3502 Gorey Ave Flint, MI 48506-4133

Property Details for 3502 Gorey Ave

Year built

1971

Lot size

1.27 lot acres

Property size

7,600 SF

Property type

Commercial real estate

APN

41-09-427-025

APU

4109427025

Description

This exceptional self-storage facility in Flint, Michigan presents a compelling investment opportunity. The property, known as FLINT STOR-ALL, comprises nine single-story buildings totaling 36,305 rentable square feet on a 3.37-acre lot. Built in 1971 and renovated in 1995, the facility boasts 287 units and currently operates at 70% occupancy. The asking price is $1,500,000, translating to a price per square foot of $41.32, significantly below replacement cost. The property generates a current NOI of $52,992, with a pro-forma NOI projected at $168,642, indicating a substantial upside potential. This potential is further enhanced by rental rates currently estimated at approximately 33% below market average, offering significant room for revenue growth. The property includes 11 parking spaces and is conveniently located at 3502 Gorey Ave, Flint, MI 48506. The pro-forma cap rate is projected at 11.24% in year four, showcasing the strong investment potential. The property's location within a densely populated area, with over 50,000 residents within a 3-mile radius, ensures a robust customer base. This presents a rare opportunity to acquire a well-positioned self-storage facility with significant value-add potential through lease-up, website updates, ancillary income generation, and expense reduction. The APN numbers are 41-09-427-025, 41-09-427-014, and 41-09-427-015.