Press Release! Commercial Purchase, Covington Stor-It.

Covington Stor-It, Covington, GA

As our company grows, our business strategy has always been to diversify into different real estate related areas. To this end, we recently, together with a group of six additional investors, purchased a Class C storage facility in Covington, a suburb of Atlanta, GA.
  Previously known as "Always Open Storage", the property spans over three acres on two locations, with 497 individual storage units that total 54,000 square feet of rental space. Customers have 24 hour access to the site, and on average this successful facility rents at 90-95% capacity.
  As a Class C property, it should have sold as a 9 CAP, but our company was able to purchase it at a 10 CAP rate. In addition to plans to increase the value of the site through improvements that will convert the facility from a Class C to a Class B property, (which will bring the value up to an 8 CAP), the company sees great potential in increasing revenue through adding new services as well as building on a one-acre previously undeveloped parcel of land.