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  • For sale

For Sale

$11,500,000 USD

The property at 2555 West Main Street in Turlock is located on a primary arterial through Turlock with signage on Main Street and excellent visibility and access. Added Space Self Storage is located in an area dominated by regional and national retailers, restaurants, Starbucks and Roselawn High School. The property is offered free and clear of any debt allowing the investor/buyer to acquire the property utilizing their own preferred debt/equity deal structure.

Sale Note
Colliers’ de Jong | Becher team has been retained as the exclusive advisor by the ownership to offer for sale the property located at 2555 West Main Street, Turlock, CA 95380. The property is fully stabilized self-storage asset built in 1984 with a total of 73,305 net rentable square feet in 477 units. This owner- managed facility will be delivered on an as-is, where-is basis and has consistently maintained +/- 93% occupancy at a weighted average rental rate of $0.94/SF (storage). Market rents in the area are reported by Yardi Matrix as $1.40/SF, giving the buyer ample room to raise rents. In-place income for the first seven months of 2022 were reported by the ownership at $233,109 for an annualized NOI estimate of $425,000 and the property is offered for sale at $11,500,000 or a 3.70% CAP rate on in-place income and 4.4% on projected year one NOI of $502,027 by pushing rates to market and adding tenant protection income (plus value of excess land). Longer-term value would be derived f