Gateway Mini Storage & Shopping Center

Gateway Mini Storage and Shopping Center consists of 49,950 NRSF of traditional mini storage and 160,925 NRSF of retail space. The assets provide a new investor strong, stable cash flowing assets with multiple ways to increase performance.

Gateway Mini Storage

The facility consists of 48 climate-controlled units (5,200 NRSF) and 305 non-climate units (44,750 NRSF) for a total of 353 units (49,950 NRSF). The property is fully stabilized with strong physical and economic occupancies of 98% and 91%, respectively. Furthermore, Gateway Mini Storage has an adjusted NOI of $125,011 and a forecasted Year 1 NOI of $138,145.     

The facility has been well maintained by current management and ownership which means minimal capex for a new owner. The facility offers automatic security cameras, gate & keypad access, and concrete drive- aisles. There are two different entrances and exits offering tenants easy access points around the facility. Ownership currently utilizes Webselfstorage for its management software, but lacks an online presence. New ownership will have the ability to implement a website where people may rent units online.

Gateway Shopping Center

Gateway Shopping Center consists of 22 total rentable spaces of which 6 are vacant and 1 is being used as the office for the storage business. The shopping center is anchored by Food Giant, Walgreens, and Variety Wholesalers who have strong track records. The total rentable square footage amongst all spaces is 160,925 NRSF.

There are multiple ways that a new investor can add value to the shopping center by either filling the vacant spaces with more tenants or by converting some of the square footage into additional climate-controlled units for the storage business. A new owner may also desire to negotiate current leases to convert them into net leases rather than what they currently are as gross leases.