security mini storage...• security mini storage is one of the largest penske dealers in the state....

SECURITY MINI STORAGE44,471 NET RENTABLE SQUARE FEET4101 SW 13TH STREET | GAINESVILLE, FL

SKYVIEWADVISORS.COM | 813.579.6363

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SECURITY MINI STORAGE

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. SkyView Advisors is a service mark of SkyView Advisors, LLC © 2017 SkyView Advisors. All rights reserved.

CONFIDENTIALITY DISCLAIMER & EXCLUSIVE AGENCY MEMORANDUM

This Exclusive Agency Memorandum (“Memorandum”) was prepared by SkyView Advisors (SVA) on behalf of (“Seller”) and is confidential and furnished to prospective purchasers of the Property described herein subject to the terms of the Confidentiality Agreement previously provided to and executed by such prospective purchasers. This Memorandum is intended solely to assist prospective purchasers in their evaluation of the Property and their consideration of whether to purchase the Property. It is not to be used for any other purpose or made available to any other person without the prior written consent of SVA.

This Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation or endorsement as to the value of the Property by Seller/SVA and their sources. Financial projections are provided as a reference and are based on assumptions made by Seller/SVA and their sources. Prospective purchasers should make their own projections and reach their own conclusions of value. Certain portions of this Memorandum merely summarize or outline property information and are not intended to be complete descriptions.

This Memorandum was prepared on the basis of information available to the Seller and SVA in connection with the sale of the Property. It contains pertinent information about the Property and the surrounding area but does not contain all the information necessary for a complete evaluation of the Property. The projected cash flow and other financial information contained herein is for general reference only.

Although the information contained in this Memorandum is believed to be accurate and reliable, neither the Seller nor SVA guarantees its accuracy or completeness. Because of the foregoing and because

the Property will be sold on an “as-is” basis, prospective purchasers should make their own independent assessments, investigations, and projections regarding the Property. Although additional material, which may include engineering, environmental, or other reports, may be provided to certain prospective purchasers as appropriate, such parties should confer with their own engineering and environmental experts, counsel, accountants, and other advisors and should not rely upon such material provided by Seller or SVA.

Neither Seller nor SVA nor any of their respective officers, advisors, agents, shareholders or principals has made or will make any representation or warranties, express or implied, as to the accuracy or completeness of the Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of the Memorandum or the contents. Analysis and verification of the information contained in the Memorandum is solely the responsibility of the prospective purchaser.

The Seller expressly reserves the right, in its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party at any time, with or without notice. The Seller shall have no legal commitment or obligation to any prospective purchaser unless and until a written Purchase and Sale Agreement has been fully executed and delivered and any and all conditions to the Seller’s obligations thereunder have been fully satisfied or waived.

The Seller is responsible for any commission due to SVA in connection with the sale of the Property. No other party, including SVA, is authorized to make any representation or agreement on behalf of the Seller. This Memorandum remains the property of the Seller and SVA and may be used only by parties approved by the Seller and SVA.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. CONTACT CARRIE AUBREY AT [email protected] OR 813.452.5397 FOR MORE DETAILS.

http://www.skyviewadvisors.com

mailto:caubrey%40skyviewadvisors.com?subject=

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SECURITY MINI STORAGE SECURITY MINI STORAGE

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LETTER OF INTENT GUIDELINESPlease provide a Letter of Intent that specifies the following:

• Purchase price at closing• Length of the Due Diligence period• Length of the Closing period after the expiration of Due Diligence• Earnest Money deposits

Please also include the following items:• Source of funds for this acquisition• Company bio, track record, and experience in the self storage market• Procedures and staffing resources for the Due Diligence period and property inspections

To submit a Letter of Intent, or if you have any questions, please email or call:

Chris M. WeismillerVice [email protected]

CONFIDENTIALITY DISCLAIMER & EXCLUSIVE AGENCY MEMORANDUM

SITE VISITSAll site visits must be scheduled through SkyView Advisors. Do not contact the property directly.Contact [email protected] or call 813.452.5397

LETTER OF INTENT GUIDELINES & SITE VISITS


mailto:cweismiller%40skyviewadvisors.com?subject=

mailto:caubrey%40skyviewadvisors.com?subject=


EXECUTIVE SUMMARY Investment SummaryImage Gallery

PROPERTY OVERVIEWProperty OverviewExpansion InformationLocation Overview & Traffic MapDemographics

PRICING & FINANCIALSFinancial OverviewUnit MixIncome & ExpensesAdditional NotesCapital ImprovementsDemand AnalysisDebt & Equity

COMPARABLESRent ComparablesRecent Sales

THIS IS AN INTERACTIVE DOCUMENT. Click the icon to visit specific sections. Click the icon to return to the Table of Contents.

For More Information Contact:

01

TABLE OF CONTENTS

01CHRIS M. WEISMILLERVice PresidentInvestment [email protected] RE BrokerFL RE Lic. No. CQ1047426 02

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BROKER OF RECORDSkyView AdvisorsFlorida Real EstateLicense NO. CQ1047426

EXECUTIVE SUMMARY Investment SummaryImage Gallery

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EXECUTIVE SUMMARY | INVESTMENT SUMMARY

INVESTMENT SUMMARY

Size 4.75 acres

Number of Buildings 4 (connected as one)

Total Climate Controlled Units 182

Total Non-Climate Controlled Units 252

Total Units 434

Total Rentable Square Feet 44,471

• Expansion opportunity of about 2.4 acres on current parcel.

• Market rents are significantly below market standards.

• Ancillary income generators such as admin fees could be implemented to significantly increase revenue.

• Operational efficiencies could be enforced to reduce monthly overhead costs.

• Security Mini Storage is one of the largest Penske dealers in the state.

• Located in Gainesville, Florida, which is home to the University of Florida - the nation’s ninth-largest university campus by enrollment with 52,286 students in 2016.

HIGHLIGHTS

POPULATION MED. HH INCOME

1 MILE 4,360 $42,258 3.97%

3 MILES 58,465 $24,623 4.47%

5 MILES 116,217 $31,594 4.63%

EST. POP. GROWTH(2017-2022)


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EXECUTIVE SUMMARY | IMAGE GALLERY


SECURITY MINI STORAGEEXECUTIVE SUMMARY | IMAGE GALLERY

PROPERTY OVERVIEW Property OverviewExpansion InformationLocation Overview & Traffic MapDemographics

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PROPERTY OVERVIEW

SITE DESCRIPTION

Zoning: Warehouse & Mini-Storage

Parcel Number(s): 07219-001-000

Year Built: 1954-1972

Lot Size: 4.75 acres

Number of Buildings: 4 (connected as one)

Unit Sizes: 25-3,000 SF

Number of Stories: 1 & 2

Flood Zone: A

Type of Ownership: Fee Allocable

CONSTRUCTION

Foundation: Concrete 75% Metal 25%

Framing: Metal

Exterior: Concrete

Roof: Steel and Conventional Membrane

Fencing: Metal

Entry: Keypad Access

THE OFFERING

Security Mini Storage4101 SW 13th StreetGainesville, FL 32608


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PROPERTY OVERVIEW EXPANSION INFORMATION

EXPANSION NOTES

• Expansion potential of approximately 2.4 acres.

• Estimated 40,000 NRSF could be added. The land is zoned but not permitted.

a. 40,000 NRSF x 1.01/RPSF (proforma) = 40,400 estimated monthly GPR x 12 = $484,800 annual GPR.

POTENTIAL EXPANSION AREA


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PROPERTY OVERVIEW | LOCATION OVERVIEW & TRAFFIC MAP

Business Analyst

Standard Create Maps from Data Define Areas for Reports Add Data 4101 SW 13th St, Gainesville, FL, 32608, USA

15 minutes

10 minutes

5 minutes

County of Alachua, Esri, HERE, Garmin, NGA, USGS, NPS

6km

4mi

Home Maps Reports USA Help Rachel TRAFFIC COUNTS

STREET CROSS STREET MILES FROM PROPERTY AVERAGE DAILY VOLUME

SW Williston Road SW 13th Street 0.07 20,598 VPD

SW Williston Road SW 15th Street 0.20 27,821 VPD

SW 13th Street S Main Street 0.27 13,179 VPD

Business Analyst


County of Alachua, Esri, HERE, Garmin, NGA, USGS

2km

1mi

Home Maps Reports USA Help Rachel

Gainesville, Florida is located in Alachua County and serves as both the county’s largest city and county seat. The city is also the principal city of the Gainesville, Florida Metropolitan Statistical Area (MSA), and considered the largest city in the region of North Central Florida. It is also a component of the Gainesville-Lake City Combined Statistical Area. In the 2007 edition of Cities Ranked and Rated, the Gainesville MSA was ranked as the top places to live in North America, and was also ranked as one of the “best places to live and play” in the United States by National Geographic Adventure.

Gainesville is home to the University of Florida, ranked as the #1 Best 4-Year college in Florida by Schools.com. The University is also the nation’s ninth-largest university campus by enrollment with 52,286 students enrolled in 2016, and is the third largest Florida university by student population. The University of Florida, along with being the birthplace of Gatorade sports drinks, is a major financial boost to the Gainesville community with significant revenue created by the athletic events that occur at UF and SEC football games.

Aside from holding a college town atmosphere, Gainesville has yielded many shopping, dining and entertaining nightspots. The city features several public parks, lakes, walking trails and Ichetucknee Springs State Park. The economy is led by sectors like education, tourism, and transportation. Residents of Gainesville also have great access to healthcare, led by Shands HealthCare and North Florida Regional Medical Center.

LOCATION OVERVIEW

SECURITYMINI-STORAGE

3 m

iles

1

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PROPERTY OVERVIEW | DEMOGRAPHICS

-0%0 SF

72,273 SF72,273 SF

Specialty

Rent/SF/Yr:% Leased:

Total Available:

Typical Floor:RBA:

Building Type:-Class:

Radius 1 Mile 3 Mile 5 MilePopulation

2022 Projection 4,533 61,076 121,5962017 Estimate 4,360 58,465 116,2172010 Census 4,315 55,642 110,331Growth 2017 - 2022 3.97% 4.47% 4.63%Growth 2010 - 2017 1.04% 5.07% 5.33%

2017 Population by Hispanic Origin 407 7,721 12,7902017 Population 4,360 58,465 116,217

White 2,955 67.78% 37,742 64.55% 73,049 62.86%Black 669 15.34% 11,883 20.32% 30,056 25.86%Am. Indian & Alaskan 16 0.37% 200 0.34% 407 0.35%Asian 573 13.14% 6,788 11.61% 9,030 7.77%Hawaiian & Pacific Island 5 0.11% 44 0.08% 91 0.08%Other 141 3.23% 1,809 3.09% 3,583 3.08%U.S. Armed Forces 8 14 28

Households2022 Projection 2,145 24,233 50,1602017 Estimate 2,046 23,046 47,8132010 Census 1,936 21,420 45,057Growth 2017 - 2022 4.84% 5.15% 4.91%Growth 2010 - 2017 5.68% 7.59% 6.12%Owner Occupied 488 23.85% 3,972 17.24% 15,843 33.14%Renter Occupied 1,559 76.20% 19,073 82.76% 31,970 66.86%

2017 Households by HH Income 2,046 23,045 47,813Income: <$25,000 746 36.46% 11,656 50.58% 19,794 41.40%Income: $25,000 - $50,000 373 18.23% 5,561 24.13% 11,693 24.46%Income: $50,000 - $75,000 388 18.96% 2,734 11.86% 6,319 13.22%Income: $75,000 - $100,000 202 9.87% 1,358 5.89% 4,105 8.59%Income: $100,000 - $125,000 58 2.83% 512 2.22% 1,811 3.79%Income: $125,000 - $150,000 140 6.84% 404 1.75% 1,467 3.07%Income: $150,000 - $200,000 98 4.79% 393 1.71% 1,404 2.94%Income: $200,000+ 41 2.00% 427 1.85% 1,220 2.55%

2017 Avg Household Income $59,534 $40,527 $51,0932017 Med Household Income $42,258 $24,623 $31,594

Demographic Summary ReportSecurity Mini Storage

4101 SW 13th St, Gainesville, FL 32608

Copyrighted report licensed to SkyView Advisors - 745486.6/21/2017

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-0%0 SF

72,273 SF72,273 SF

Specialty

Rent/SF/Yr:% Leased:

Total Available:

Typical Floor:RBA:

Building Type:-Class:

Radius 1 Mile 3 Mile 5 MilePopulation

2022 Projection 4,533 61,076 121,5962017 Estimate 4,360 58,465 116,2172010 Census 4,315 55,642 110,331Growth 2017 - 2022 3.97% 4.47% 4.63%Growth 2010 - 2017 1.04% 5.07% 5.33%

2017 Population by Hispanic Origin 407 7,721 12,7902017 Population 4,360 58,465 116,217

White 2,955 67.78% 37,742 64.55% 73,049 62.86%Black 669 15.34% 11,883 20.32% 30,056 25.86%Am. Indian & Alaskan 16 0.37% 200 0.34% 407 0.35%Asian 573 13.14% 6,788 11.61% 9,030 7.77%Hawaiian & Pacific Island 5 0.11% 44 0.08% 91 0.08%Other 141 3.23% 1,809 3.09% 3,583 3.08%U.S. Armed Forces 8 14 28

Households2022 Projection 2,145 24,233 50,1602017 Estimate 2,046 23,046 47,8132010 Census 1,936 21,420 45,057Growth 2017 - 2022 4.84% 5.15% 4.91%Growth 2010 - 2017 5.68% 7.59% 6.12%Owner Occupied 488 23.85% 3,972 17.24% 15,843 33.14%Renter Occupied 1,559 76.20% 19,073 82.76% 31,970 66.86%

2017 Households by HH Income 2,046 23,045 47,813Income: <$25,000 746 36.46% 11,656 50.58% 19,794 41.40%Income: $25,000 - $50,000 373 18.23% 5,561 24.13% 11,693 24.46%Income: $50,000 - $75,000 388 18.96% 2,734 11.86% 6,319 13.22%Income: $75,000 - $100,000 202 9.87% 1,358 5.89% 4,105 8.59%Income: $100,000 - $125,000 58 2.83% 512 2.22% 1,811 3.79%Income: $125,000 - $150,000 140 6.84% 404 1.75% 1,467 3.07%Income: $150,000 - $200,000 98 4.79% 393 1.71% 1,404 2.94%Income: $200,000+ 41 2.00% 427 1.85% 1,220 2.55%

2017 Avg Household Income $59,534 $40,527 $51,0932017 Med Household Income $42,258 $24,623 $31,594

Demographic Summary ReportSecurity Mini Storage

4101 SW 13th St, Gainesville, FL 32608

Copyrighted report licensed to SkyView Advisors - 745486.6/21/2017

Page 2


PRICING & FINANCIALSFinancial OverviewUnit MixIncome & ExpensesAdditional NotesCapital ImprovementsDemand AnalysisDebt & Equity

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PRICING & FINANCIALS | FINANCIAL OVERVIEW

PRICING OVERVIEW

Price $3,500,000

Down Payment % 30%

Down Payment Amount $1,050,000

Price Per Rentable Square Feet $78.70ADJUSTED

CAP Rate 6.72%

Net Operating Income $235,339

Cash on Cash Return 5.85% 1 YEAR PRO FORMA

CAP Rate 9.57%

Net Operating Income $334,853

Cash on Cash Return 17.22%


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PRICING & FINANCIALS | UNIT MIX

CLIMATE Unit Mix # of Units % of Total Unit SF Total SF Monthly TotalMonthly Rent/Unit

Monthly Rent/SF Annual Total Description

4' x 5' 2 0% 20 40 $78 $39 $1.95 $936 5' x 5' 6 1% 25 150 $330 $55 $2.20 $3,960 Standard5' x 6' 4 1% 30 120 $228 $57 $1.90 $2,736 Standard5' x 7' 6 1% 35 210 $342 $57 $1.63 $4,104 Standard5' x 7' 1 0% 35 35 $65 $65 $1.86 $780 A/C Premium5' x 10' 32 7% 50 1,600 $2,432 $76 $1.52 $29,184 A/C Standard5' x 9' 4 1% 45 180 $336 $84 $1.87 $4,032 Standard5' x 9' 2 0% 45 90 $178 $89 $1.98 $2,136 A/C Premium6' x 10' 3 1% 60 180 $267 $89 $1.48 $3,204 A/C Standard7' x 10' 7 2% 70 490 $644 $92 $1.31 $7,728 A/C Standard5' x 10' 10 2% 50 500 $920 $92 $1.84 $11,040 A/C Premium8' x 10' 6 1% 80 480 $564 $94 $1.18 $6,768 A/C Standard6' x 10' 15 3% 60 900 $1,440 $96 $1.60 $17,280 A/C Premium7' x 10' 3 1% 70 210 $294 $98 $1.40 $3,528 A/C Premium9' x 10' 1 0% 90 90 $103 $103 $1.14 $1,236 A9' x 10' 12 3% 90 1,080 $1,356 $113 $1.26 $16,272 A/C Standard10' x 10' 12 3% 100 1,200 $1,416 $118 $1.18 $16,992 A/C Standard9' x 10' 6 1% 90 540 $708 $118 $1.31 $8,496 A/C Premium10' x 12' 5 1% 120 600 $610 $122 $1.02 $7,320 A/C Standard10' x 12' 10 2% 120 1,200 $1,310 $131 $1.09 $15,720 A/C Premium10' x 10' 10 2% 100 1,000 $1,320 $132 $1.32 $15,840 A/C Premium10' x 14' 4 1% 140 560 $544 $136 $0.97 $6,528 A/C Premium10' x 15' 1 0% 150 150 $144 $144 $0.96 $1,728 B10' x 16' 1 0% 160 160 $144 $144 $0.90 $1,728 A/C Premium10' x 15' 4 1% 150 600 $576 $144 $0.96 $6,912 A/C Premium10' x 16' 1 0% 160 160 $144 $144 $0.90 $1,728 A/C Premium10' x 18' 4 1% 180 720 $716 $179 $0.99 $8,592 A/C Premium10' x 22' 2 0% 220 440 $418 $209 $0.95 $5,016 A/C Premium9' x 50' 1 0% 450 450 $468 $468 $1.04 $5,616 A/C Premium5' x 5' 7 2% 25 175 $420 $60 $2.40 $5,040 A/C PremiumCC Avg Base Rents 182 42% 14,310 $18,515 $101.73 $1.29 $222,180

PRICING & FINANCIALS | FINANCIAL OVERVIEW


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PRICING & FINANCIALS | UNIT MIX PRICING & FINANCIALS | UNIT MIX

NON-CLIMATE Unit Mix # of Units % of Total Unit SF Total SF Monthly TotalMonthly Rent/Unit


34' x 34' 1 0% 1,156 1,156 $0 $0 $0.00 $0 5' x 5' 11 3% 25 275 $484 $44 $1.76 $5,808 Standard5' x 6' 19 4% 30 570 $874 $46 $1.53 $10,488 Standard5' x 8' 7 2% 40 280 $336 $48 $1.20 $4,032 Standard5' x 5' 1 0% 25 25 $49 $49 $1.96 $588 Premium5' x 9' 5 1% 45 225 $250 $50 $1.11 $3,000 Standard5' x 6' 5 1% 30 150 $255 $51 $1.70 $3,060 Premium5' x 7' 1 0% 35 35 $53 $53 $1.51 $636 Premium5' x 10' 11 3% 50 550 $671 $61 $1.22 $8,052 Standard6' x 10' 5 1% 60 300 $315 $63 $1.05 $3,780 Standard5' x 10' 25 6% 50 1,250 $1,625 $65 $1.30 $19,500 Premium7' x 10' 1 0% 70 70 $65 $65 $0.93 $780 Standard8' x 10' 1 0% 80 80 $66 $66 $0.83 $792 P6' x 10' 17 4% 60 1,020 $1,139 $67 $1.12 $13,668 Premium7' x 10' 5 1% 70 350 $345 $69 $0.99 $4,140 Premium9' x 10' 1 0% 90 90 $73 $73 $0.81 $876 L9' x 10' 10 2% 90 900 $750 $75 $0.83 $9,000 Standard10' x 10' 0 0% 100 0 $0 $77 $0.77 $0 10' x 10' 3 1% 100 300 $231 $77 $0.77 $2,772 Standard10' x 12' 1 0% 120 120 $80 $80 $0.67 $960 Standard9' x 10' 17 4% 90 1,530 $1,479 $87 $0.97 $17,748 Premium10' x 10' 19 4% 100 1,900 $1,691 $89 $0.89 $20,292 Premium10' x 14' 2 0% 140 280 $184 $92 $0.66 $2,208 Standard10' x 12' 14 3% 120 1,680 $1,302 $93 $0.78 $15,624 Premium10' x 14' 6 1% 140 840 $624 $104 $0.74 $7,488 Premium10' x 16' 9 2% 160 1,440 $1,026 $114 $0.71 $12,312 Premium10' x 18' 8 2% 180 1,440 $984 $123 $0.68 $11,808 Premium10' x 20' 1 0% 200 200 $126 $126 $0.63 $1,512 Premium10' x 22' 9 2% 220 1,980 $1,224 $136 $0.62 $14,688 Premium10' x 25' 12 3% 250 3,000 $1,788 $149 $0.60 $21,456 Premium

continued next page


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PROPERTYTOTALS

# of Units (Includes all)

% of Total AVG Unit SF 1 Total SF 2 Monthly Total 3 Monthly Rent/Unit 4

Monthly Rent/SF 5 Annual Total 6

434 100% 102 44,471 $40,927 $94 $0.92 $491,124

Footnotes: 1. Excludes all Parking & Misc2. Excludes not covered Parking3. Includes all unit types

Standard Unit vs Premium Unit - A premium unit is a unit that is easier to access and does not require a moving cart to move supplies to (more desirable). A standard unit requires a moving cart and are further away from the entrance of the facility. (less desirable). There are ramps located inside the facility.

The (2) 10x10 Units that have an A or L in the size code, should be 9x10’s units. This is reflected correctly in the OM.

8x10P - The P stands for plus which means a little larger than the actual size.

10x15B - This is a 10x15 A/C unit as shown in the size description.

34x34 - is no longer a rented unit.

10x10 - $77 – Total units = 0. Disregard this unit as it is not rent-able.

PRICING & FINANCIALS | UNIT MIX PRICING & FINANCIALS | UNIT MIX

NON-CLIMATE Unit Mix # of Units % of Total Unit SF Total SF Monthly TotalMonthly Rent/Unit


10' x 30' 19 4% 300 5,700 $3,192 $168 $0.56 $38,304 Premium15' x 20' 1 0% 300 300 $168 $168 $0.56 $2,016 Premium15' x 25' 3 1% 375 1,125 $567 $189 $0.50 $6,804 Premium20' x 25' 2 0% 500 1,000 $396 $198 $0.40 $4,752 PremiumNon-CC Avg Base Rents 252 58% 30,161 $22,412 $89 $0.74 $268,944


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PRICING & FINANCIALS | INCOME & EXPENSES

REVENUE1. Gross Potential Rent - Current rents are significantly below market standards, therefore our Pro forma GPR includes an increased rental rate of 5%. Rent increases can be captured up to an additional 5%.2. Admin Fees - Pro forma admin fees are based on industry standards 3. Late Fees - Pro forma admin fees are 3.75% of rent. This percentage derives from current late fee collections.4. Misc. Income - The adjusted column and pro forma column reflects $130,898 stripped due to cell tower income not being sold with the property. The truck fuel account ($7,609) and billboard income ($3,719) make up the remainder of $11,328.5. Tenant Insurance - Tenant insurance income is based on an industry standard formula. (sum of clim&nonclim units)*88%)*65%(4.5)(12months). 6. Vacancy - Physical occupancy is 97% and economic occupancy is 75% on a T12 basis7. Effective Grosss income - Effective gross income is based on trailing 12 months as of 6/30/2017.

EXPENSES8. On Site Payroll - Payroll has been normalized to reflect current market standards.9. Repairs & Maintenance - Repairs and maintenance one time expenses were stripped, see page 20 for a breakout of these items. Reflected in Adjusted and Pro forma column of the financial model.10. Bank Charges - Pro forma bank charges are 1.5% of the pro forma EGI11. Misc. Expenses - Current column includes director fees ($250/mo), other miscellaneous capital expenses ($446), and contract service explained on page 20. These were stripped in the adjusted and proforma column as non operational expenses.12. Real Estate Taxes - Pro forma real estate taxes are estimated. See page 20 for the formula used in the pro forma.13. Total Expenses - Total expenses are based on trailing 12 months as of 6/30/2017.14. NOI after reserves/replacements - NOI is after Cap/ex .10$ SF

REVENUE CURRENT ADJUSTED* 1 YEAR PRO FORMARevenue

1 Gross Potential Rent $491,124 $491,124 $515,680Retail Sales Income $4,145 $4,145 $4,145

2 Admin Fees $0 $0 $4,500Truck Rental Income $54,446 $54,446 $54,446

3 Late & NSF Fees $13,279 $13,279 $17,0174 Misc Income $142,226 $11,328 $11,328

Sales Tax Income $0 $0 $05 Tenant Insurance Income $10,694 $10,694 $13,405

GROSS POTENTIAL INCOME $715,913 $585,015 $620,5216 Vacancy ($122,622) ($122,622) ($46,411)

Bad Debt $0 $0 ($2,578)Rent Concessions ($14,593) ($14,593) ($2,578)COGS ($3,734) ($3,734) ($2,073)Sales Tax Paid $0 $0 $0

7 EFFECTIVE GROSS INCOME $574,964 $444,066 $566,881Monthly EGI $47,914 $37,006 $47,240

OPERATING EXPENSES CURRENT ADJUSTED 1 YEAR PRO FORMAControllable Expenses

8 On-Site Payroll $206,783 $65,000 $65,0009 Repairs & Maintenance $37,682 $10,249 $10,249

General & Administrative $12,067 $12,067 $12,067Advertising & Promotion $4,043 $6,500 $6,500

10 Bank Charges $7,509 $7,509 $8,503Professional Fees $2,350 $2,350 $2,350Telephone/Internet $2,255 $2,255 $2,255

11 Misc Expenses $10,647 $0 $0Total Controllable Expenses $283,336 $105,930 $106,924Non-Controllable ExpensesManagement Fee $0 $22,203 $28,344

12 Real Estate Taxes $30,835 $30,835 $47,001Utilities $25,218 $25,143 $25,143Insurance $20,168 $20,168 $20,168Total Non-Controllable Expenses $76,221 $98,349 $120,656

13 Total Expenses $359,556 $204,280 $227,580

Net Operating Income $215,408 $239,786 $339,300Less Capx\Reserves $4,447 $4,447 $4,447

14 NOI AFTER RESERVES / REPLACEMENTS $210,961 $235,339 $334,853

*The current column represents T12 Income and Expenses. The adjusted column represents the same data, but with one-time/non-reoccurring expenses stripped out.


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PRICING & FINANCIALS | ADDITIONAL NOTES

P&L NOTES REVENUE:2506 SMS Fee Income - This line item consists of late fees.2722 Penske Truck Fuel Account – This line item consists of income made on the truck fuel. Penske reimburses the the owner on what is spent on truck fuel.

EXPENSES:2712 Property Insurance - flood insurance is included in this line item, however it is paid in January of each year ($1268). Coverage provided by Nationwide.2714 Telephone - this line item also includes internet (approximately $173.52/mo for both).2717 Refuse Disposal - this line item accounts for dumpster expense.2719 Building Maint-Repairs/Supplies - this line item consists largely of Florida Pest Control one time expenses ($23,321). See page 18 for further explanation. Routine pest control is $60/mo. 2723 Equipment Maintenance - this line item includes maintenance for items such as fire extinguisher and air conditioner. 2750 Management Salary - this line item is a non operational expense. 2755 SMS Bonus - this line item consists of manager bonuses. (25% of storage late fees and 10% of merchandise sold.)2801 Personnel Expense - this line item consists of uniform expenses and holiday / lunch expenses for employees.2811 Software Maintenance - this line item consists of Domico management software expenses.2814 Sales Tax Discount - This is a discount when local sales tax is paid on time. 2815 Miscellaneous Expenses - this is a sales tax discount when given for on time payment.2957 Miscellaneous Rental Income - This line item consists of rental income from the cell towers. The cell towers are located on the additional parcel that will not be sold. Contract service - this line item consists of book keeping expenses, Airwave (cell phone tower consultant), and a land survey. These are non operational expenses

*Footnotes listed are based on T12 P&L’s as of June 2017.


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PRICING & FINANCIALS | ADDITIONAL NOTES PRICING & FINANCIALS | ADDITIONAL NOTES

REPAIRS AND MAINTENANCE ITEMS STRIPPED (REFLECTED IN ADJUSTED AND PROFORMA COLUMN OF THE FINANCIAL MODEL)

ITEM COST DATE

Payment for updating the front of the building $1,237.50 November 2016

Florida Pest Control $340.26 December 2016

Florida Pest Control $2,062.40 January 2017

Florida Pest Control $985.88 January 2017

Payment for updating the front of the building $1,237.50 January 2017

Florida Pest Control $559.13 February 2017

Florida Pest Control $3,840.00 May 2017

Florida Pest Control $17,170.00 May 2017 *One time expenses incurred for for pest control services due to negligence of a tenant. There were dog food containers that were left opened which caused a rodent problem.

MISCELLANEOUS

STAFFING PLANManager - Mon-Thurs 7:30-5:30 | $23.08 per hourMaintenance - Mon. Wed. Fri. 7:30-5:15 Maintenance | $15.50 per hourRental & Customer Service Associate - Tues. Thurs. Sat. 7:30-5:30 Sun 12:00- 5:30 | $13.50 per hourRental & Customer Service Associate - Wed. Fri. Sat. 7:30-5:30 Mon 7:30-1:30 | $14.50 per hour

BILLBOARD LEASE - see dropbox for a attachment of the lease. The contract was renegotiated in 2016.

ALACHUA COUNTY TAX INFORMATIONIn Alachua County, they will use an income approach for tax reassement for self storage. Recent sales data is considered to derive a cap rate for the income approach. The following formula was used to calculate the pro forma real estate taxes. Cap rate used and millage rate are subject to change.NRSF (44,471) x $7/sqft = 311,297 EGI x .60 exp = NOI (186,778) / 0.093 (loaded cap rate) = assessed value (2,008,367.70) x millage rate (0.02340280) = 47,001 estimated taxes.


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PRICING & FINANCIALS | ADDITIONAL NOTES

DATE IMPROVEMENT COST

June 2016 Alarm Replacement $14,357.42June 2016 Air Conditioning Replacement $11,394.50TOTAL $25,751.92

PRICING & FINANCIALS | CAPITAL IMPROVEMENTS


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Supply Within 1 Mile

Supply Within 3 Miles

Supply Within 5 Miles

Census Population in Subject Radius 4,360 58,465 116,217

Existing Facilities in Subject MarketSecurity Mini Storage 4101 SW 13th St | Gainesville, FL 32608 44,491 - -

Affordable Self Storage, Inc 1132 South Main Street | Gainesville, FL 32601 - - 26,220

McCoy Mini Storage 2160 NE 1st Boulevard | Gainesville, FL 32609 - - 48,371

Storage Zone Self Storage 1801 Northeast 23rd Avenue | Gainesville, FL 32609 - - 41,525

Gator Moving & Storage 1950 Northeast 27th Avenue | Gainesville, FL 32609 - - 24,000

Personal Mini Storage 4432 Southwest 34th Street | Gainesville, FL 32608 - 29,100 -

34th Street Mini Storage 3447 Southwest | 42nd Avenue | Gainesville, FL 32608 - 48,132 -

I-75 Business Park & Self Storage 4500 Southwest 41 Boulevard | Gainesville, FL 32608 - 12,000 -

South West Self Storage, Inc. 3300 Southwest 42nd Street | Gainesville, FL 32608 - 62,575 -

Interstate Mini Storage 2707 Southwest 40 Boulevard | Gainesville, FL 32608 - - 49,761

Archer Road Self Storage, Inc. 6505 Southwest Archer Road | Gainesville, FL 32608 - - 50,100

StorQuest Self Storage 4430 Southwest 34th Street | Gainesville, FL 32608 - 83,989 -

Trimark A/C Mini Storage 926 Southwest 2nd Avenue | Gainesville, FL 32601 - - 4,053

Total Existing Supply 44,491 280,287 524,317

Sq. Ft. per Person 10.20 4.79 4.51

FINANCIALS & ANALYSIS | DEMAND ANALYSIS

*Source for SF = CoStar*National average of self-storage space per capita = 8.32 square feet (2014)[Source: Sparefoot]

PRICING & FINANCIALS | CAPITAL IMPROVEMENTS


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PRICING & FINANCIALS | DEBT & EQUITY

LOAN INFORMATION - OPTION 1

Lender: SkyView approved SBA Lender

LTV: 85%

Amortization: 25 years

Interest Rate: 4.95%

Recourse: Full Recourse

Loan quote provided by

NOEL CAINSenior Vice President Debt & Equity Group

D: [email protected]

1. Loan information is time sensitive and subject to change. 2. Estimated third parties including but not limited to: appraisal, environmental, processing, etc. 3. Time starts after receipt of application and third party deposit for reports and is dependent upon third party reports and borrow

turnaround time. 4. Any projections, opinions, assumptions or estimates used here within are for example purposes only and do not represent the

current or future performance of the property.

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Lender: SkyView apparoved Long Term Lender

LTV: 70%

Amortization: 25 years

Interest Rate: 4.85%

Recourse: Guaranty Non Recourse

LOAN INFORMATION - OPTION 2

FINANCIALS & ANALYSIS | DEMAND ANALYSIS


COMPARABLESRent ComparablesRecent Sales

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COMPARABLES | RENT COMPARABLES CHART & MAPBusiness Analyst


1 mile

3 miles

County of Alachua, Esri, HERE, Garmin, INCREMENT P, NGA, USGS

2km

1mi

Home Maps Reports USA Help Rachel

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PROPERTY ADDRESS

Security Mini Storage 4101 Southwest 13th Street | Gainesville, FL 32608

1 Affordable Self Storage, Inc 1132 South Main Street | Gainesville, FL 32601

2 McCoy Mini Storage 2160 Northeast 1st Boulevard | Gainesville, FL 32609

3 Storage Zone Self Storage and Business Centers 1801 Northeast 23rd Avenue | Gainesville, FL 32609

4 Gator Moving & Storage 1950 Northeast 27th Avenue | Gainesville, FL 32609

5 Personal Mini Storage 4432 Southwest 34th Street | Gainesville, FL 32608

6 34th Street Mini Storage 3447 Southwest 42nd Avenue | Gainesville, FL 32608

7 I-75 Business Park & Self Storage 4500 Southwest 41 Boulevard | Gainesville, FL 32608

8 South West Self Storage, Inc. 3300 Southwest 42nd Street | Gainesville, FL 32608

9 Interstate Mini Storage 2707 Southwest 40 Boulevard | Gainesville, FL 32608

10 Archer Road Self Storage, Inc. 6505 Southwest Archer Road | Gainesville, FL 32608

11 StorQuest Self Storage 4430 Southwest 34th Street | Gainesville, FL 32608

12 Trimark Air-Conditioned Mini Storage 926 Southwest 2nd Avenue | Gainesville, FL 32601PROPERTY NAME NON-CLIMATE CONTROLLED CLIMATE CONTROLLED

5x5 5x10 10x10 10x15 (10x16) 10x20 (10x22) 10x30 5x5 5x10 10x10 10x15 10x20 (10x22)

Security Mini Storage $44 $61 $89 $114 $136 $168 $55 $76 $118 $144 $209Affordable Self Storage, Inc - $70 $100 $145 $175 - $70 $95 $150 $175 -McCoy Mini Storage - $56 $79 - - - - - - - -Storage Zone Self Storage and Business Centers Not comparable due to sizes offered.Gator Moving & Storage Not comparable. Facility consists of storage pods.Personal Mini Storage - $80 $110 - - - - - - - -34th Street Mini Storage - - - - - - $48 $70 $105 $149 -I-75 Business Park & Self Storage - - $107 - - - - - $119 $169 $199South West Self Storage, Inc. $80 - - $150 - - - $109 - - -Interstate Mini Storage $40 $56 $84 $106 $119 - $60 $87 $130 $149 $185Archer Road Self Storage, Inc. - $60 $95 $95 $120 - - - - - -StorQuest Self Storage - - - $139 - $250 - - - - -Trimark Air-Conditioned Mini Storage Not comparable due to sizes offered.,Competitor Average $60 $64 $96 $127 $138 $250 $59 $90 $126 $161 $192Difference in Comp & Property ($16) ($3) ($7) ($13) ($2) ($82) ($4) ($14) ($8) ($17) $17

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511

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COMPARABLES | RECENT SALES

600 NW AIROSO BLVD, PORT ST. LUCIE, FL 34983

Close of Escrow: 9/30/2016

Rentable SF: 40,541

Year Built: 2006

Sale Price: $4,130,000

Price/SF: $101.87

1759 HUNTINGTON LANE, ROCKLEDGE, FL 32955


Rentable SF: 44,284

Year Built: 1998


Price/SF: $107.26

11351 PALM BEACH BLVD, FORT MYERS, FL 33905


Rentable SF: 36,000

Year Built: 2004


Price/SF: $119.44

1105 NE INDUSTRIAL BLVD, JENSEN BEACH, FL 34957


Rentable SF: 48,307

Year Built: 1979


Price/SF: $102.47


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CHRIS M. WEISMILLERVice PresidentInvestment [email protected]

BROKER OF RECORDSkyview AdvisorsFlorida Real EstateLicense No. CQ1047426

mailto:cweismiller%40skyviewadvisors.com?subject=

security mini storage...• security mini storage is one of the largest penske dealers in the state....

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