Updated Dec 4, 2024
Greg Meerbaum And Ryan Hanks Acquire Boat And RV Storage In Bonita Springs For $5M
24501 Production Circle
$5,000,000
$22/SF
Building Size
219,000 SF
Asset Type
Self Storage
Closing
Sep 6, 2024
About this deal
AI
The property involved in this transaction is a Boat & RV Storage facility located at 24501 Production Circle in Bonita Springs. The sale price for the asset was $5,000,000, encompassing 219,000 square feet of space, which translates to a price per square foot of $22. The facility also includes a total of 200 parking spaces.
Summary of transaction details:
- Property Type: Boat & RV Storage
- Transaction Amount: $5,000,000
- Square Footage: 219,000
- Price Per Square Foot: $22
- Parking Spaces: 200
- Buyer: Greg Meerbaum - Coastal & Ryan Hanks - Bluegate Boat & RV Storage
Coastal has partnered with Madison Capital Group, taking an equity position in this venture. The focus of the partnership is on a 200 covered parking recreational Boat & RV storage facility under the Bluegate brand, situated in Bonita Springs, FL.
On the Map
$5,000,000
$22/SF
Self Storage
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Bonita Springs Self Storage Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93