Investment Description
An approximately 56,473 square foot self-storage property containing 594 storage units and related facilities on approximately 1.2 acres commonly known as Go Store It – Hampton Roads located at 5200 West Mercury Blvd., Newport News, VA 23605. The main building at the Property was constructed in 1974, however, the storage buildings and the Property was converted to a storage facility in 2019. The Property has a total of 50 parking spaces with eight handicapped van accessible spaces.
Investment Details
Acquisition Details
Total Equity
$13,800,000
Total Debt
$0
Total Value
$13,800,000
Loan-to-value
0.00%
Units
594
Financial Details
Purchase Price
$12,000,000
Reserves
$1,000,000
Loan interest rate
NA
Maturity Date
NA
Interest Only Through
NA
Product Details
Product Sponsor
Product Structure
DSTAsset Type(s)
Self StorageSyndication Load
NA
Holding Period
NA
Liquidity
NA
Risk Profile
NA
Business Plan
The main goals of the Trust are to (i) operate and hold the Properties pursuant to the Master Leases; (ii) preserve the capital investment of the Owners; (iii) realize income through the ownership and eventual sale, disposition, transfer, merger to facilitate a tax-deferred exchange pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”) or an exchange roll-up transaction pursuant to Section 721 of the Code with respect to the Properties into a limited partnership or real estate investment trust (a “REIT”) (collectively, a “Disposition”); (iv) make monthly distributions to the Owners from cash generated by the Properties; and (v) take only such other actions as the Signatory Trustee deems necessary to carry out the foregoing.
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Available Equity
37% Funded
$100K Minimum
Offering Materials
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