SNAPSHOT
- LOCATION
- Bird-In-Hand, PA
- PROPERTY TYPE
- Self-Storage
- TOTAL PROJECT COST
- $2,008,750
- TARGET COC ROI
- 12-18%
- TARGET TOTAL ROI
- 25-27% IRR
- TARGET EQUITY MULTIPLE
- 2-3
- EQUITY ALLOCATION
- 75/25% to Limited Partners
- PREFERRED RETURN
- 7%
- RAISE AMOUNT
- $677,500
- MINIMUM INVESTMENT - EXISTING
- $25,000 (3.69%)
- MINIMUM INVESTMENT - NEW
- $50,000 (7.38%)
- CAPITAL ALLOCATION
- Equity + Financing
- HOLD PERIOD
- 5-7 Years
INVESTMENT OVERVIEW
Hearthfire Holdings is pleased to present to qualified investors the opportunity to acquire an equity interest in the Bird-In-Hand Self Storage project. The acquisition is comprised of the acquisition and management of land and improvements of the Bird-In-Hand Self-Storage property in Bird-In-Hand, PA.
PROPERTY PROFILE
Bird-in-Hand Self Storage was built in several phases beginning in 1986 with the most recent, and final, phase added in 2001. The property features both traditional drive-up and interior access storage units totaling 20,889 NRSF. The combined 208 storage units and 35 parking spaces are rented from an on-site 800 SF office.
It is family owned and operated using a paper-based approach and no revenue management plan. There is significant upside in modernizing the operation to increase the economic occupancy and also potential to add additional storage units.
VALUE-ADD OPPORTUNITY
- Complete Technology Modernization
- Implement Self-serve Kiosk and Call Center
- Add Tenant Insurance and Retail
- Convert Parking/Expand to Add Units
- Facility Cosmetic Improvements
INVESTMENT OBJECTIVES
This project is a value-add re-positioning with a target exit at 5-7 years or when financial objectives are met.
