The Storage Compound is a Mini Storage & Multi-Unit Industrial property located at 1 Cochise Row in the city of Bisbee, Arizona. This single-story facility consists of 56,850 rentable square feet of storage and industrial space. There are 6 industrial units totaling 36,340 rentable square foot and 78 storage units totaling 20,510 rentable square feet. The sale also includes a single-family managers residence consisting of 1,158 square feet.
The Storage Compound was renovated and converted to a storage and industrial property in 2006. The property sits on 7.04 acres and has room for future expansion. There is strong demand for industrial and mini storage space in the area. Property is currently 95% occupied.
Ownership and Management have completed renovation of 2 vacant industrial units and are currently negotiating leases for both spaces.
The property is being offered for sale at a price below replacement cost. Asking price is $65 per square foot and the cost of replacing the asset is around $100 per foot. This is a great opportunity to purchase an asset below replacement cost with an existing tenant base and income stream.
The facility has rents that are $0.24 per square foot and have room for significant increases. Owner is an out of state and has neglected the property. Bisbee Realty manages the property for a fee of 8% of gross revenue.
Adjacent to the property is Copper Queen Community Hospital, Bisbee Senior High School, and residential housing.
This is a great value add investment with strong occupancy, below market rents, and expansion potential!