Goodrich Storage Units Offering
SSSE is proud to present a value-add deal of a class-B self storage facility in Goodrich, MI (a high income town between Flint and Detroit). This market has grown 5.9% since 2020. SSSE is utilizing 7-year interest-only seller-financing at 4.15% interest to purchase this 51,840 net rentable square foot (NRSF) facility in a market with only one competitor self storage facility within 6 miles. The growing market, between two MSA's, with a limited supply of self storage led us to pursue this opportunity. Over the 7 year investment term, investors can experience a 9% preferred return, 14% - 18% targeted IRR, 1.8x - 2.3x targeted equity multiple, 16% - 20% average annualized return, and estimated depreciation of $0.24 - $0.36 per $1 invested.
This is a 506(b) offering available to accredited and non-accredited investors with preexisting relationships to us.
Investment Summary Video
The Offering
9% Preferred Return
Estimated Depreciation per $1 Invested: $0.24 - $0.36
14% - 18% Targeted IRR
7 Year Term
1.8x - 2.3x Targeted Equity Multiple
16% - 20% Targeted Average Annualized Return
The Investment Overview
Newer Facility
Original buildings were built in 1997 with an additional 18,000 NRSF completed in November 2022
Institutional Size
The facility is 51,840 NRSF with room for expansion: currently 264 drive-up units and 155 parking spots
Low Economic Occupancy
At an average economic occupancy of 64%, there is room to optimize existing renters’ rates
High Visibility
13,224 average annual daily traffic per MDOT on the main road of Goodrich
Existing Cash Flow
The property already has solid occupancy and is cash flowing from the start
Limited Competition
There is only one competitor within 6 miles of the facility and they do not have any outdoor parking
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