Outback Self Storage.mpd2
Transcription
Outback Self Storage.mpd2
Out-Back Self Storage DUNNELLON, FL OFFERING MEMORANDUM Out-Back Self Storage DUNNELLON, FL CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Out-Back Self Storage DUNNELLON, FL OFFERING MEMORANDUM Exclusively listed by: Luke Elliott Investment Associate National Self Storage Group TAMPA OFFICE Tel: (813) 387-4824 Fax: (813) 387-4710 Luke.Elliott@marcusmillichap.com Offices Throughout the U.S and Canada www.MarcusMillichap.com Michael Mele Senior Vice President Investments National Self Storage Group TAMPA OFFICE Tel: (813) 387-4790 Fax: (813) 387-4710 Michael.Mele@marcusmillichap.com Brian Baldwin Investment Associate National Self Storage Group TAMPA OFFICE Tel: (813) 387-4749 Fax: (813) 387-4710 Brian.Baldwin@marcusmillichap.com Out-Back Self Storage TABLE OF CONTENTS Section 1 PROPERTY DESCRIPTION Section 2 PRICING AND FINANCIAL ANALYSIS Section 3 RENT COMPARABLES Section 4 RECENT SALES Section 5 DEMOGRAPHIC ANALYSIS PROPERTY DESCRIPTION Out-Back Self Storage DUNNELLON, FL Out-Back Self Storage DUNNELLON, FL PROPERTY DESCRIPTION INVESTMENT OVERVIEW Investment Highlights ■ Stabilized Asset Located in an Area with High Demand for Self Storage ■ High Occupancy Rates with Further Expansion Opportunity on Vacant Land ■ Meticulously Maintained Facility ■ Both Climate and Non-Climate Controlled Units ■ Fully Fenced and Gated Facility ■ 219 Units and 23,750 Net Rentable Square Feet Out-Back Self Storage is a great opportunity for an investor to buy a high quality, stabilized self storage facility with high occupancy rates. Constructed in 2006 and expanded in 2009, the facility is situated on approximately 3.32 acres and consists of 219 units for a total of 23,750 net rentable square feet. There is vacant land on the property that could accommodate an expansion of approximately 10,000-15,000 square feet. The facility is fully fenced and gated with both climate and non-climate controlled units, wide driveways that have drive-up unit access, allowing for easy accessibility. Out-Back Self Storage in located at 19545 West Highway 40 in Dunnellon, Florida. The property sits on West Highway 40 and is less than a quarter mile east of US 41 and less than 17 miles southwest of I-75. According to the recent rent survey the closest competitor is over five miles away giving Out-Back Self Storage little competition and high occupancy rates. In the 2013 demographic report, the average household income within one mile of the facility was $60,001 and the population within five miles had increased by 21.37 percent since 2000. This asset is currently priced at $1,686,000 or $71.06 per rentable square foot. This is an excellent opportunity for an investor to purchase a quality self storage asset in a growing community with high demand for storage and the upside potential of an expansion. An investor would realize an immediate return on their investment with a capitalization rate of 7.25 percent. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 1 Out-Back Self Storage PROPERTY DESCRIPTION DUNNELLON, FL FINANCIAL OVERVIEW Location Annualized Operating Data 19545 West Highway 40 Dunnellon, FL 34432 Gross Potential Rent Other Income Price Down Payment Number of Units $1,686,000 30% / $505,800 219 Gross Square Feet 27,696 Rentable Square Feet 23,725 CAP Rate - Current 7.25% CAP Rate- Pro Forma Year Built/Expanded 7.50% 2006 / 2009 Gross Potential Income $241,013 $114,076 $114,492 Net Operating Income $122,222 $126,521 Net Cash Flow Before Debt Service $122,221 $126,519 $82,792 $82,792 Debt Service Net Cash Flow After Debt Service 1.48 1.53 7.80% / $39,429 8.65% / $43,727 $24,335 $24,335 12.61% / $63,764 13.46% / $68,062 Real Estate Taxes $25,103 $25,103 (Costs for) On-Site Management $31,176 $31,176 Off Site Management $11,815 $12,051 Insurance $4,644 $4,644 Advertising $4,355 $4,355 $10,790 $10,790 Principal Reduction Amortization Loan to Value $250,960 Less: Expenses Debt Coverage Ratio Interest Rate $250,960 5% / 9,948 3.32 Acres Loan Type $34,744 $236,299 Fee Simple Loan Amount $216,216 $34,744 7% / $14,662 Type of Ownership Total Return FIRST TRUST DEED Pro Forma $216,216 Effective Gross Income Less: Vacancy/Deductions Lot Size Financing Current Expenses $1,180,200 Proposed New 5.0% 25 Years 70 Percent Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative. Repairs and Maintenance Management Fee $2,373 $2,373 Utilities $4,829 $4,829 Administration $6,034 $6,034 Bank Charges $8,664 $8,844 Telephone $2,517 $2,517 Professional Fees $1,406 $1,406 $371 $371 $114,076 $114,492 48.3% 47.5% Other Total Expenses % of EGI This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 2 Out-Back Self Storage PROPERTY DESCRIPTION DUNNELLON, FL PROPERTY SUMMARY The Offering Property Out-Back Self Storage Property Address 19545 West Highway 40 Dunnellon, FL 34432 32909-020-04 Assessor's Parcel Number Zoning P42 (Industrial) Site Description Total Units 219 Units Sizes 25 to 350 Square Feet Gross Square Feet 27,696 Rentable Square Feet 23,725 Year Built/Expanded 2006 / 2009 Lot Size 3.32 Acres Type of Ownership Fee Simple Number of Buildings 6 Number of Stories 1 Traffic Counts (Vehicles per Day) 8,000 Vehicles per Day on West Highway 40 Highway Access 0.25 Miles East of US 41 / 16.96 Miles SW of I-75 Construction Foundation Concrete Framing Exterior Walls Parking Surface Fencing Entry Mechanical Security This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. Metal Metal / Concrete Asphalt Chain Link Gated Fully Fenced and Gated 3 Out-Back Self Storage PROPERTY DESCRIPTION DUNNELLON, FL PROPERTY AMENITIES Common Area Amenities ■ Climate and Non-Climate Controlled Units ■ Fully Fenced ■ Gate Access Unit Amenities ■ Roll-Up Doors ■ Wide Driveways for Easy Access ■ Drive-Up Units This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 4 Out-Back Self Storage DUNNELLON, FL PROPERTY DESCRIPTION PROPERTY PHOTOS This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 5 Out-Back Self Storage DUNNELLON, FL PROPERTY DESCRIPTION PROPERTY PHOTOS This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 6 Out-Back Self Storage DUNNELLON, FL PROPERTY DESCRIPTION AREA MAPS Local Map This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. Regional Map 7 Out-Back Self Storage DUNNELLON, FL PROPERTY DESCRIPTION AERIAL PHOTO This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 8 PRICING AND FINANCIAL ANALYSIS Out-Back Self Storage DUNNELLON, FL Out-Back Self Storage PRICING AND FINANCIAL ANALYSIS DUNNELLON, FL OFFERING SUMMARY Major Employers Local Employees Company Price Down Payment Total Units $1,686,000 30% / $505,800 $7,699 Gross Square Feet 27,696 Rentable Square Feet 23,725 Price per Rentable Square Foot $71.06 Lot Size 2006 / 2009 3.32 Acres Vital Data CAP Rate - Current Net Operating Income - Current Net Cash Flow After Debt Service - Current 7.25% CAP Rate - Pro Forma 7.50% Total Return - Pro Forma 195 Dunnellon High School 135 Winn Dixie 2219 100 Romeo Elementary 90 McDonalds 86 Rainbow Sprng Aquatic Preserve 82 Sweetbay Supermarket 1795 80 Dunnellon Elementary 73 Envirnmntal Prtection Fla Dept 66 Dunnellon Middle School 53 Dunnellon 7th Day Advntst Chur 50 Demographics 1-Mile 3-Miles 5-Miles 2014 Total 582 8,842 14,607 2019 Total 646 9,702 15,758 2014 Total 240 3,954 6,453 2019 Total 267 4,347 6,992 Median HH Income $44,326 $39,392 $36,035 Per Capita Income $24,752 $23,641 $21,914 Average (Mean) HH $60,001 $52,870 $49,601 7.80% / $39,429 12.61% / $63,764 Net Cash Flow After Debt Service - Pro Forma Marion Cnty Bd Cnty Cmmssoners $122,222 Total Return - Current Net Operating Income - Pro Forma 300 219 Price per Unit Year Built/Expanded Walmart $126,521 8.65% / $43,727 13.46% / $68,062 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 10 Out-Back Self Storage DUNNELLON, FL PRICING AND FINANCIAL ANALYSIS FINANCING Existing Financing Loan Type Free and Clear Proposed Financing First Trust Deed Loan Amount Loan Type Interest Rate Amortization Loan to Value Debt Coverage Ratio $1,180,200 Proposed New 5.0% 25 Years 70 Percent 1.48 Comments Ten year term with 5.0 percent fixed rate for 5 years. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 11 Out-Back Self Storage PRICING AND FINANCIAL ANALYSIS DUNNELLON, FL UNIT MIX Unit Ty pe: Parking UNITS Unit Size Total Units MONTHLY RENT Units Rented 10x20 7 4 10x30 26 26 10x30 16 13 10x45 1 1 TOTALS 50 44 Asking Rate $35.00 No. UnitSF/Unit Current Current ProPro $40.00 1 23,725.0 $18,018.00 $216,216.00 $18,018.00 $216,216.00 218 ofType Monthly Annual Forma Forma 219 TOTAL 23,725 $18,018.00 $216,216.00 $18,018.00 $216,216.00 $45.00 Units Income Income Monthly Annual $60.00 Income Income OCCUPANCY Gross Potential Gross Occupied Rent Rent # Units Economic $245 $140 57% 56% $1,040 $1,040 100% 97% $720 $585 81% 80% $60 $60 100% 100% $2,065 $1,825 88.0% 86% Unit Ty pe: Climate Controlled UNITS Unit Size Units Square Total Units Rented Feet MONTHLY RENT Total Square Feet Rented Square Feet Asking Rate Gross Potential Gross Occupied Rent Rent OCCUPANCY Rent Per Square Foot # Units SqFt Economic 5x10 2 2 50 100 100 $85.00 $170 $170 $1.70 100% 100% 100% 10x5 4 4 50 200 200 $85.00 $340 $340 $1.70 100% 100% 97% 10x10 13 13 100 1300 1300 $110.00 $1,430 $1,430 $1.10 100% 100% 98% 10x15 6 6 150 900 900 $135.00 $810 $810 $0.90 100% 100% 100% 10x20 TOTALS 6 31 6 31 200 1200 3 ,700 1200 3 , 700 $170.00 $1,020 $ 3 , 770 $1,020 $ 3 ,770 $0.85 $ 1.02 100% 100% 100% 100% 100% 99% Unit Ty pe: Non Climate Controlled UNITS Units Square Rented Feet Unit Size Total Units 5x5 5x5 5x10 10x10 10x15 10x20 10x25 10x30 10x30 20x15 10x35 TOTALS 2 1 20 41 29 29 4 2 7 1 2 13 8 1 1 20 38 28 29 4 2 7 0 2 13 2 TOTAL 219 207 25 25 50 100 150 200 250 300 300 300 350 MONTHLY RENT Total Square Feet Rented Square Feet Asking Rate 50 25 1000 4100 4350 5800 1000 600 2100 300 700 20, 025 25 25 1000 3800 4200 5800 1000 600 2100 0 700 19 , 250 $0.00 $45.00 $55.00 $77.00 $90.00 $110.00 $122.00 $132.00 $145.00 $0.00 $157.00 23,725 22,9 50 OCCUPANCY Rent Per Gross Potential Gross Occupied Square Rent Rent Foot # Units SqFt Economic $0 $45 $1,100 $3,157 $2,610 $3,190 $488 $264 $1,015 $0 $314 $ 12, 18 3 $0 $45 $1,100 $2,926 $2,520 $3,190 $488 $264 $1,015 $0 $314 $ 11,8 6 2 $0.00 $1.80 $1.10 $0.77 $0.60 $0.55 $0.49 $0.44 $0.48 $0.00 $0.45 $ 0.6 1 50% 100% 100% 93% 97% 100% 100% 100% 100% 0% 100% 96% 50% 100% 100% 93% 97% 100% 100% 100% 100% 0% 100% 96% 100% 97% 90% 89% 95% 94% 100% 97% 89% 93% $ 18 ,018 $ 17,457 $ 0.76 9 5% 9 7% 93% Comments This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 12 Out-Back Self Storage PRICING AND FINANCIAL ANALYSIS DUNNELLON, FL INCOME AND EXPENSES Total Number of Units 219 Total Gross Square Feet 27,696 Total Rentable Square Feet 23,725 Income Current Per SF Pro Forma Per SF GROSS POTENTIAL RENT $216,216 $9.11 $216,216 $9.11 $0.23 Other Income $5,482 $0.23 $5,482 Truck Rental Income $19,590 $0.83 $19,590 $0.83 Tenant Income $21,742 $0.92 $21,742 $0.92 ($12,070) ($0.51) ($12,070) ($0.51) $34,744 $1.46 $34,744 $1.46 $250,960 $10.58 $250,960 $10.58 Vacancy/Collection Allowance 7% / $14,662 $0.62 (5%) 9,948 $0.42 EFFECTIVE GROSS INCOME $236,299 $9.96 $241,013 $10.16 Total Expenses $114,076 $4.81 $114,492 $4.83 COGS TOTAL OTHER INCOME Gross Potential Income % of EGI NET OPERATING INCOME 48.3% $122,222 47.5% $5.15 $126,521 $5.33 Comments 1. Income based on trailing twelve months income annualized as of December 2014. 2. Other Income includes administrative fees, late fees and other miscellaneous fees. 3. Tenant Income includes merchandise sales. 4. Pro forma vacancy was adjusted to 5.0 percent of gross potential rent. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 13 Out-Back Self Storage PRICING AND FINANCIAL ANALYSIS DUNNELLON, FL EXPENSES Current Per SF Pro Forma Per SF Real Estate Taxes $25,103 $1.06 $25,103 $1.06 (Costs for) On-Site Management $31,176 $1.31 $31,176 $1.31 Off Site Management $11,815 $0.50 $12,051 $0.51 Insurance $4,644 $0.20 $4,644 $0.20 Advertising $4,355 $0.18 $4,355 $0.18 Repairs and Maintenance $10,790 $0.45 $10,790 $0.45 Reserve for Capital Improvements $2,373 $0.10 $2,373 $0.10 Utilities $4,829 $0.20 $4,829 $0.20 Administration $6,034 $0.25 $6,034 $0.25 Bank Charges $8,664 $0.37 $8,844 $0.37 Telephone $2,517 $0.11 $2,517 $0.11 Professional Fees $1,406 $0.06 $1,406 $0.06 $371 $0.02 $371 $0.02 $114,076 $4.81 $114,492 $4.83 Other TOTAL EXPENSES % of EGI 48.3% 47.5% Comments 1. Expenses based on trailing 12 months profit & loss statements as of December 2014. 2. Current and pro forma real estate taxes were adjusted to reflect a sale. 3. Current and pro forma off site managment was adjusted to 5.0 percent of the gross effective income. 4. Current and pro forma reserves/replacements were adjusted to 0.10 net rentable square foot. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 14 RENT COMPARABLES Out-Back Self Storage DUNNELLON, FL Out-Back Self Storage RENT COMPARABLES DUNNELLON, FL RENT COMPARABLES MAP 1 1) 2) 3) 4) 5) 6) 7) 8) 9) Out-Back Self Storage Security Self Storage Personal Mini Storage Affordable Secure Self Storage V Paul & Jerry's Self Storage II Personal Mini Storage Storage Depot of Ocala Neighborhood Storage Center #8 Florida Secure Storage StoreRight Self Storage Ocala This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 16 Out-Back Self Storage RENT COMPARABLES DUNNELLON, FL RENT COMPARABLES TABLE Rent Comparables Security Self Storage Personal Mini Storage 11980 North Florida 11955 North Florida Avenue Avenue Dunnellon, FL 34434 Dunnellon, FL 34434 5.43 miles 5.5 miles 100% N/A Affordable Secure Self Storage V Subject Property Paul & Jerry's Self Storage II Personal Mini Storage Storage Depot of Ocala Neighborhood Storage Center # 8 Florida Secure Storage StoreRight Self Storage Ocala 7016 North Lecanto 7742 North Carl G Rose 9085 Southwest State 7256 Southwest 62nd 5030 Southwest 60th 2020 Southwest 57th Highway Highway Road 200 Avenue Unit 6 Avenue Avenue Ocala, FL 34482 Hernando, FL 34442 Hernando, FL 34442 Ocala, FL 34481 Ocala, FL 34476 Ocala, FL 34474 Ocala, FL 34474 9.93 miles 10.38 miles 10.77 miles 10.95 miles 13.36 miles 13.68 miles 14.43 miles ← Distance from Subject N/A 77% 75% 69% N/A N/A 80% 80% 11055 W Highway 40 Property Name Comparable Averages Out-Back Self Storage Address 19545 Florida 40 City, State Dunnellon, FL 34432 PHYS. OCC. 97% 5x5 5x5 5x5 5x5 5x5 5x5 5x5 5x5 5x5 5x5 5x5 5x5 25 Sq Ft 25 Sq Ft 25 Sq Ft 25 Sq Ft 25 Sq Ft 25 Sq Ft 25 Sq Ft 25 Sq Ft 25 Sq Ft Average $/SF Subject $/SF 25 Sq Ft N/A N/A N/A $ 37 $ 40 $ 39 $ 29 N/A $ 31 $ 1.41 $1.80 $45 5x10 5x10 5x10 5x10 5x10 5x10 5x10 5x10 5x10 5x10 5x10 50 Sq Ft 50 Sq Ft 50 Sq Ft 50 Sq Ft 50 Sq Ft 50 Sq Ft 50 Sq Ft 50 Sq Ft Average $/SF Subject $/SF 50 Sq Ft N/A N/A $ 50 $ 53 $ 44 $ 49 $ 59 $ 50 $ 54 $ 1.03 $1.10 $55 10x10 Average $/SF 10x10 Subject $/SF 10x10 10x10 10x10 10x10 10x10 10x10 10x10 10x10 10x10 100 Sq Ft N/A 100 Sq Ft $ 75 100 Sq Ft $ 65 100 Sq Ft $ 64 100 Sq Ft $ 65 100 Sq Ft $ 69 100 Sq Ft $ 79 100 Sq Ft $ 75 100 Sq Ft $ 64 10x15 10x15 10x15 10x15 10x15 10x15 10x15 10x15 10x15 150 Sq Ft N/A 150 Sq Ft N/A 150 Sq Ft $ 75 150 Sq Ft $ 74 150 Sq Ft N/A 150 Sq Ft $ 79 150 Sq Ft $ 89 150 Sq Ft $ 90 150 Sq Ft $ 89 10x20 10x20 10x20 10x20 10x20 10x20 10x20 10x20 10x20 200 Sq Ft $ 80 200 Sq Ft $ 110 200 Sq Ft $ 90 200 Sq Ft $ 84 200 Sq Ft $ 85 200 Sq Ft $ 99 200 Sq Ft $ 99 200 Sq Ft $ 130 200 Sq Ft $ 109 $ 0.40 $ 0.65 $ 0.65 $ 0.82 $ 0.89 $ 0.85 $ 0.84 $ 0.75 $ 0.82 $ 0.74 5x5 c/c Average $/SF 5x5 c/c 5x5 c/c 5x5 c/c 5x5 c/c 5x5 c/c 5x5 c/c 5x5 c/c 5x5 c/c 25 Sq Ft N/A 25 Sq Ft N/A 25 Sq Ft N/A 25 Sq Ft N/A 25 Sq Ft $ 44 25 Sq Ft $ 49 25 Sq Ft $ 54 25 Sq Ft $ 39 5x10 c/c 5x10 c/c 5x10 c/c 5x10 c/c 5x10 c/c 5x10 c/c 5x10 c/c 5x10 c/c 5x10 c/c 50 Sq Ft N/A 50 Sq Ft N/A 50 Sq Ft N/A 50 Sq Ft N/A 50 Sq Ft $ 70 50 Sq Ft $ 59 50 Sq Ft $ 89 50 Sq Ft $ 86 50 Sq Ft $ 69 10x10 c/c 10x10 c/c 10x10 c/c 10x10 c/c 10x10 c/c 10x10 c/c 10x10 c/c 10x10 c/c 10x10 c/c 100 Sq Ft N/A 100 Sq Ft $ 92 100 Sq Ft N/A 100 Sq Ft N/A 100 Sq Ft $ 90 100 Sq Ft $ 94 100 Sq Ft $ 109 100 Sq Ft $ 126 100 Sq Ft $ 104 10x15 c/c 10x15 c/c 10x15 c/c 10x15 c/c 10x15 c/c 10x15 c/c 10x15 c/c 10x15 c/c 10x15 c/c 150 Sq Ft 150 Sq Ft 150 Sq Ft 150 Sq Ft 150 Sq Ft 150 Sq Ft 150 Sq Ft 150 Sq Ft 150 Sq Ft N/A N/A N/A N/A $ 120 $ 125 $ 189 $ 168 $ 119 10x20 c/c 10x20 c/c 10x20 c/c 10x20 c/c 10x20 c/c 10x20 c/c 10x20 c/c 10x20 c/c 10x20 c/c 200 Sq Ft N/A 200 Sq Ft N/A 200 Sq Ft N/A 200 Sq Ft N/A 200 Sq Ft N/A 200 Sq Ft $ 159 200 Sq Ft $ 199 200 Sq Ft $ 220 200 Sq Ft $ 159 N/A $ 0.92 N/A N/A $ 1.03 $ 1.10 $ 1.42 $ 1.47 $ 1.11 $0.77 10x15 Subject $/SF $ 0.55 $0.60 10x20 Average $/SF 10x20 Subject $/SF $ 0.49 $0.55 STANDARD AVG $/SF 5x5 c/c Subject $/SF 10x15 150 Sq Ft $90 10x20 200 Sq Ft $110 $0.96 5x5 c/c 25 Sq Ft N/A $ 1.86 N/A 5x10 c/c Average $/SF 5x10 c/c Subject $/SF $ 1.49 $1.70 10x10 c/c Average $/SF 10x10 c/c Subject $/SF $ 1.02 $1.10 100 Sq Ft $110 10x15 c/c 10x15 c/c 10x15 c/c Average $/SF Subject $/SF 150 Sq Ft $ 0.96 $0.90 $135 10x20 c/c Average $/SF 10x20 c/c Subject $/SF 10x20 c/c $ 0.92 $0.85 $ 1.18 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. CLIMATE AVG $/SF 5x10 c/c 50 Sq Ft $85 10x10 c/c CLIMATE 5x5 c/c 25 Sq Ft N/A $ 0.69 10x15 Average $/SF 10x10 100 Sq Ft $77 STANDARD 5x10 50 Sq Ft 200 Sq Ft $170 $1.14 17 Out-Back Self Storage RENT COMPARABLES DUNNELLON, FL RENT COMPARABLES GRAPHS Standard Unit Rent per Square Foot $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.96 $0.40 $0.65 $0.65 $0.82 $0.89 $0.85 $0.82 $0.84 $0.75 $‐ Out‐Back Self Storage Security Self Storage Personal Mini Affordable Secure Paul & Jerry's Self Personal Mini Storage Self Storage V Storage II Storage Standard Storage Depot of StoreRight Self Neighborhood Florida Secure Storage Ocala Storage Ocala Storage Center # 8 Average Climate‐Controlled Rent per Square Foot $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $1.14 $0.92 $1.03 $1.10 $1.11 $1.42 $1.47 StoreRight Self Storage Ocala Neighborhood Storage Center # 8 $‐ Out‐Back Self Storage Personal Mini Storage Personal Mini Storage Storage Depot of Ocala Climate‐Controlled Florida Secure Storage Average Rent per Square Foot $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 Comp Avg $0.80 Subject $0.60 $0.40 $0.20 $‐ 5x5 5x10 10x10 10x15 10x20 5x10 c/c 10x10 c/c 10x15 c/c 10x20 c/c Physical Occupancy 120% 100% 80% 60% 40% 20% 97% 100% 77% 75% 69% 80% Out‐Back Self Storage Security Self Storage Paul & Jerry's Self Storage II Personal Mini Storage Storage Depot of Ocala StoreRight Self Storage Ocala 0% Occupancy Average This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 18 Out-Back Self Storage RENT COMPARABLES DUNNELLON, FL RENT COMPARABLES Out-Back Self Storage 19545 West Highway 40 Dunnellon, FL 34432 * See Unit Mix page for complete breakdown. No. Unit SF/Unit Rent/Unit of Avg. Units Rent/SF 219 Total 23,725 Type Subject Property Total Units: Occupancy: Year Built/Expanded: 219 97% 2006 / 2009 Comments Out-Back Self Storage is a 219 unit self storage facility located in Dunnellon, Florida and consists of 23,725 net rentable square feet. Security Self Storage 11980 North Florida Avenue Dunnellon, FL 34434 1 Unit Type Occupancy: Year Built: SF/Unit Rent/Unit Avg. Rent/SF 10x20 200 $80.00 $0.40 Total 200 $0.40 100% 1987 Comments Security Self Storage is located 5.43 miles away from the subject facility on North Florida venue in Dunnellon. This facility features standard units. It is comparable due to similar demographics. Personal Mini Storage 11955 North Florida Avenue Dunnellon, FL 34434 2 Unit Type Occupancy: Year Built: SF/Unit Rent/Unit Avg. Rent/SF 10x10 100 $75.00 $0.75 10x20 200 $110.00 $0.55 10x10c/c 100 $92.00 $0.92 Total 400 $0.74 N/A 2004 Comments Personal Mini Storage is located 5.5 miles away from the subject facility on North Florida Avenue in Dunnellon. This facility features both standard and climate controlled units. It is comparable due to its size, unit mix, and similar demographics. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 19 Out-Back Self Storage RENT COMPARABLES DUNNELLON, FL RENT COMPARABLES Affordable Secure Self Storage V 11055 West Highway 40 Ocala, FL 34482 3 Unit Type Occupancy: Year Built: N/A 2000 SF/Unit Rent/Unit Avg. Rent/SF 5x10 50 $50.00 $1.00 10x10 100 $65.00 $0.65 10x15 150 $75.00 $0.50 10x20 200 $90.00 $0.45 Total 500 $0.65 Comments Affordable Secure Self Storage is located 9.93 miles away from the subject facility on West Highway 40 in Ocala. This facility features standard units. It is comparable due to its size and similar demographics. Paul & Jerry's Self Storage II 7016 North Lecanto Highway Hernando, FL 34442 4 Unit Type 5x5 Occupancy: Year Built: 77% 1999 SF/Unit Rent/Unit Avg. Rent/SF 25 $37.00 $1.48 5x10 50 $53.00 $1.06 10x10 100 $64.00 $0.64 10x15 150 $74.00 $0.49 10x20 200 $84.00 $0.42 Total 525 $0.82 Comments Paul & Jerry's Self Storage is located 10.38 miles away from the subject facility on North Lecanto Highway in Hernando. This facility features standard units. It is comparable due to its size and similar demographics. Personal Mini Storage 7742 North Carl G Rose Highway Hernando, FL 34442 5 Unit Type Occupancy: Year Built: 75% 2006 SF/Unit Rent/Unit Avg. Rent/SF 5x10 50 $44.00 $0.88 10x10 100 $65.00 $0.65 10x20 200 $85.00 $0.43 5x10c/c 50 $70.00 $1.40 10x10c/c 100 $90.00 $0.90 10x15c/c 150 $120.00 $0.80 Total 650 $0.84 Comments Personal Mini Storage is located 10.77 miles away from the subject facility on North Carl G Rose Highway in Hernando. This facility features both standard and climate controlled units. It is comparable due to its size, unit mix, and similar demographics. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 20 Out-Back Self Storage RENT COMPARABLES DUNNELLON, FL RENT COMPARABLES Storage Depot of Ocala 9085 Southwest State Road 200 Ocala, FL 34481 6 Unit Type Occupancy: Year Built: 69% 2005 SF/Unit Rent/Unit Avg. Rent/SF 10x10 100 $69.00 $0.69 10x15 150 $79.00 $0.53 10x20 200 $99.00 $0.50 10x10c/c 100 $94.00 $0.94 10x15c/c 150 $125.00 $0.83 10x20c/c 200 $159.00 $0.80 Total 900 $0.72 Comments Storage Depot of Ocala is located 10.95 miles away from the subject facility on Southwest State Road 200 in Ocala. This facility features both standard and climate controlled units. It is comparable due to its size, unit mix, and similar demographics. Neighborhood Storage Center #8 7256 Southwest 62nd Avenue Unit 6 Ocala, FL 34476 7 Unit Type Occupancy: Year Built: N/A 2007 SF/Unit Rent/Unit Avg. Rent/SF 10x10 100 $79.00 $0.79 10x15 150 $89.00 $0.59 10x20 200 $99.00 $0.50 10x10c/c 100 $109.00 $1.09 10x15c/c 150 $189.00 $1.26 10x20c/c 200 $199.00 $1.00 Total 900 $0.87 Comments Neighborhood Storage Center is located 13.36 miles away from the subject facility on Southwest 62nd Avenue in Ocala. This facility features both standard and climate controlled units. It is comparable due to its size, unit mix, and similar demographics. Florida Secure Storage 5030 Southwest 60th Avenue Ocala, FL 34474 8 Unit Type Occupancy: Year Built: N/A 2001 SF/Unit Rent/Unit Avg. Rent/SF 10x10 100 $75.00 $0.75 10x15 150 $90.00 $0.60 10x20 200 $130.00 $0.65 10x10c/c 100 $126.00 $1.26 10x15c/c 150 $168.00 $1.12 10x20c/c 200 $220.00 $1.10 Total 900 $0.91 Comments Florida Secure Storage is located 13.68 miles away from the subject facility on Southwest 60th Avenue in Ocala. This facility features both standard and climate controlled units. It is comparable due to its size, unit mix, and similar demographics. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 21 Out-Back Self Storage RENT COMPARABLES DUNNELLON, FL RENT COMPARABLES StoreRight Self Storage Ocala 2020 Southwest 57th Avenue Ocala, FL 34474 9 Unit Type Occupancy: Year Built: 80% 2006 SF/Unit Rent/Unit Avg. Rent/SF 10x10 100 $64.00 $0.64 10x15 150 $89.00 $0.59 10x20 200 $109.00 $0.55 10x10c/c 100 $104.00 $1.04 10x15c/c 150 $119.00 $0.79 10x20c/c 200 $159.00 $0.80 Total 900 $0.74 Comments StoreRight Self Storage Ocala is located 14.43 miles away from the subject facility on Southwest 57th Avenue in Ocala. This facility features both standard and climate controlled units. It is comparable due to its size, unit mix, and similar demographics. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 22 RECENT SALES Out-Back Self Storage DUNNELLON, FL Out-Back Self Storage RECENT SALES DUNNELLON, FL RECENT SALES MAP 1) 2) 3) 4) 5) 6) Out-Back Self Storage Apollo Beach Mini Storage Storage King Value Self Storage Embassy One Storage Oxford Storage Super Storage II This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 24 Out-Back Self Storage RECENT SALES DUNNELLON, FL CAP RATE AND PRICE PER RENTABLE SQUARE Average Cap Rate 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Subject Apollo Beach Mini Storage Storage King Value Self Storage Embassy One Storage Oxford Storage Super Storage II Embassy One Storage Oxford Storage Super Storage II Average Price per Rentable Square Feet $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 Subject Apollo Beach Mini Storage Storage King Value Self Storage This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 25 Out-Back Self Storage RECENT SALES DUNNELLON, FL RECENT SALES Out-Back Self Storage 19545 West Highway 40 Dunnellon, FL 34432 Total Units: 219 Offering Price: $1,686,000 Rentable SF: 23,725 Price/SF: $71.06 Year Built/Expanded: 2006/2009 CAP Rate: 7.25% Subject Property Comments Out-Back Self Storage is a 219 unit self storage facility located in Dunnellon, Florida and consists of 23,725 net rentable square feet. Apollo Beach Mini Storage 313 Apollo Beach Boulevard Apollo Beach, FL 33572 1 Close of Escrow: 3/15/2014 Sale Price: $2,150,000 Total Units: 366 Price/SF: $63.64 Rentable SF: 33,783 CAP Rate: 7.38% Year Built: 1999 Comments Apollo Beach Mini Storage is a 366 unit self storage facility located in Apollo Beach, FL. This facility features 33,783 net rentable square feet, 91% occupancy and closed at a price of $2,150,000. Storage King 2235 Colonial Boulevard Fort Myers, FL 33907 2 Close of Escrow: 9/26/2013 Sale Price: $4,275,000 Total Units: 630 Price/SF: $56.91 Rentable SF: 75,115 CAP Rate: 5.85% Year Built/Renovated: 1969/2002 Comments Storage King is a 630-unit facility located in Fort Myers, FL. This facility features 85 percent climate controlled units and closed at a price of $4,275,000, or $56.91 per net rentable square foot. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 26 Out-Back Self Storage RECENT SALES DUNNELLON, FL RECENT SALES Value Self Storage 3118 US Highway 19 Holiday, FL 34691 3 Close of Escrow: 11/19/2013 Sale Price: $3,550,000 Total Units: 689 Price/SF: $49.42 Rentable SF: 71,830 CAP Rate: 7.11% Year Built: 1975 Comments Value Self Storage is a 689-unit facility located in Holiday, FL. This facility was 74 percent physically occupied at the time of sale. The property closed at a price of $3,550,000, or $49.42 per net rentable square foot. Embassy One Storage 6647 Embassy Boulevard Port Richey, FL 34668 4 Close of Escrow: 4/1/2013 Sale Price: $2,600,000 Total Units: 459 Price/SF: $49.30 Rentable SF: 52,741 CAP Rate: 7.09% Year Built: 2008 Comments Embassy One Storage is a 459-unit self storage facility in Port Richey, Florida. Built in 2008, it consists of 52,741 net rentable square feet. The property had 84 percent physcial occupancy and 59 percent economic occupancy at the time of the sale. The property sold on April 1, 2013 for $2,600,000 or $49.30 per net rentable square foot. Oxford Storage 230 Oxford Road Fern Park, FL 32730 5 Close of Escrow: 4/2/2013 Sale Price: $2,200,000 Total Units: 433 Price/SF: $46.81 Rentable SF: 47,000 CAP Rate: 7.13% Year Built: 1999 Comments Oxford Storage is a 433-unit self-storage facility located in Orlando, Florida. The property has 47,000 net rentable square feet and the facility was built in 1999. The property closed on April 2, 2013 for $46.81 per square foot. The property was 69% physically occupied at the time of sale. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 27 Out-Back Self Storage RECENT SALES DUNNELLON, FL RECENT SALES Super Storage II 6415 54th Avenue North Saint Petersburg, FL 33709 6 Close of Escrow: 6/18/2013 Sale Price: $2,475,000 Total Units: 439 Price/SF: $63.98 Rentable SF: 38,681 CAP Rate: 6.47% Year Built: 2005 Comments Super Storage II is a 439-unit storage facility in St. Petersburg, Florida. The property had a physical occupancy of 96 percent and economic occupancy of 58 percent at the time of the sale. This facility sold on June 18, 2013 for $2,475,000, or $63.98 per net rentable square foot. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 28 DEMOGRAPHIC ANALYSIS Out-Back Self Storage DUNNELLON, FL Out-Back Self Storage DEMOGRAPHIC ANALYSIS DUNNELLON, FL DEMOGRAPHIC REPORT 1 Mile 388 574 582 646 3 Miles 6,486 8,712 8,842 9,702 5 Miles 12,034 14,385 14,607 15,758 2000 Households 2010 Households 2013 Households 2018 Households 158 237 240 267 2,835 3,904 3,954 4,347 5,289 6,364 6,453 6,992 2013 Average Household Size 2.22 2.26 2.25 2013 Daytime Population 163 1,088 3,095 2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant 84.38% 8.09% 7.53% 81.00% 8.69% 10.31% 77.63% 10.45% 11.92% 2013 Owner Occupied Housing Units 2013 Renter Occupied Housing Units 2013 Vacant 91.01% 8.99% 10.82% 88.09% 11.91% 13.87% 83.48% 16.52% 16.20% 2018 Owner Occupied Housing Units 2018 Renter Occupied Housing Units 2018 Vacant 90.94% 9.06% 11.15% 87.96% 12.04% 14.29% 83.38% 16.62% 16.70% 14.5% 11.7% 12.7% 19.3% 22.3% 8.0% 3.7% 1.8% 3.3% 1.0% 1.7% 16.0% 13.6% 15.5% 17.9% 20.4% 7.2% 3.7% 1.6% 2.0% 0.7% 1.2% 17.6% 14.7% 16.3% 16.9% 19.1% 6.9% 3.7% 1.5% 1.6% 0.6% 1.0% 2013 Median Household Income 2013 Per Capita Income $44,326 $24,752 $39,392 $23,641 $36,035 $21,914 2013 Average Household Income $60,001 $52,870 $49,601 2000 Population 2010 Population 2013 Population 2018 Population $ 0 - $14,999 $ 15,000 - $24,999 $ 25,000 - $34,999 $ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $199,999 $200,000 - $249,999 $250,000 + Demographic data © 2012 by Experian. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 30 Out-Back Self Storage DUNNELLON, FL DEMOGRAPHIC ANALYSIS SUMMARY REPORT Geography: 5 miles Population In 2014, the population in the area selected geography is 14,606. The population has changed by 21.37% since 2000. It is estimated that the populationin the area will be 15,758 five years from now, which represents a change of 7.88% from the current year. The current population is 48.41% male and 51.58% female. The median age of the population in the area is 55.0, compare this to the Entire US average which is 37.3. The population density in the area is 186.14 people per square mile. Households There are currently 6,453 households in the selected geography. The number of households has changed by 22.01% since 2000. It is estimated that the number of households in the area will be 6,992 five years from now, which represents a change of 8.34% from the current year. The average household size in the area is 2.25 persons. Income In 2014, the median household income for your selected geography is $36,034, compare this to the $Entire US average which is currently $51,972. The median household income for the area has changed by 8.20% since 2000. It is estimated that the median household income in the area will be $43,987 five years from now, which represents a change of 22.07% from the current year. The current year per capita income in the area is $21,913, compare this to the $Entire US average, which is $28,599. The current year average household income in the area is $49,601, compare this to the $Entire US average which is $74,533. Race & Ethnicity The current year racial makeup of the selected area is as follows: 90.86% White, 4.39% Black, 0.00% Native American and 0.75% Asian/Pacific Islander. Compare these to Entire US% averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 8.94% of the current year population in the selected area. Compare this to the Entire US% average of 17.13%. Housing In 2000, there were 4,661 owner occupied housing units in your area and there were 627 renter occupied housing units in the area. The median rent at the time was $388. Employment In 2014, there are 3,095 employees in the selected area, this is also known as the daytime population. The 2000 Census revealed that 53.21% of employees are employed in white-collar occupations in this geography, and 47.97% are employed in blue-collar occupations. In 2014, unemployment in this area is 10.91%. In 2000, the average time traveled to work was 32.0 minutes. Demographic data © 2012 by Experian. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap. All rights reserved. 31 Out-Back Self Storage DUNNELLON, FL OFFERING MEMORANDUM Exclusively listed by: Michael Mele Senior Vice President Investments National Self Storage Group TAMPA OFFICE Tel: (813) 387-4790 Fax: (813) 387-4710 Michael.Mele@marcusmillichap.com Offices Throughout the U.S and Canada www.MarcusMillichap.com Brian Baldwin Investment Associate National Self Storage Group TAMPA OFFICE Tel: (813) 387-4749 Fax: (813) 387-4710 Brian.Baldwin@marcusmillichap.com