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23900 W Outer Dr, Melvindale, MI, 48122

Enterprise Park Storage
$2,990,000

Key Information

Cap Rate
8.23%
Units
273
Year Built
1948
Type
Self Storage
Occupancy
90%
NOI
$245,410
Leasable Area
23,344

Highlights

  • Seller Financing Available: Provides potential buyers with increased acquisition flexibility and below market interest rates.
  • High Day-1 Yield: The property offers a very strong in-place return with an 8.2% going-in cap rate, providing investors with immediate cash flow on day-1, and attractive cash-on-cash returns due to the Seller Financing terms.
  • Operational Upside: Current “mom and pop” ownership operates without management software nor advertising, presenting a clear opportunity to implement modern systems and marketing strategies to drive revenue growth.
  • Extremely Dense Surrounding Demographics: Over 100,000 residents within a 3-mile radius. Over 300,000 residents in a 5-mile radius.
  • Established Occupancy: The property has demonstrated historically strong occupancy levels, reflecting consistent tenant demand and operational stability.
  • Minimal Competition: No direct competitors within a 7-mile radius, offering a unique advantage in the local market.
  • Development Opportunity: Favorable zoning and the limited supply of traditional non-climate self-storage in the surrounding market presenting an opportunity to add non-climate units if the Buyer sees fit.

Photos

Location

Agents

Broker of Record

Matt Fitzgerald

License # 6505432273 (MI)
Matthews Real Estate Investment Services, Inc
1600 West End, Ste. 1500 Nashville, TN 37203