $0.00 0.0% 0.0% - TOTALS 1 0 67,461 0 $0 $0 $0 $0.00 0.0% 0.0% - TOTAL 149 134 94,461 24,550 $13,000 $11,810 $156,000 $0.14 89.9% 26.0% 90.8% 13 STORMAX STORAGE FINANCIAL ANALYSIS Trailing 6 - Aug Income 2019 Pro Forma Scheduled Base Rental $156,000 $160,680 3% Scheduled Economic Vacancy ($14,280) 9.2% ($16,068) 10.0% Discounts and Concessions ($27,606) 17.7% ($8,034) 5.0% Scheduled Gross Rental Income $114,114 $136,578 Other Storage Income (T-12) $2,825 $5,463 4% Parking Rent $0 $28,800 (60 Spaces) Industrial Rents $0 $1.50 $101,192 Effective Gross Income $116,939 $272,033 Monthly Revenue $9,745 Monthly Revenue $22,669 Expense Annual Expenses Annual Expenses Real Estate Taxes $0.08 $7,733 $0.16 $15,117 ** Insurance $0.12 $3,175 2018 Return $0.12 $3,175 Ut ilit ies $0.14 $3,780 $0.14 $3,780 Repairs and Maintenance $0.32 $8,773 * $0.32 $8,773 * Marketing & Promotion $0.18 $4,800 * $0.18 $4,800 * On-Site Management $1.27 $34,320 * $1.27 $34,320 * General & Administ rat ion $0.20 $5,400 * $0.20 $5,400 * Reserve for Capital Improvements $0.35 $9,446 * $0.35 $9,446 * Bank Charges $0.05 $1,462 * $0.13 $3,400 * Telephone $0.09 $2,400 * $0.09 $2,400 * Non-Operating Expenses $0.00 $0 * $0.00 $0 * Total Operating Expenses $2.81 $81,289 69.5% $2.96 $90,611 33.3% ** Taxes adjusted to reflect a sale $/SF of Self Storage (Except Property Taxes) * Expense has been adjusted to reflect current industry standards Net Operating Income Effective Gross Income $116,939 $272,033 Total Operating Expenses $81,289 $90,611 Net Operating Income $35,650 $181,422 Average Starting Rent for industrial properties between 30,000 and 150,000 square feet within 20 miles is $1.69 for leases signed in the last four years.
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