3626 Zimmerman Rd, Erie, PA 16510
Southview
Erie, PA
Building
Offering Summary
- Sales Price: $1,650,000
- In-Place / EOY3 Cap Rate: 7.63% / 9.76%
- Cash Return: Unlevered / Levered 9.55% / 12.04%
- Units: 24
- Storage Units: 78
- Year Built: 1991
- Average Unit Size: +/- 731
- In-Place Average Rent: $725
- In-Place Average Storage Rent: $88.75
- Current Unit Occupancy / Current Self Storage Occupancy: 100% / 91%
Investment Highlights
• Includes a 78-unit self-storage facility located on the property
• Owned and third-party managed by local, private group
• Stable, cash-flowing property, with significant upside through increased rents
• Current rents range from $80 to $100 below market
• Majority 2- and 3-bedroom floorplans
• Located on heavily trafficked Zimmerman Rd (13,500+ VPD)
• Less than 10 minutes from all major employers, medical systems, and universities in the Erie MSA – Erie Insurance, UPMC, Allegheny Health Network, LECOM, Mercyhurst, Gannon University
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