Updated Oct 29, 2024
MMA Storage Acquires Our City Storage In Reno For $20M
2975 Northtowne Ln Reno, NV 89512, USA
$20,000,000
Units
724
Asset Type
Self Storage
Closing
May 31, 2023
About this deal
AI
MMA Storage has acquired Our City Storage, a self-storage facility located at 2975 Northtowne Lane in Reno, Nevada. The property, which sold for $20 million, consists of an eight-story building with 724 units. The facility offers climate controls, LED lighting, and 24-hour security.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $20,000,000
- Units: 724
- Price Per Unit: $27,624
- Address: 2975 Northtowne Lane, Reno, Nevada
- Market: Reno, Nevada
MMA Storage, represented by their broker MMA Storage's REP, completed the transaction with the seller, West Coast Self Storage.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93