K&L Storage – Store & Lock

• This 89% occupied facility is 31,400 NRSF with a clean, standard drive-up unit mix (5×10, 10×10, 10×20) along with 4 commercial shops/offices, one of which is currently owner-occupied/vacant, allowing for significant upside to a prospective buyer.
• Defensible underwriting reflects a 7.45% Year 1 CAP (with a ~37% expense load), assuming a market rent adjustment (based on current occupancy of each individual unit size), along with the backfilling of the currently vacant commercial shop in Year 1.
• Proforma assumes occupancy gains will compress economic vacancy from ~25% in Year 1 to ~15% by Year 3.
• Additional upside can be capitalized on via the establishment, and expansion of, ancillary income streams including tenant insurance, admin fees, and late fees.
• Well-located, operationally sound, and positioned for meaningful upside.