Eric Peresiper

@StorageDataDev Beautiful facility

We bought this parcel of land in Nov 2022 for $1,570,000 to build a self storage facility. Here's what went into the deal: We started developing this 7.1 acre parcel in Bristol, Rhode Island soon after closing. This is likely one of the last sites to be built in this area of RI. 2 things make this facility unique: 1. It looks more like an apartment complex than a self storage facility 2. We're building a new attached daycare as part of the project Both were largely due to local stipulations and hoops we had to jump through just to start the build. We officially open the doors early next year. Building specs: → Net Rentable Sq Ft (NRSF) = 61,600 → Market 10x10 rates = $224 → Ave. Sq Ft per Unit = 81 → Total units = 750 Here's a breakdown of the year-by-year discounts we've modeled out against market rates: Year 1: 27% Year 2: 14% Year 3: 4% In total, our yield on cost for the property is 7.58%. From closing to launch will be 18 months. We expect by the end of year 4 to hit a levered multiplier of 2.57x on the facility.

@StorageDataDev Hahah sounds like you’re nailing it

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