In Nov 2019 we purchased a 24k sf portfolio for $632k at a public auction.
100 of the 183 units were abandoned. The 85 yr old owner lost track of customers over the course of 10+ years.
In December of 2019 we had a 100 unit public auction (online, of course). An update 👇👇👇
100 of the 183 units were abandoned. The 85 yr old owner lost track of customers over the course of 10+ years.
In December of 2019 we had a 100 unit public auction (online, of course). An update 👇👇👇
Pretty good shape on the outside. But the inside was a mess.
We cut locks and got ready for the massive self storage auction on the 19th of Dec by taking photos and then securing the units.
Then we did some PR and got on the front page of the Corry Journal.
Then we did some PR and got on the front page of the Corry Journal.
A little about our thought process on closing day and how we secured the property:
It was doing $3,368 a month when we bought it at 26% occupancy.
We raised prices on day one and then began our online advertising campaign.
We raised prices on day one and then began our online advertising campaign.
And here is how this year has went. Sitting at $10k a month right now with a lot of upside left! Only 56% current occupancy.
And our P&L.
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