Really Small Town Facility under 1000 population

[Gabriel1962]

Hello everyone;
I have been a keen observer of this site for sometime and I find it is a wealth of information obtained from boots on the ground. I would like to ask opinions on facilities in really small rural towns,,,,I mean really small like under 1000 population. The opportunity provided would be that you would are the only facility within a 10 mile radius. I should also mention that this facility is only 50 units, it has asphalt paved driveways and is fenced and gated. Of course such a small facility could not support an on site Manager. I saved the best for last, only about 5 of the units are occupied, the property is extremely poorly managed, no website and non functional phone number. How do you place a value on such a property with a small population of 1000, such low occupancy and no room for growth in the near future ?

[KrisinNC]

I'd touch base with a real estate agent. And wow-no website? No phone? Crazy.

[RandyL]

I have a facility in a town of 1000 people, but it is a suburb of a larger town so it would not be a good example compared to what you have offered. When you say no facilities for 10 miles is 10 miles the closest city?

[pacnwstorage]

I would want to get some outside storage options going.

[Gabriel1962]

I am not sure what you mean " get some outside storage options going" Can you expound

[pacnwstorage]

Parking vehicles, trucks, trailers, boats, RV's........

[KeelHauler1994]

The value here is in the land (water rights, mineral rights, etc). Do you face a major road (frontage, easy access, signage)? Most rural communities, homeowners have large parcels of land (so they usually do not have to pay to store vehicles, trailers, farm equipment, etc). Your best option to fill up some of the units (weather proof and rodent proof them) is to reach out to businesses that need to store documents (for IRS/tax purposes) or hook up with an apartment complex. I spoke with someone that got a free off-site storage unit when they rented at a specific apartment complex. Is there any drilling/construction (pipelines, wind farms, solar farms) happening in the area? You could reach out to the foreman/supervisor and see if they need storage. I had a company rent two large units for a few months while they built a Sonic restaurant. Are there any government (state, county) projects that might need storage? I am currently renting to a state land division. Are cell towers an option? You could generate some revenue that way. I understand your question was how to value such a property, but if you decide to purchase, some of the ideas above might help.

[Gabriel1962]

Yes nearest town is 10 miles away,,,,

[Storman]

KeelHauler expressed my first thought too...... worth the land value. There's isn't a business there worth paying for, and the improvements are minimal.