Mahoney & Associates is pleased to present for the first time on the market Soledad Mini Storage, a 100 storage unit complex complete with a one bedroom/one bath manager’s apartment, located Soledad, CA. The subject property is ideally situated along Front Street with easy access to Highway 101 and the Soledad Mission Shopping Center, which is home to major retail tenants such as Starbucks, Foods Co, CVS, Burger King, O’Reilly Auto Parts as well as a new multi-screen movie theater. Front Street is the sole arterial that connects the residential area of Soledad to the major commercial district in town; meaning that one must drive past Soledad Mini Storage to visit any of the aforementioned retailers.
The subject property is comprised of three single-story row buildings on a concrete slab, with wood frame construction, stucco exterior, Spanish tile roofs with concrete driveways between the buildings. There are 97 identical 10’x12′ units, all with drive-up access and entry via a 6’x7′ metal roll-up door. Three of the units are 12’x18′ and have been converted into vehicle storage garages, to be rented back by the Seller after the Close of Escrow at $150 per month, each. Both of the exterior row buildings could be expanded to 12’x18′ storage units.
Soledad Mini Storage was developed in 1990 and has been maintained in impeccable condition by the original owner, who operates the storage business from his adjacent hotel property. After operating the business for 30 years, ownership is simplifying things and downsizing. Access to the storage unit property is granted by hotel staff after checking in at the hotel, who then open the entry gate manually; thus prospective buyers are encouraged to investigate the ideal management scenario for their needs. The installation of a keypad door alarms, security cameras, and other automated processes may help bring the property in line with comparable storage properties.
The on-site one bedroom, one bath manager’s apartment of approximately 576 SF is currently being rented for $900/month. Prospective buyers are encouraged to investigate the option of utilizing professional property management or offering the apartment to an on-site manager at low/zero rent in lieu of a management fee.
All financial information utilized herein was provided by the Seller based on 2019 actuals, with the exception of the pro forma income. Seller does not utilize a 21st Century automated/computerized documentation system. Buyer to conduct its own investigations and due diligence of the property and relevant materials.