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3050 Orange Ave LLC Acquires StorCo Self Storage In Long Beach For $13.49M

Property Image
SOLD
$13,490,000
Tom de Jong
Jacob Becher

California

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Self Storage
Sold 01/04/2024
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Property Image
SOLD

3050 Orange Ave LLC Acquires StorCo Self Storage In Long Beach For $13.49M

3050 Orange Avenue

See Similar Deals
Self Storage
Sold 01/04/2024
Tom de Jong
Jacob Becher
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Self Storage
Transaction Type:Sale

The Colliers' de Jong | Becher Self Storage Group facilitated the $13.49 million sale of StorCo Self Storage in Long Beach, California. The property, located at 3050 Orange Avenue, spans across 7.56 acres and consists of 772 storage units, various storage spaces, a commercial building, parking, and an industrial parcel leased to Rain For Rent.

Summary of transaction details

  • Property Type: Self Storage
  • Transaction Amount: $13,490,000
  • Units: 772
  • Price per Unit: $17,474

The buyer, 3050 Orange Ave LLC, acquired the property from the seller, CREE Investment Company. The transaction was brokered by Jacob Becher and Tom de Jong from Colliers International.

Players

Tom de Jong
Colliers
Tom de Jong
6 deals$62.7M volume
BROKER
Jacob Becher
Colliers
Jacob Becher
5 deals$39.2M volume(650) 486-2202
BROKER

Details

SOLD
IMAGE: Jacob Becher & Tom de Jong DATE: 01/04/2024 ADDRESS: 3050 Orange Avenue MARKET: Long Beach ASSET TYPE: Self Storage ~ ACRES: 7.56 BUYER: 3050 Orange Ave LLC SELLER: CREE Investment Company BROKERS: Jacob Becher & Tom de Jong - Colliers International (@ColliersInternational) SALE PRICE: $13,490,000 UNITS: 772 ~ PPU: $17,474 NOTE: Colliers' de Jong | Becher Self Storage Group facilitated the $13.49 million sale of StorCo Self Storage in Long Beach, California, from CREE Investment Company to 3050 Orange Ave LLC. The 7.56-acre property includes 772 storage units, various storage spaces, a commercial building, parking, and an industrial parcel leased to Rain For Rent.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$719,466.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$47,927.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$63,949.48
Annual Debt Service$767,393.79