Niceville Loc N Stor

Niceville Loc N Stor

Niceville, FL

Address: 216 Government Avenue Niceville FL

Land: 41,818 square feet (.96 acres)

Units: 235

Square Feet: 23,791

Buildings/Floors: 1 Bi-Level Building

Year Built: 2005

Parking: 12 Spaces

Roof: Metal

Frame: Masonry/Metal Combo

Property Sold at Below Metrics:

  • 35% Deal Level IRR
  • $1,000,000 Profit after 18 Month Hold

Value Proposition:

Wedgewood acquired Niceville at a significant discount to value. The property was severely mismanaged and poorly marketed at sale. Upon acquisition we immediately raised rates 15-25% on tenants, many of whom had never had a rate increase. The property was then listed for sale with a national self storage broker.