Two investors analyze a 3,573-square-foot commercial storage unit in Chandler, Arizona called the Toy Barn, priced at $1.05 million. They walk through the numbers: 70% financing requires $315k down, 25-year amortization, and they check rent comps and zoning before moving to a letter of intent.
Did find a thing, an outdoor— not outdoor storage, a storage unit in Chandler, Arizona. They call it the Toy Barn.
Nice.
If we want to check this out. So yeah, this is it asking for a little bit over a million in Chandler. And then this is what it came out as.
Okay. So 3,000 square foot floor plan shows 3,573 internal area. First floor, then there's 475 feet mezzanine living room, published Pricing found online, $350 a square foot implying $1 million asking. Units— This is a fall, I should have thought. Had zoning, 25-foot clear. Okay. So what the deal has going for it. So strong physical profile. Okay, great. So it's Loop 202 Chandler, Sherman. Okay, great. Back of the napkin valuation. Okay. So it's $3,000. Square feet, online price, $350,000 square foot, implied price. This helps the broker. Income scenario, purchase price, loan to value, 70%, only $315,000 down. Like it. Amortized 25 years. Okay. Keep going. Rent sensitivity. Okay. Shark Reed, 24, uh, square foot leverage. It's a little— becomes legit, specifically income play. Offer guidance. Okay. My offer poster. So LOI. Okay. Financing paths. So SBA, conventional, seller carry.
And this is also property that Tommy was just mentioning. I don't know if we wanted to look at it that route for their buy box or if this is just another property that looks interesting.
No, this totally looks interesting. I like it. Keep going. Key due diligence. Okay. Keep going. Negotiate leverage as is. Trade language. Keep going. Go, no-go. Owner/user of the property solves the business lifestyle needs. You can lease out. Seller is financing condo. No go. Rent comps are below. So it's okay. Each one needs strict service. It's next. Call the broker and request asking price confirmation. Okay. So it, they don't have a clear asking. So the document doesn't sh— I thought it did showed a clear asking price or no, was that my imagination?
Uh, it does have a clear asking price. They're asking for $1,050,000. Okay.
