I have an offer in on this storage condo. I have been looking for about a year and these things don't come up very often in my area as there are not many around. I plan to store cars there, as well as some stuff for my business. Mostly cars. I would rent out space for 2 cars to my Dad.
Details:
1080 sq feet w/ 25+ ft ceilings
110/220v power outlets
Gas forced air heat
No water, but you can have it stubbed in w/ no tap fee.
Plastic floor tiles and furnace included in the sale
Constructed in 2006.
The area/grounds and buildings are in excellent shape. It's located in a commercial/industrial area and I've been there during the day, there's a fair amount of traffic in/out for security.
Drainage is good (away from the door).
They have countered my offer at $82,400 (Asking was $83,900) and will have the furnace fully serviced prior to closing. Price seems to be good w/ comps in the area. It's a bit smaller than I had originally planned, but the price is much lower than 2-3000 sq foot spaces I have seen and there's no yard to take care of as in a stand-alone building.
The surprise that is not in the listing is there turns out to be a land lease monthly fee. I'm on the hook for a total of $232 per month for Land lease ($158/mo) and CAM/HOA ($74/mo) fees. Agent says it's a 98 year lease w/ an option at 49 years to buyout (meaning either the stall owners HOA buys out the land, or the land owner buys out all the stalls), but that's a long time from now as the lease started in 2006.
Any concerns, experiences, or things I should look out for?
