Sample Feasibility Study

SENTRY
MARKETFEASIBILITYSTUDY
Prepared for:
YOUR COMPANY
March 2007
p
I
SENTRT
SELF-STORAGE
12375 West Sample Road, Coral Springs, FL 33065
2007: Sentry Self Storage Management
Prepared for: Your Company
March 29, 2007
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TABLEOF CONTENTS
MARKETFEASIBILITYSTUDY 1
Location Map
Forward Report
Project Description
Property Photographs
GENERAL 6
The Self Storage Market
What is Self Storage?
The Concept of Self Storage
REIT's Strong Effect on Self-Storage
Key Credit Factors
Exit Strategy or Opportunity?
Overbuilding in Some Markets is a Particular Concern
Overall Projections for a Stable Outlook
SELF STORAGEMARKETANALYSIS& TRENDS 20
Macroeconomic Analysis
THESUBJECTPROPERTY 28
Community Information
Community Demographics
Microeconomic Market
Market Ownership
Executive Summary
Absorption Analysis
COMPETITIVEANALYSIS 54
Competition Map: 1, 3 & 5 Mile Radius
Competition Data
Competition Summary
Competition Rate Survey (Ail Competitors)
SITELOCATION 72
Site Layout and Design
Design, Build and Construction
FINANCIAL INFORMATION 75
7 Year Projections
Unit Mix
Expenses
Staffing
Prepared for: Your Company March 29, 2007
SENTRY
SELF-STORAGE
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FINANCIAL INFORMATION(Continued) 75
Absorption Analysis
Exit Strategy
Finance
Facility Operations: Advertising & Marketing
CONCLUSIONS 101
Recommendations
SUMMARY 108
Company Profile
General Underlying Assumptions & Limiting Conditions
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MARKETFEASIBILITYSTUDY
LOCATIONMAP
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SENTRY
SELF-STORAGE
FORWARD REPORT
This report was prepared exclusively for Sentry Self-Storage Management's
client, Your Company for a proposed project to developraw land and construct
a state-of-the-art self-storage project, including, but not limited to traditional self-
storage, both air conditioned and non-air conditioned storage units. The services
requested were for an investment analysis for the property located at the
confluence of South Dixie Highway also known as Highway US 1 and
Commercial Street in Florida City, Dade County, Florida (referred to as the
Subject property herein), a vacant land parcel proposed to be developed for self-
storage use.
While every attempt was made to provide the highest level of accuracy and
reliability, it must be recognized that the report relies heavily on written and
verbal information as provided by others. In some cases these sources are
competitors, who may have a vested interest in skewing the data. Also, the
municipalities have been contacted and interviewed, in person or by phone, to
determine possible projects that are in plain view, submission, pending approval,
or have been approved. Municipalities are notorious for incomplete information,
and often they require that specific parcel number be provided in order to
determine if zoning or planning issues are pending.
Every attempt has been made to eliminate possible misrepresentations. Written
datum is the property of Sentry Self-Storage Management, and has been used to
create the opinions and statements herein. Sentry Self-Storage Management
accepts no responsibility and shall not be held liable for misinformation, either
intentional or accidental, and cannot be held responsible for any decisions the
developer may make based on this report. Sentry Self-Storage Management
used sources deemed reliable and redundant checks were employed, however,
there is always some risk that data may have been missed. One should be
aware of this fact in decision-making based on this report. Also, the assumptions
herein are based on the use of seasoned professionals in the development,
entitlement, design, construction, marketing, operations and management of the
property.
PROJECTDESCRIPTION
A self-storage facility is proposed near the confluence of Highway US 1 and
Commercial Street in Florida City, Florida. Situated on 4.067 acres of a larger
tract, proposed construction includes a 2-story state-of-the-art climate-controlled
building with climate-controlled units and several outside ground access standard
non-climate buildings to be constructed in one single phase. This may include an
on-site management apartment, but will include a rental office and improvements
incidental to the operation of a self-storage facility and related business activity.
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*AMAG*.'EN-
Feasibility is contingent upon all approvals, permits, and licenses having been
obtained. The site itself presents some unique opportunities:
Highway US 1 (South Dixie Highway) has good traffic at the site location
with 285 feet of highway frontage
Signage should be proposed on Highway US-1.
There is an abundance of vacant land fronting Highway US-1 that could
potentially be developed for self-storage; however, the Subject would not
be out-positioned unless development occurred directly across the street
from Subject. Additionally, it is unlikely the vacant land is affordable for
self-storage development.
Population density is good in this market
The subject site is zoned "I", Light Industrial which is adequate for self-
storage development.
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PROPERTYPHOTOGRAPHS
Subject Property
Front (East)
Subject Property
South
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Subject Property
North
Subject Property
West (Across the Highway US-1)
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GENERAL
THESELF STORAGEMARKET
The demand for self-storage space continues to grow as the population
increases. This is primarily due to affordable residential real estate prices and
strong employment. Current construction standards in Florida, which include no
basements and limited attic space, doesn't adequately address the consumer's
need for storage space, which is met by self-storage facilities, such as
contemplated herein.
There has been a growing trend to construct three car garages in new home
construction for families mitigates this demand slightly, however, three car
garages were not evident in this market area. The majority of dwellings in this
area are estimated to be structures of 1 unit detached (XX%) for the current year.
Most of the residential construction in the target market area, (XX%) are
estimated to have been constructed in 1999 to present, as was some of the retail
and commercial improvements. In the last decade, several multi-family projects
have been built, most notably directly northeast of the Subject property along the
Florida Turnpike on both of the east and west sides, as well as north along
Highway US-1 in Florida City, which gives the area a sense of newness. As
quickly as the demand for self-storage has increased, both nationally and in
Florida, developers have responded quickly to this need, through the
construction of self-storage facilities. Dade County is no exception.
The consensus in the industry is that the self-storage real estate sector is stable.
Several factors, particularly increasing competition...
The self-storage industry is not as well understood as other real estate sectors;
however, this is changing. Long considered a non-traditional real estate sector,
self-storage has undergone a significant transformation and grown over the last
decade. The most important development for the industry has been its
acceptance across a broad cross section of investors as a legitimate and
attractive real estate investment. At this time the self-storage industry has
gained credibility among a wider circle of potential investors; this is a reflection of
its sound performance.
WHATISSELF-STORAGE?
Self-storage facilities, also referred to as self-service storage and mini-
warehouses, provide customers with temporary storage space.
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SELF-STORAGE
Customer Base:
Self-storage is primarily for personal use, with 74.4% of the space being rented
for residential use by private individuals, 20% rented by business customers,
primarily small businesses, 2.7% rented by military personnel, followed by 2.6%
rented by students in 2006.
Military 2.7%
Students 2.6%
Commercial 20%
Residential 74.4%
Solid growth is indicated in the commercial customer segment for self-storage,
which rose from XX% in 2005 to XX% in 2006. The XX% figure marks the
highest level seen since 1995 when commercial tenants made up XX% of the
mix. This may be in part due to the growth of small businesses. According to the
White House in April 2006, small businesses now create two out of every three
new jobs and account for nearly half of America's overall employment.
While the overall region or facility characteristics can influence customer base,
when located within or adjacent to a residential neighborhood, a self-storage
facility will typically...
The Self-Storage Industry:
The self-storage industry began in the early 1960's, mainly in the Southwestern
United States, responding to changing lifestyles; the population had become
more mobile and the popularity of apartment living and smaller homes arose,
increasing the need for temporary storage space. More recently...
The industry today has recovered and has grown in size and popularity. What
was once a highly fragmented family run ("mom and pop") industry, the self-
storage industry has now attracted a wide variety of investors, including REIT's,
which lead the self-storage industry.
The majority of self-storage facilities are concentrated in the...
SENTRY
SELF-STORAGE
According to a U.S. Census report, the biggest population gain during the past
five years in U.S. metropolitan areas with 50,000 or more residents occurred in
Florida and in states west of the Mississippi. Most of the fastest growing
metropolitan areas were...
Self-storage serves an important service, especially given that the U.S.
population is on the move. Today's self-storage facilities are dramatically
different than the facilities built in the 1960's and 1970's and even ten years ago.
The public real estate market, lower interest rates, and specifically self-storage
REIT's are providing much needed capital and creating stronger awareness for
this real estate sector. Much work has been done to increase awareness and the
popularity of the self-storage business as a viable investment option.
Historically low interest rates over the past few years have continued to feed the
need for self-storage among residential users, especially...
INDUSTRY PROFILE
Total Number of Facilities
Average Number of Units per Facility
Average Facility Net Square Footage
Total Number of Units
Total Rentable Square Footage
Average Rentable Square Footage per Person
State with Most Facilities
State with Fewest Facilities
State with Most Rentable Square Footage per
Person
State with Least Rentable Square Footage per
Person
Metro Area with Most Facilities
Metro Area with Most Rentable Square
Footage per Person
Largest Self-Storage Company
By Number of Facilities
By Rentable Square Footage
2006
Texas-9,039
Hawaii-74
Montana-23.99
Hawaii-3.62
New Orleans,
Kennar, LA-
11.77
Public Storage
2005
67,122
707
40,237
18. 62 million
2,654 billion
7.54
Albuquerque,
NM-9.4
Public Storage
7.6%
5.5%
11.5%
16.1%
2004
Texas-7,645
North Dakota-
54
Montana-
16.38
New York-
1.89
Dallas, TX-
1,094
Stockton, CA-
17.2
Public
Storage
2003
87,011
999
36,681
12.67 million
1.777 billion
6.54
Houston, TX-
806
Mobile, AL-8.6
Public Storage
6.8%
9.4%
16.5%
19.2%
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Market Share of Top50 Compa
:
Economic
Physical
"Various MSA have been modified by the US Census Bureau
"Includes international facilities
^Information not available
#
91.0%
#
89.2%
15.7%
26.2%
#
82.6%
The data in this table has been edited and reflects omitted and inaccurate
information. The format of this table is for informational purposes only. Actual
Feasibility Studies contain accurate data.
With the slowdown in the housing boom, many who would have bought a new
home a year ago are settling instead for apartment living. As a result, the
demand for apartments is soaring; and so are the rents. Another mitigating
factor is that the supply of apartment rentals tightened even more over the past
year as many apartments were converted to condominiums. Many of these high-
priced condos are now returning to the rental markets as owners struggle to sell
them in a declining market. With apartment and condo rents being sometimes
pricier than housing, many are seeking out smaller apartments, which of course,
offer even less space for storage, making self-storage an ideal alternative.
In Florida,
Units are typically leased on a month-to-month basis, with an average rental
period in 2006 of XX months to a residential customer, XX months for a
commercial customer, XX months for students and XX months for military
personnel.
ustomer Base Length of Stay
Rates vary
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Southeast Rental Rate Trend, 2002 - 2006
a 2002
2003
D 2004
D2005
2006
5x5 5x10 10x10 10x15 10x20 10x25 10x30
THECONCEPTOF SELF STORAGE
The concept of self storage was still unheard of 100 years ago, and it would take
50 to 60 years for the industry to be established. Yet today...
Just as we now enjoy many modern conveniences
With this growth has come tremendous innovation, such as computerized access
and automated security and even rental kiosk systems. Many facilities have
entered the next era with web sites that allow customers to reserve their units
and pay their monthly rent online. The role of the facility manager has evolved
from someone who just answered phones and rented units to someone who is
skilled at technology, marketing, maintenance, and customer service.
100 -I
80 -
An -
on .
Electronic Facility Automations
Security Access Control Computerized Kiosks

Rent Payments
D Security
a Access Control
D Computerized Rent
Payments
D Kiosks
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On the flipside of the coin, growth has brought increased competition. Investors
must now carefully examine economic and...
Once a facility is built, its operator must craft a focused marketing plan that
targets not only residential users, but also the growing commercial client base, in
order to garner optimum rent and occupancy levels.
The concept of self-storage....
REIT'SSTRONG EFFECTONSELF-STORAGE
Self-storage has grown into a sophisticated asset class with great appeal for
individual investors, regional operators, national operators, and Wall Street
investment through REITs. Moreover, it is also now recognized by investors and
developers from other real estate sectors partly due to the fact that, in general,
the public is finally coming to understand the industry. With more than 13 years
of the REITs..
Investment Performance bv Prooertv Sector & Sub sector
30
25
2(H
15
2005 9/30/2006
D Industrial/Office
U Industrial
D Office
D Retail
Shopping Centers
D Regional Malls
H Diversified
D Lodging/Resorts
Health Care
B Self Storage
D Speciality
Growth in the self-storage industry has been somewhat driven by three sources
over the past few years
KEYCREDITFACTORS
The self-storage industry, while subject to many of the same influences as any
other type of real estate, has unique characteristics that affect the evaluation of
credit quality.
Real estate operators ....
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The following provides an overview of major features of the self-storage industry
that influence the credit opinions.
Self Storage Facilities Generate More Stable Cash Flows Then Most Other
Types of Commercial Real Estate
Reaching stabilization of a self-storage facility ....
The Self-Storage Industry is a More Management Intensive Business Then Real
Estate Businesses
The most important ingredient for success in the self-storage industry is probably
good facility management coupled with creativity in providing....
Diversified Cash Flows Add Stability
A factor that adds stability to a self-storage operator's cash flows is that self-
storage facilities' cash flows are inherently diversified by the number of tenants.
In this respect...,
Seasonal Swings Subjecting the Self-Storage Industry
As mentioned earlier in this report, the largest users (74.4%) of self-storage are
residential customers. Residential customers....
The Self-Storage Keys to Success
Several factors that distinguish the successful self-storage operator from less
successful operators are as follows:
Self-storage operators owning several facilities are generally
It is not enough just to open self-storage facilities...:
Operations: Self-storage operators with solid infrastructure and
customer service functions have a competitive edge.
Location: Self-storage operators with facilities that are highly
visible and easily accessible have a competitive advantage...
Innovation: A self-storage operator's ability to be innovative, as
well as foresee and introduce new products and services that
best suit evolving consumer needs, is critical....
Ancillary Products and Services: Providing ancillary products
and services to customers is another differentiating factor of
storage products and services being offered for sale at the self-
storage facilities and the effectiveness of a self-storage...
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Combined, these important operational aspects of the self-storage business
expand each operator's financial strategies. Ultimately, an operator's financial
health and flexibility exert a powerful influence on its ability to implement its
operating model. Thus, both the operational and financial aspects of a particular
company must be viewed in tandem.
EXIT STRATEGY OR OPPORTUNITY?
There is a wide spread belief that there exists significant opportunity and
potential for further consolidation and business combinations with the self-
storage industry in general, and for the five largest owners/operators of self-
storage REIT's in particular.
Consult the section of EXIT STRATEGY later in this report for specific
considerations about the subject property.
OVERBUILDING INSOMEMARKETSISA PARTICULARCONCERN
Overbuilding in some areas are more pronounced than in others. During the past
decade this was an area of particular concern; however, as mentioned earlier in
this report, given the shorter development time frame for self-storage, market
reaction is faster compared to other real estate sectors. Consequently,
overbuilding is not as likely a problem and occupancy rates remain high through
economic cycles.
While some pockets of the United States are clearly overbuilt, or are in the
process of being overbuilt...
Lenders in some markets are becoming more discriminating about supplying
financing and operators are becoming more selective of the sites on which they
plan to build facilities.
It was believed in early 2000, of an industry-wide slowdown; however that is not
the case.
The number of self-storage facilities in the United States continues to grow at a
steady pace, up approximately...
Assuming that the self-storage industry is 50 years old with 42,967 facilities
nationwide, the industry growth rate has been at an average pace of more than
800 facilities per year. As a comparison, this pace beats the growth rate of
McDonald's restaurants, with more than two new self-storage facilities being
constructed everyday in the United States over the last 50 years.
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OVERALL PROJECTIONS FOR A STABLE OUTLOOK
The overall projection is for a stable outlook for the medium term, reflecting the
industry's current good economic fundamentals and operating performance.
The professional self-storage operators are continuing to see...
SELF-STORAGE
MAU-wiSE'.'E "'
SELF-STORAGEMARKETANALYSISAND TRENDS
MACROECONOMIC ANALYSIS
This section analyzes the trends in a macroeconomic analysis of the market for
self-storage warehouse space. The macroeconomic analysis examines trends,
which are occurring both nationally and regionally.
More people are using self-storage today than ever before, and more facilities
are being built than ever before. The industry saw the addition of an estimated
1,800 new facilities in 2006, increasing the nation's available square footage by
more than 17%. New development was spurred by consumers' growing
awareness of the product, teamed with low interest rates and millions of
homeowners in transition. Stronger demand from commercial clients also fueled
the industry's expansions.
As shown in the following table, more self-storage space is available to American
consumers and businesses than ever before. Nationally the average rentable
square footage....
The supply index is calculated for each state in the table. To calculate this figure,
first the net rentable square footage for each state is divided by the total
population of that state. The resulting number is the square footage per person
for that state. Next, the square footage per person number is divided by the
national average....
STATE SATURATION LEVELS*
Alabama
Connecticut
District of Columbia
Florida
Georgia
Hawaii
Idaho
Number of
Facilities
2,587
Area Square
Footage
41,736,214
14,560,196
934,796
116,938,966
63,276,508
3,386,132
7,293,276
2006*
Population
4,635,214
3,549,033
563,842
18,478,309
9,553,796
1,279,371
1,475,700
'Population data from US Census Bureau reflects July 2666 to July 201 1 changes.
Rentable
Square
Footage Per
Person
9.00
4.1
1.76
6.33
6.65
2.62
11.71
Supply
Index
141
64
28
99
104
41
183
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This ratio for the state does not include the influx of seasonal or part-time
residents arriving in Florida during the winter months. These residents may
require storage space alongside the year-round residents, driving updemand.
The Almanac does not provide details for the markets surrounding the subject
property.
Self-Storage Occupancy Levels
Ask three different self-storage owners about their occupancy levels, and you
might get three different answers. One might proudly proclaim that nearly every
unit is rented, and another might tell you how almost every rentable square foot
are occupied. The third, however, might inform you that, while not every unit was
full, every rented unit was generating its highest potential income.
Why do industry professionals have such varying views of occupancy? It's
simply because occupancy can be measured in several different ways.
Foremost in many people's minds are physical occupancy; the direct measure of
how many units are rented. Meanwhile, some owners think in terms of total
square footage. For example...
The third way to look at occupancy is form an...
Since economic occupancy is so important, this data should encourage facility
owners and operators to more closely examine their own economic occupancy
levels to achieve maximum profits.
As shown in the following table, nationally, physical occupancy held steady at
XX% in 2006 compared to the prior year. Economic occupancy trailed the
physical rate of XX%. The Mountain states showed the highest physical and
economic rates, XX.2% and XX.6%, respectively, while New England recorded
the lowest occupancy rates, with physical occupancy averaging XX.9% and
economic occupancy averaging XX. 1%
When comparing 2005 data to 2006 physical occupancy rates, it is apparent that
the hurricanes of 2005 continue to impact occupancy levels. The South Central
regions were the only areas...
REGIONAL OCCUPANCYRATETRENDS*
Division
East South Central
West South Central
April 30. 2006
Economic Physical
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Variations are apparent when examining occupancy rates from a facility size
perspective as shown in the following table from April 2006 data. Both physical
and economic occupancy rates are highest at the largest facilities; those of
100,000 or more square feet. The next highest rates, however, were noted at the
smallest facilities; those of less than 25,000 square feet. The lowest rates were
noted..
OCCUPANCY RATES
SQUARE FOOTAGE
Less than 25,000
25,000 - 49,999
50,000 - 74,999
75,000 - 99,999
100,000 or More
Economic Physical
22.0
11.8
57.1
44.4
44.6
26.6
12.7
51.5
48.6
47.3
While many factors can affect occupancy, it seems that larger facilities may be
succeeding by offering the most advanced amenities and security, while the
smaller facilities may have the personal customer service touch that customers'
value....
Facilities offering the most units...
Economic Physical OCCUPANCY RATES
NUMBER OF UNITS
1-99 40.0 35.3
100-299 42.7 55.6
300-499 66.5 28.8
500 - 999 68.3 62.7
11,000 or More | 80.9 80.3
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When analyzed by market area, as shown in the following table from April 2006
data..
OCCUPANCYRATES
MARKETAREA
Heavy Industrial
Commercial/Retail
Urban/Downtown
Residential
Rural Areas
Economic Physical
27.2
51.2
58.1
62.3
33.7
60.6
85.3
74.6
44.1
78.1
Lastly, the oldest facilities, the most likely to have long-term tenants...
Interesting, the next age class, 1981 to 1985, showed the largest spread
between the two figures as XX percentage points followed by the 1991 to 1995
category, with a difference of nearly the same amount...
OCCUPANCY RATES
YEAR FACILITY BUILT
Prior to 1981
1981 to 1985
1986 to 1990
1991 to 1995
1996 to 2000
2001 to 2004
2005 or after
46.1
35.1
65.1
94.2
22.6
19.1
33.0
Physical
26.2
21.1
78.1
40.5
62.2
12.6
66.0
Self-Storage Rental Rates
Rental monies provide the essential operating income to maintain the facility, pay
the employees, and keep the facility owner in business. Rental rates rise or fall
depending on consumer demand and thus serve as an essential measure of not
only a facility's health, but also the well-being of the industry as a whole.
Using rental rates as an indicator...
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RENTAL RATETREND
5x5 5x10 10x10 10x15 10x20 10x25 10x30 20x20
SOUTHEAST
2002
2003
2004
2005
2006
NATIONAL
2002
2003
2004
2005
2006
Insufficient Data
Climate-controlled facilities continue to enjoy higher rental rates than the overall
averages, as shown in the following table. For example in the case of a 10x30
unit..,
2006 RENTAL RATESCLIMATECONTROLLED FACILITEIS
5x5 5x10 10x10 10x15 10x20 10x25 10x30
REGION
North Central
Northeast
South Central
Southeast
West
NATIONAL
In the hot and humid South Central states, climate-control has a significant
impact on rental rates. For example, in the 10x20 segment, rental rates at
climate controlled facilities are about 56% higher nationally, and 40% to 50%
higher in most regions. However, in the Southeast region, the average rent
fora climate controlled 10x20 unit...
It seems that consumers in the Southeast region, which includes Florida, are
willing to pay more to protect their goods from the effects of extreme
temperatures and humidity. This is especially true...
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THESUBJECTPROPERTY
COMMUNITYINFORMATION
Location
Florida City is located at the eastern end of the only road running through the
Everglades National Park, which terminates at Flamingo, Florida City is the
southernmost city in the United States which is not on an island. It is also the
last stopon the mainland north of the Florida Keys.
Topography
Florida City is 3.2 square miles in area and is located in Miami-Dade County,
Florida. Florida City is situated between Miami and the Florida Keys; mostly atop
a limestone ridge called the Miami Rock Ridge that extends south from present
day north to Miami Beach to a location in Everglades National Park. The ridge,
consisting of Miami Limestone, serves as the higher ground within the
community. The ridge extends from northeast to southwest across the city.
Florida City today serves as the southern terminal of the Florida Turnpike.
Temperature
The mixture of the Gulf Stream current running off the coastline, and cool ocean
breezes rolling off the sea, produces a wonderful average temperature of 78
degrees.
Map
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13
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SW 7B1 St (SW 3S2nd St.) SW 7th ST. (SW 352nd St.)
' FLORIDA CITY ^
SCALE l"= l?0f' Vf ,V
CITY MAP ^"^
John Pennekamp
State Park
Key Largo
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This map shows the extraordinary collection of major thoroughfares that intersect
in Florida City; Krome Avenue, the Florida Turnpike, and Highway US 1, which
carries I-95 traffic from Miami at this point). Unlike the only other place where
they meet in South Dade County, these thoroughfares intersect at grade in
Florida City.
As a result, traffic must move slowly, allowing motorists to easily access local
commerce. The only two routes into the Florida Keys also converge at this point.
Six million automobiles, many of them transporting tourists in a leisure state of
mind, pass through Florida City annually.
Florida City, along with serving as the mainland entrance to the Florida Keys,
Florida City also serves as the gateway to the main section of Everglades
National Park. Motels and eateries are located along Highway US-1 prior to
taking the highway south into the Florida Keys.
Historic Overview
Florida City is an old city by South Florida standards. Its early history involved
conflicts between Southern and Northern settlers. The first settlers, originally
from Topeka, Kansas, had settled in Homestead but moved out into the
wilderness area that became Florida City in 1910. Many southern families
seeking homesteads followed. In 1913 the Model Land Company from Michigan
purchased 22,000 acres. They advertised heavily in Detroit and attracted
northerners to their "Garden of Eden". Detroiters named the area Detroit but
apparently became dissatisfied with their purchases. Conflict developed when
the southern families and the Detroiters moved back north shortly thereafter. In
1914 the city was incorporated. The remaining families named it Florida City.
By 1922, Florida City had grown to a population of over 800. The city had a drug
store, a hardware store, and a three story hotel. South of the town was the
largest Ice Plant in the state and a lumber mill; however, most of the towns'
economy came from farming. Florida City's limits were extended to Biscayne
Bay in 1925. Because of its lack of development...
Royal Palm State Park Lodge sometime after its construction in 1916 for the
Florida Federation of Women Clubs by J.F. Umphrey of Homestead. The Florida
Federation of Women Clubs acquired 960 acres from Mrs. Henry M. Flagler and
960 acres from the State of Florida for its Royal Palm State Park. In 1921 the
State gave them another 2,080 acres. The women operated the Royal Palm
Lodge where lodging and meals were available, as a means of financing the
upkeep.
They also grew Royal Palms for sale 156 of them ended upon Florida City's
Palm Drive in 1922 and others in Homestead on Krome Avenue. After the
i
SENTRY
COMMUNITYDEMOGRAPHICS
The demographic data is provided by XXX, and is copyrighted by XXX. The
demographic information includes original data of the 1990 and 2000 Census, as
well as 2006 estimated and projected 2011 demographic data.
The margin of error in estimation and projection is believed to be accurate and
respective of the area; however, no warranties can be made as to the accuracy.
The data is that of a three-ring radius surrounding the subject property. The
radius rings are 1 mile, 3 miles and 5 miles.
Sentry Self-Storage Management feels the demographics for this area match in
most areas, but not ail, with an ideal storage market. With the projected
anticipated growth, the subject property is a suitable location for self-storage
development.
See Sample Demographics Report
Demographics Booklet
RE P O RT S M A P S C H A RT S
9 West Northfield Road
Livingston, New Jersey 07039
Sample Company,
Inc.
Population, 2006
1 mi: 6,127
3 mi: 53,169
5 mi: 189,660
Latitude
N 40.778533
Longitude
W 74.336072
Households, 2006
1 mi: 2,078
3 mi: 19,185
5 mi: 70,456
Produced by www.BuyDemographics.com
Sample Company,
Inc.
Table Of Contents
DEMOGRAPHIC REPORTS
Summary Report (2000 Census) 1
Demographic Projections Report (est. 2006, 2009, 2014) 3
Full Report (2000 Census) 6
Business Report (2000 Census) 10
ZipCode Carrier Route Report 11
Consumer Expenditure Report (2000 Census) 12
DEMOGRAPHIC MAPS
Population Density 13
Household Density 14
Household Income 15
Age of Structures 16
DEMOGRAPHIC CHARTS
Population Composition by Selected Groups (2000 -2014) 17
Produced for Ron Bouskela
by www.BuyDemographics.com
A December 12, 2006
Sample Company,
Inc.
Census 2000
Summary Report
1 MILE 3 MILE 5 MILE %
Total Population
SEX
Male
Female
AGE
Under 1 8 years
18 -34 years
35 - 54 years
55 years and older
Median Age (Years)
RACE/ETHNICITY
White
Black or African American
Asian/Pacific Islander
American Indian/Alaska Native
Some other race
Hispanic or Latino (of any race)
EDUCATION
Population (25+ years)
Less than high school
High school graduate
Some college
College graduate
Graduate or professional degree
MARITAL STATUS
Population (16+ years)
Married male
Unmarried male
Married female
Unmarried female
5,856
2,900
2,956
1,583
924
2,001
1,348
37.7
4,450
42
976
5
87
296
3,942
224
676
598
1,964
480
4,485
1,634
529
1,973
349
100.0
49.5
50.5
27.0
15.8
34.2
23.0
76.0
0.7
16.7
0.1
1.5
5.1
100.0
5.7
17.1
15.2
49.8
12.2
100.0
36.4
11.8
44.0
7.8
50,812
24,163
26,649
12,515
7,132
16,507
14,658
41.3
41,908
829
6,159
31
500
1,385
35,901
2,377
6,400
5,204
17,507
4,413
40,325
14,651
4,045
17,545
4,084
100.0
47.6
52.4
24.6
14.0
32.5
28.8
82.5
1.6
12.1
0.1
1.0
2.7
100.0
6.6
17.8
14.5
48.8
12.3
100.0
36.3
10.0
43.5
10.1
181,251
86,257
94,994
44,323
31,674
59,100
46,154
39.3
142,083
13,888
13,223
142
2,883
9,032
126,351
10,096
23,590
17,920
60,409
14,336
143,151
50,232
16,645
60,037
16,237
100.0
47.6
52.4
24.5
17.5
32.6
25.5
78.4
7.7
7.3
0.1
1.6
5.0
100.0
8.0
18.7
14.2
47.8
11.3
100.0
35.1
11.6
41.9
11.3
December 12, 2006
This report was generated using data from
government sources deemed reliable. We cannot
assume responsibility for its accuracy.
Sample Company,
Inc.
Census 2000
Summary Report
1 MILE 3 MILE SMILE
Total Households
HOUSEHOLD TYPE
Family
Male head of household
Female head of household
Children under 1 8 present
No children under 18 present
Non-family
HOUSEHOLD SIZE
One person
Male
Female
Two persons
Three persons
Four persons
Five or more persons
Average Household Size
HOUSEHOLD INCOME
Under $15,000
$15,000 -$29,999
$30,000 - $49,999
$50,000 - $79,999
$80,000 - $99,999
$100,000 and above
Median household income
HOUSING OCCUPANCY/TENURE
Total Housing Units
Occupied
Owner occupied
Renter occupied
Vacant
1,947
1,622
1,323
299
790
832
325
278
50
228
546
460
424
239
2.5
49
140
235
261
263
999
$98,477
1,958
1,939
1,872
67
19
100.0
83.3
68.0
15.4
40.6
42.7
16.7
14.3
2.6
11.7
28.0
23.6
21.8
12.3
2.5
7.2
12.1
13.4
13.5
51.3
100.0
99.0
95.6
3.4
1.0
17,977
14,363
11,718
2,645
7,648
6,715
3,614
3,225
947
2,278
5,949
3,254
3,632
1,917
2.4
761
1,213
2,126
2,784
2,449
8,644
$109,198
18,319
17,960
15,568
2,392
359
100.0
79.9
65.2
14.7
42.5
37.4
20.1
17.9
5.3
12.7
33.1
18.1
20.2
10.7
4.2
6.7
11.8
15.5
13.6
48.1
100.0
98.0
85.0
13.1
2.0
66,020
49,453
38,891
10,562
26,180
23,273
16,567
14,120
4,738
9,382
21,441
11,561
11,687
7,211
2.3
3,665
5,145
8,750
10,315
9,142
29,003
$100,268
67,482
65,981
51,438
14,543
1,501
100.0
74.9
58.9
16.0
39.7
35.3
25.1
21.4
7.2
14.2
32.5
17.5
17.7
10.9
5.6
7.8
13.3
15.6
13.8
43.9
100.0
97.8
76.2
21.6
2.2
December 12, 2006
Sample Company,
Inc.
Demographic
Projections Report
Index
(Year 2000 = 100)
1 MILE RADIUS
Total Population
SEX
Male
Female
AGE
Under 18 years
18 -34 years
35 - 54 years
55 years and older
RACE/ETHNICITY
White
HOUSEHOLD TYPE
Family
Non-family
Total Family Households
FAMILY INCOME
Less_than $10000
$10000 to $14999
$15000 to $24999
$25000 to $34999
$35000 to $49999
$50000 to $99999
$100,000 and above
2000
5,856
2,900
2,956
1,583
924
2,001
1,348
4,450
42
5
976
173
1,373
574
1,373
119
95
89
86
70
128
148
Est. 2006
6,127
3,033
3,094
1,469
1,318
1,885
1,456
4,535
45
5
1,057
200
1,456
622
1,456
146
114
106
94
79
134
143
Est. 2009
6,214
3,074
3,140
1,455
1,370
1,857
1,531
4,519
46
6
1,091
216
1,493
643
1,493
127
105
99
92
77
139
161
Est. 2014
6,384
3,155
3,229
1,463
1,446
1,776
1,700
4,498
48
6
1,149
243
1,559
670
1,559
168
122
115
99
85
140
148
2006
105
105
105
93
143
94
108
102
107
107
108
116
106
108
106
122
120
118
109
112
105
96
2009
106
106
106
92
148
93
114
102
109
111
112
125
109
112
109
106
110
111
107
109
109
109
2014
109
109
109
92
156
89
126
101
113
117
118
140
114
117
114
141
128
129
115
121
109
100
December 12, 2006
Sample Company,
Inc.
Demographic
Projections Report
Index
(Year 2000 = 100)
3 MILt KAUlUb
Total Population
SEX
Male
Female
AGE
Under 18 years
18- 34 years
35 - 54 years
55 years and older
RACE/ETHNICITY
White
HOUSEHOLD TYPE
Family
Non-family
FAMILY INCOME
Less_than$ 10000
$10000 to $14999
$15000 to $24999
$25000 to $34999
$35000 to $49999
$50000 to $99999
$100,000 and above
2000
50,812
24,163
26,649
12,515
7,132
16,507
14,658
41,908
829
31
6,159
999
12,674
5,303
12,674
1,103
875
824
792
650
1,179
1,369
Est. 2006
53,169
25,273
27,896
12,745
11,437
16,356
12,631
42,711
884
33
6,668
1,156
13,441
5,744
13,441
1,344
1,048
974
867
730
1,237
1,317
Est 2009
53,916
25,613
28,303
12,626
11,891
16,116
13,283
42,562
904
34
6,887
1,246
13,787
5,937
13,787
1,172
965
917
848
709
1,282
1,489
Est. 2014
55,389
26,281
29,108
12,691
12,546
15,406
14,747
42,364
940
36
7,249
1,403
14,399
6,184
14,399
1,555
1,123
1,066
914
786
1,289
1,368
2006
105
105
105
102
160
99
86
102
107
107
108
116
106
108
106
122
120
118
109
112
105
96
2009
106
106
106
101
167
98
91
102
109
111
112
125
109
112
109
106
110
111
107
109
109
109
2014
109
109
109
101
176
93
101
101
113
117
118
140
114
117
114
141
128
129
115
121
109
100
December 12, 2006
Sample Company,
Inc.
Demographic
Projections Report
Index
(Year 2000 = 100)
t>MILt KAUIU5
Total Population
SEX
Male
Female
AGE
Under 18 years
18- 34 years
35- 54 years
55 years and older
RACE/ETHNICITY
White
HOUSEHOLD TYPE
Family
Non-family
FAMILY INCOME
Less than $10000
$10000 to $14999
$15000 to $24999
$25000 to $34999
$35000 to $49999
$50000 to $99999
$100,000 and above
2000
181,251
86,257
94,994
44,323
31,674
59,100
46,154
142,083
13,888
245
13,120
6,566
46,544
19,476
46,544
4,049
3,212
3,025
2,909
2,388
4,329
5,027
Est. 2006
189,660
90,219
99,441
45,463
40,798
58,344
45,056
144,804
14,803
263
14,205
7,597
49,363
21,093
49,363
4,936
3,850
3,579
3,184
2,680
4,541
4,838
Est 2009
192,330
91,436
100,894
45,041
42,416
57,488
47,384
144,300
15,146
271
14,671
8,187
50,633
21,805
50,633
4,304
3,544
3,367
3,114
2,603
5,468
Est. 2014
197,582
93,820
103,762
45,270
44,753
54,955
52,604
143,628
15,745
286
15,443
9,219
52,880
22,710
52,880
5,711
4,125
3,913
3,358
2,887
4,733
5,024
2006
105
105
105
103
129
99
98
102
107
107
108
116
106
108
106
122
120
118
109
112
105
96
2009
106
106
106
102
134
97
103
102
109
111
112
125
109
112
109
106
110
111
107
109
109
109
2014
109
109
109
102
141
93
114
101
113
117
118
140
114
117
114
141
128
129
115
121
109
100
December 12, 2006
Sample Company,
Inc.
6
Census 2000
Full Report
1 MILE SMILE SMILE
Total Population
AGE
5,856 100.0 50,812 100.0 181,251 100.0
0- 13 years
14- 17 years
1 8 - 24 years
25 - 34 years
35 - 44 years
45 - 54 years
55 - 64 years
65 - 74 years
75 years and older
Median Age (Years)
AGE BY SEX
Male
0- 13 years
14 - 17 years
18 -24 years
25 - 34 years
35 - 44 years
45 - 54 years
55 - 64 years
65 - 74 years
75 years and older
Median Age (Male)
Female
0- 13 years
14- 17 years
18 -24 years
25 - 34 years
35 - 44 years
45 - 54 years
55 - 64 years
65 - 74 years
75 years and older
Median Age (Female)
1,273
310
331
593
1,202
799
524
472
352
37.7
2,900
698
146
217
279
597
362
228
228
145
36.0
2,956
575
164
114
314
605
437
296
244
207
39.1
21.7
5.3
5.7
10.1
20.5
13.6
8.9
8.1
6.0
100.0
24.1
5.0
7.5
9.6
20.6
12.5
7.9
7.9
5.0
100.0
19.5
5.5
3.9
10.6
20.5
14.8
10.0
8.3
7.0
9,847
2,668
2,396
4,736
8,796
7,711
5,530
4,551
4,577
41.3
24,163
5,182
1,292
1,169
2,320
4,223
3,601
2,626
2,109
1,641
40.0
26,649
4,665
1,376
1,227
2,416
4,573
4,110
2,904
2,442
2,936
42.6
19.4
5.3
4.7
9.3
17.3
15.2
10.9
9.0
9.0
100.0
21.4
5.3
4.8
9.6
17.5
14.9
10.9
8.7
6.8
100.0
17.5
5.2
4.6
9.1
17.2
15.4
10.9
9.2
11.0
35,903
8,420
10,577
21,097
32,318
26,782
18,325
14,224
13,605
39.3
86,257
18,269
4,250
5,239
10,086
15,512
12,776
8,594
6,422
5,109
38.1
94,994
17,634
4,170
5,338
11,011
16,806
14,006
9,731
7,802
8,496
40.3
19.8
4.6
5.8
11.6
17.8
14.8
10.1
7.8
7.5
100.0
21.2
4.9
6.1
11.7
18.0
14.8
10.0
7.4
5.9
100.0
18.6
4.4
5.6
11.6
17.7
14.7
10.2
8.2
8.9
December 12, 2006
Sample Company,
Inc.
Census 2000
Full Report
1 MILE SMILE SMILE
Total Population
RACE/ETHNICITY
5,856 100.0 50,812 100.0 181,251 100.0
One race
White
Other
Multiple races
Hispanic or Latino (any race)
EDUCATION BY SEX
Males (25+ years)
Some college
College graduate
Females (25+ years)
Some college
College graduate
MARITAL STATUS BY SEX
Males (16+ years)
Married or spouse present
Unmarried or spouse absent
Never married
Separated/divorced
Widowed
Spouse Absent/other
Females (16+ years)
Married or spouse present
Unmarried or spouse absent
Never married
Separated/divorced
Widowed
Spouse absent/other
5,486
4,450
42
976
5
13
74
296
1,839
133
257
318
868
263
2,103
91
419
280
1,096
217
2,163
1,476
687
529
33
65
60
2,322
1,517
805
349
145
220
91
93.7
76.0
0.7
16.7
0.1
0.2
1.3
5.1
100.0
7.2
14.0
17.3
47.2
14.3
100.0
4.3
19.9
13.3
52.1
10.3
100.0
68.2
31.8
24.5
1.5
3.0
2.8
100.0
65.3
34.7
15.0
6.2
9.5
3.9
48,969
41,908
829
6,159
31
42
458
1,385
16,520
1,002
2,161
2,406
8,303
2,648
19,381
1,375
4,239
2,798
9,204
1,765
18,696
13,067
5,629
4,045
584
534
466
21,629
13,063
8,566
4,084
1,278
2,516
688
96.4
82.5
1.6
12.1
0.1
0.1
0.9
2.7
100.0
6.1
13.1
14.6
50.3
16.0
100.0
7.1
21.9
14.4
47.5
9.1
100.0
69.9
30.1
21.6
3.1
2.9
2.5
100.0
60.4
39.6
18.9
5.9
11.6
3.2
169,664
142,083
13,888
13,120
142
431
2,555
9,032
58,499
4,320
8,974
7,979
29,221
8,005
67,852
5,776
14,616
9,941
31,188
6,331
66,877
43,421
23,456
16,645
2,685
1,771
2,355
76,274
43,642
32,632
16,237
5,506
8,107
2,782
93.6
78.4
7.7
7.2
0.1
0.2
1.4
5.0
100.0
7.4
15.3
13.6
50.0
13.7
100.0
8.5
21.5
14.7
46.0
9.3
100.0
64.9
35.1
24.9
4.0
2.6
3.5
100.0
57.2
42.8
21.3
7.2
10.6
3.6
December 12, 2006
Sample Company,
Inc.
8
Census 2000
Full Report
1 MILE SMILE SMILE
Total Households
1,947 100.0 17,977 100.0 66,020 100.0
HOUSEHOLD TYPE
Family
Children under 1 8 present
At least one under 6 years
At least one 6- 17 years
No children under 1 8 present
Non-family
HOUSEHOLD SIZE
One person
Two persons
Three persons
Four persons
Five or more persons
Average Household Size
HOUSEHOLD INCOME
Less than $10,000
$10,000 -$14,999
$15,000 -$19,999
$20,000 - $24,999
$25,000 - $29,999
$30,000 - $34,999
$35,000 - $39,999
$40,000 - $49,999
$50,000 - $59,999
$60,000 - $74,999
$75,000 - $99,999
$100,000 -$124,999
$125,000 -$149,999
$150,000 -$199,999
$200,000 and above
Median Household Income
1,622
832
255
577
790
325
278
546
460
424
239
2.5
37
12
49
27
64
42
62
131
77
184
263
253
210
246
290
$98,477
83.3
42.7
13.1
29.6
40.6
16.7
14.3
28.0
23.6
21.8
12.3
1.9
0.6
2.5
1.4
3.3
2.2
3.2
6.7
4.0
9.5
13.5
13.0
10.8
12.6
14.9
14,363
6,715
1,652
5,048
7,648
3,614
3,225
5,949
3,254
3,632
1,917
2.4
479
282
352
377
484
537
487
1,102
1,086
1,698
2,449
2,031
1,480
1,889
3,244
$109,198
79.9
37.4
9.2
28.1
42.5
20.1
17.9
33.1
18.1
20.2
10.7
2.7
1.6
2.0
2.1
2.7
3.0
2.7
6.1
6.0
9.4
13.6
11.3
8.2
10.5
18.0
49,453
23,273
6,306
16,833
26,180
16,567
14,120
21,441
11,561
11,687
7,211
2.3
2,016
1,649
1,635
1,653
1,857
2,187
2,077
4,486
3,928
6,387
9,142
7,591
5,128
6,340
9,944
$100,268
74.9
35.3
9.6
25.5
39.7
25.1
21.4
32.5
17.5
17.7
10.9
3.1
2.5
2.5
2.5
2.8
3.3
3.1
6.8
5.9
9.7
13.8
11.5
7.8
9.6
15.1
December 12, 2006
Sample Company,
Inc.
Census 2000
Full Report
1 MILE SMILE SMILE
Population 16+ in Labor Force 2,783 100.0 23,615 100.0 88,206 100.0
TRANSPORTATION TO WORK
Worked at home
Car/truck/van
Drove alone
Carpooled
Public transportation (incl. taxi)
Walked to work
TRAVEL TIME TO WORK
Worked Outside the Home
Less than 15 minutes
15-29 minutes
30 - 45 minutes
46 - 59 minutes
60 minutes or longer
Average Travel Time (min)
Total Housing Units
YEAR STRUCTURE BUILT
1995 or later
1990-1994
1980-1989
1970-1979
1960-1969
1950-1959
Prior to 1950
Total Owner-Occupied Housing Units
HOME VALUE (OWNER-OCCUPIED)
Under $25,000
$25,000 - $49,999
$50,000 - $99,999
$100,000 -$199,999
$200,000 - $299,999
$300,000 -- $399,999
$400,000 -- $499,999
$500,000 - $999,999
$1,000, 000 and above
Median home value
143
2,448
2,240
208
184
8
2,640
724
810
501
204
401
25.0
1,958
0
0
13
47
127
386
1,385
1,830
11
13
7
333
678
391
238
151
8
$290,850
5.1
88.0
80.5
7.5
6.6
0.3
94.9
26.0
29.1
18.0
7.3
14.4
100.0
0.0
0.0
0.7
2.4
6.5
19.7
70.7
100.0
0.6
0.7
0.4
18.2
37.0
21.4
13.0
8.3
0.4
1,234
20,107
18,506
1,601
1,981
293
22,381
6,074
7,159
3,677
1,854
3,617
24.5
18,319
219
709
804
1,934
2,356
3,723
8,574
14,576
69
102
78
1,645
4,658
2,766
1,987
2,577
694
$388,597
5.2
85.1
78.4
6.8
8.4
1.2
94.8
25.7
30.3
15.6
7.9
15.3
100.0
1.2
3.9
4.4
10.6
12.9
20.3
46.8
100.0
0.5
0.7
0.5
11.3
32.0
19.0
13.6
17.7
4.8
4,230
70,353
63,988
6,365
11,046
2,577
83,976
21,479
26,837
14,958
6,540
14,162
25.2
67,482
454
1,837
2,206
4,976
5,484
9,844
42,681
46,905
132
162
518
7,022
14,802
9,721
5,898
6,783
1,867
$350,987
4.8
79.8
72.5
7.2
12.5
2.9
95.2
24.4
30.4
17.0
7.4
16.1
100.0
0.7
2.7
3.3
7.4
8.1
14.6
63.2
100.0
0.3
0.3
1.1
15.0
31.6
20.7
12.6
14.5
4.0
December 12, 2006
Sample Company,
inc.
10
Census 2000
Business Report
1 MILE SMILE SMILE
Total Employees
Accommodation/food services
Arts/entertainment/recreation
Construction
Educational services
Finance/insurance
Forestry /fishing/agriculture
Health care/social assistance
Information
Manufacturing
Mining
Professional/scientific/technical
Public administration
Real estate/rental/housing
Retail trade
Transportation/warehousing
Utilities
Wholesale trade
Unclassified establishments
2,849
100
42
147
255
222
0
285
154
333
0
502
100
59
355
45
15
136
99
100.0
3.5
1.5
5.2
9.0
7.8
0.0
10.0
5.4
11.7
0.0
17.6
3.5
2.1
12.5
1.6
0.5
4.8
3.5
24,077
650
327
909
2,053
2,800
0
3,234
1,141
2,326
7
4,188
621
705
2,282
539
122
1,285
888
100.0
2.7
1.4
3.8
8.5
11.6
0.0
13.4
4.7
9.7
0.0
17.4
2.6
2.9
9.5
2.2
0.5
5.3
3.7
89,742
3,022
1,456
3,172
8,438
10,925
37
10,487
4,786
8,729
79
15,008
2,890
2,188
7,978
2,673
474
3,509
3,891
100.0
3.4
1.6
3.5
9.4
12.2
0.0
11.7
5.3
9.7
0.1
16.7
3.2
2.4
8.9
3.0
0.5
3.9
4.3
December 12, 2006
Sample Company,
Inc.
11
Census 2000
Zip Code Carrier Route
1 MILE 3 MILE % 5 MILE %
Total Households
HOUSEHOLD SIZE
One person
Two persons
Three persons
Four persons
Five persons
Six persons
Seven or more persons
HOUSING OCCUPANCY/TENURE
Total Housing Units
Occupied
Owner occupied
Renter occupied
Vacant
1,947
278
546
460
424
171
35
33
1,958
1,939
1,872
67
19
100.0
14.3
28.0
23.6
21.8
8.8
1.8
1.7
100.0
99.0
95.6
3.4
1.0
17,977
3,225
5,949
3,254
3,632
1,393
381
143
18,319
17,960
15,568
2,392
359
100.0
17.9
33.1
18.1
20.2
7.7
2.1
0.8
100.0
98.0
85.0
13.1
2.0
66,020
14,120
21,441
11,561
11,687
4,983
1,562
666
67,482
65,981
51,438
14,543
1,501
100.0
21.4
32.5
17.5
17.7
7.5
2.4
1.0
100.0
97.8
76.2
21.6
2.2
December 12, 2006
Sample Company,
Inc.
12
Census 2000
Consumption Report
ANNUAL EXPENDITURESPER
HOUSEHOLD ($)
AGGREGATEANNUAL
EXPENDITURES($000)
HOUSING
Shelter
Utilities
Household operations
Home furnishings
Home appliances
FOOD
Food away from home
Food at home
ALCOHOL AND TOBACCO
Alcoholic beverages
Tobacco products
APPAREL
Apparel
TRANSPORTATION
New cars/trucks
Gas/motor oils
Financing/insurance
Public transportation
HEALTH AND MEDICAL
Health and Medical
FINANCIAL
Personal insurance/pension
Life/other personal insurance
Pension/other social security
Cash contribution
Entertainment
Miscellaneous
1 MILE
16,797
5,878
1,609
1,132
3,658
7,136
5,042
872
753
4,377
8,070
3,047
5,374
1,007
4,880
7,948
935
6,920
2,813
4,395
1,824
3 MILE
18,318
6,410
1,754
1,235
3,989
7,782
5,498
951
821
4,773
8,801
3,323
5,861
1,098
5,322
8,668
1,019
7,547
3,068
4,793
1,990
SMILE
16,773
5,869
1,606
1,131
3,653
7,126
5,035
871
752
4,371
8,059
3,042
5,367
1,005
4,873
7,937
933
6,910
2,809
4,388
1,822
1 MILE
32,703
11,444
3,132
2,205
7,122
13,893
9,816
1,697
1,466
8,521
15,713
5,932
10,464
1,960
9,501
15,475
1,820
13,473
5,477
8,556
3,552
3 MILE
329,304
115,230
31,538
22,200
71,710
139,897
98,844
17,091
14,765
85,806
158,221
59,729
105,363
19,734
95,673
155,825
18,324
135,668
55,148
86,158
35,767
SMILE
1,107,360
387,487
106,055
74,654
241,143
470,436
332,386
57,471
49,651
288,542
532,054
200,853
354,308
66,359
321,721
523,997
61,619
456,216
185,449
289,727
120,275
December 12, 2006
Sample Company,
Inc.
13
Demographic Maps
Population Density
9 Hest Northfield Road
| 1 0 to 500
(~~| 500 to 1000
| ] 1,000 to 1,500
P~l 1,500 to 2,000
| | 2,000 to 3,000
[~~] Above 3,000
December 12, 2006
Sample Company,
Inc.
14
Demographic Maps
Household Density
9 Hest Northfield Road
|~~| 0 to 500
|~~| 500 to 1000
j | 1,000 to 1,500
f~~| 1,500 to 2,000
| | 2,000 to 3,000
| | Above 3,000
December 12, 2006
Sample Company,
Inc.
15
Demographic Maps
Average Annual Household Income
D
D
D
D
D
D
D
Below $10,000
$10,000 to $30,000
$30,000 to $50,000
$50,000 to $75,000
$75,000 to $100,000
$100,000 to $200,000
Above $200,000
by www.BuyDemographics.cxsm
December 12, 2006
Sample Company,
Inc.
16
Demographic Maps
Age Of Structures
5 Miles
| | 1995 to March 2000
| | 1990 to 1994
|~~| 1980 to 1989
| | 1970 to 1979
| | 1950 to 1969
[ | 1949 or Earlier
December 12, 2006
SENTRY
SRLF-STORAGg
MICROECONOMIC MARKET
The subject property is located on Highway US-1 and Commercial Street with
385 feet of highway frontage. This location is superior to all other competitors
who are located on side city streets. As mentioned earlier in this Report,
Highway US-1 is the 'gateway to the Florida Keys', as the only highway from the
Florida Turnpike, south to the Keys. It is unlikely the subject property could be
out-positioned by a new self-storage development, unless the new development
was directly across the street from the subject property.
As of the date of this report, a representative of the Dade County Planning and
Zoning Department confirmed there are no self-storage projects on the books, in
any capacity.
MARKETOWNERSHIP
The concept of "Market Ownership" is a question of how many prospective
tenants are possible in the tenant base, not shared with other competitors. This
is a less than scientific method of determining...
This clearly demonstrates the subject property will share the three and five mile
radius with seven competitors. If equal disbursement of the household count is
applied from the demographic report, the subject property would own 100% of
the one mile radius, 48% of the three mile radius, and 57% of the five mile radius.
PROPOSED SELF-STORAGEFACILITY
HIGHWAYUS-1 & COMMERCIAL STREET
FLORIDA CITY, FL 33031
ABSORPTIONANALYSIS
1
Mile
4,214
4,214
5,115
5,115
Sq.Ftf
Sq. Ft Person
0 0
110,100 26.13
0 0
110,100 21.52
3 Mile
50,800
50,800
58,857
58,857
Sq. Ft
107,472
217,572
107,472
217,572
Sq.Ftf
Person
2.12
4.28
1.83
3.70
5 Mile
90,570
90,570
104,575
104,575
Sq. Ft
155,000
265,100
155,000
265,100
Sq.Ftf
Person
1.71
2.93
1.48
2.54
Sentry Self-Storage Management Recommends developer construct a facility no larger
than 76,000 net rentable square feet. The below Absorption Analysis would
apply.
Page -24-
March 29, 2007
SENTRY
SELF-STORAGE
-
ABSORPTIONANALYSIS
2006
Current
Proposed
1
Mile
4,214
4,214
5,115
5,115
So. Ft
0
75,675
0
75,675
Sq. Ft/
Person
0
17.96
0
14.79
3 Mile
50,800
50,800
58,857
58,857
So. Ft
107,472
183,147
107,472
183,147
Sq. Ft/
Person
2.12
3.61
1.83
3.11
5 Mile
90,570
90,570
104,575
104,575
Sq. Ft
155,000
230,675
155,000
230,675
Sq. Ft/
Person
1.71
2.55
1.48
2.21
Current
Proposed
The data in these tables has been edited and reflects omitted and inaccurate
Page -25-
March 29, 2007
SENTRY
' -
COMPETITION MAP
8 7
i
*
2
3
:
'
='
'. I
1 USA Self Storage
2 Dobbins Mini Warehouses
3 Public Storage
4 Public Storage
5 Public Storage
6 Your Extra Attic Self Storage
7 U-Store-It
8 A Alpha Mini Storage
9 Public Storage
CompRate Survey
Rate Survey
Facility Name: Florida Date Prepared: 3/29/2007
Competitor #1 Competitor #2 Competitor #3 Competitor #4 Competitor #5 Competitor #6
Facility Name:
Address:
Comments:
Admin
Specials:
;
-.
Phone Number:
Subject Florida
Property
Hwy US1 &
Commercial Street,
Florida City, FL
33031
0
Extra Space
123 Any Street, Any
Town, FL 3301 1
5 year old state of
the art climate and
n/c facility.
Constructed 2002
$20
1.28
None
93%
305-555-5555
Florida Self Storage
123 Any Street, Any
Town, FL 3301 1
30 year old non-
climate facility.
Caged units with
8x20 pods in rear.
Constructed 1977
$0
1.64
None
95%
305-555-5555
America Self
Storage
123 Any Street, Any
Town, FL 3301 1
22 year old non-
climate facility.
Constructed 1985
$10
1.76
None
95%
305-555-5555
U-Haul
123 Any Street, Any
Town, FL 3301 1
Approximately 15
year old AC & non-
climate facility.
Constructed 1992.
$10
3.15
None
95%
305-555-5555
USA Storage
123 Any Street, Any
Town, FL 3301 1
3 year old state of
the art climate and
n/c facility.
Constructed 2003
$15
3.40
Pay 3, get 1 free
80%
305-555-5555
AM Storage
123 Any Street, Any
Town, FL 3301 1
10 years old, High
occupancy, only 14
5x10 units left. AC
& n/c facility.
Constructed 1997
$15
4.21
Prepay 3, get 1 free,
prepay 1 year, get 3
months free & 50%
off for 3 months
98%
305-555-5555
Subject Facility
Rate
Competitor
Rate
Competitor
Rate
Competitor
Rate
.. : . pefifc
Rate
". . ; : " ij
5 x 5 CC U
5 x 5 NC
10x 1SCCU
10 x30 NC
Auto'RV
52
37
39
89
61
69
104
144
115
129
162
146
223
189
269
249
129
4X8 - $60
70
8X10 -$90
8x20 -$150
42.59
66.95
77.95
100.19
132.29
177.83
54.95
94.95
74.95
144.95
134.95
154.95
59
95
95
129
119
140
119
135
159
149
189
169
10x25 -$189
$115,125,145
59
35
89
55
128
90
157
110
164
130
175
227
3/30/2007 12:51 PM Florida CompRate Survey
I
Location # \_
PUBLIC STORAGE
123 Any Street
Any Town, FL 33001
305-555-5555
Distance from Subject | 0.09]
(A)= Actual / (E)= Estimate
Security Gate Q
Cameras
Door Alarms
Climate Control
Non-Climate Control
RV Units
Truck Rentals
x I
I
I
I
x I
I
x I
COMPETITOR
Unit Size Sq. Ft.
Non-Climate
5x5 25
5x10 50
10x10 100
10x15 150
10x20 200
10x25 250
10x30 300
RV 10x20 200
Resident Manager
Retail Display
Expansion Capabilities
Access Hours
24-hour access
Office Hours
Monday-Friday
Saturday
Sunday
RATES
$per
Rate Sq. Ft.
45 21.60
80 19.20
99 11.88
117 9.36
151 9.06
155 7.44
183 7.32
47 2.82
X #Units L 350 IE
X Sq. Ft. L30,000 IE
Occupancy |
6am-9pm Year Built |
90% | E
1970 E
Office SF [^
9:30am-5pm
8:30am-5pm
8:30am-2pm
OVERALL RATING
Access
Curb Appeal Q
150 | E
(A-D)
A |
C |
Visibility [^_ A 1
General Condition [^ C |
Management/Staff _ D |
Office Quality Q C 1
Drive Aisles c I
Hallways \_ c I
OVERALL RATING T
c~|
IPUBLIC STORAGE
03/f3/2007
I
Location #[
USA SELF-STORAGE
1234 Any Street
Any Town, FL 33021
305-555-5555
Distance from Subject
Security Gate
Cameras
Door Alarms
Climate Control
Non-Climate Control Q
RV Units [
Truck Rentals
1.25|
x I
1
1
x I
x I
1
1
COMPETITOR
Unit Size So. Ft.
Climate 5x5 25
5x10 50
10x10 100
10x15 150
10x20 200
10x24 240
Non-Climate
5x10 50
10x10 100
10x15 150
10x20 200
10x25 250
Resident Manager
Retail Display
Access Hours
24-hour access
Office Hours
Monday-Friday
Saturday
Sunday
RATES
$per
Rate Sq. Ft.
72 34.56
105 25.20
140 16.80
190 15.20
250 15.00
262 13.10
76 18.24
110 13.20
154 12.32
183 10.98
218 10.464
X #Units 500 E
X Sq. Ft. 30,000 E
Occupancy 95% E
6am-iOpm Year Built 1980's E
Office SF
9am-6pm
9am-6pm
Closed
OVERALL RATINi
Access
Curb Appeal
Visibility
General Condition
Management/Staff
Office Quality
Drive Aisles
Hallways
OVERALL RATING
300 E
3 (A - D)
C
C
D
C
B
C
C
C
C
m
IUSA SELF-STORAGE
I
Location # [
PUBLIC STORAGE
12345 Any Street
Any Town, FL 33005
305-555-5555
Distance from Subject
Security Gate
Cameras
Door Alarms
Climate Control
2.66|
Non-Climate Control | X
RV Units |
Truck Rentals
Resident Manager
Retail Display
Access Hours
24-hour access
Office Hours
Monday-Friday
Saturday
Sunday
#Units 550
I
Sc
l-
Ft
- I50,000
] Occupancy [ 90's : E
Year Built 1990
Office SF 200 ; E
Unit
Climate - Down
5x5
5x10
10x10
10x15
10x20
Climate - Up
5x5
5x10
10x10
10x15
10x20
COMPETITOR RATES
Size Sa. Ft.
25
50
100
150
200
25
50
100
150
200
Rate
95
125
177
228
273
80
102
150
192
197
$per
Sa. Ft.
45.60
30.00
21.24
18.24
16.38
38.40
24.48
18.00
15.36
11.82
OVERALL RATINI
Access
Curb Appeal
Visibility
General Condition
Management/Staff
Office Quality
Drive Aisles
Hallways
OVERALL RATING
3(A-D)
A |
B I
B |
B |
c I
c I
B |
B I
B
SENTH1T
S61.F-STOHAGE
'
PUBLIC STORAGE
I
Location #[
YOUREXTRA ATTIC SELF-STORAGE
1234 Any Street
Any Town, FL 33777
305-555-5555
Distance from Subject | 4.16]
Security Gate | | Resident Manager
(A)= Actual /
X #Units
Cameras j X Retail Display X Sq. Ft.
|E)= Estimate
520 | A
49,230 \ A
Door Alarms | Expansion Capabilities X Occupancy 34% A
Climate Control [ C | Access Hours
24-hour access
Non-Climate Control | |
Office Hours
RV Units | | Monday-Friday
Saturday
Truck Rentals | X Sunday
6am-9pm Year Built 2006 A
Office SF
9am-6pm
9am-5pm
Closed
COMPETITOR RATES
$per
Unit Size Sq. Ft. Rate Sq. Ft.
Climate
5x5 25 70 33.60
5x10 50 90 21.60
10x10 100 125 15.00
10x15 150 175 14.00
10x20 200 250 15.00
10x25 250 280 13.44
10x30 300 320 12.80
OVERALL RATIN<
Access
Curb Appeal
Visibility
General Condition
Management/Staff
Office Quality
Drive Aisles
Hallways
OVERALL RATING
600 | E
3(A- D)
B I
A |
A |
A |
A |
A |
A |
A |
A |
t
SENTRY
YOUR EXTRA ATTIC SELF-STORAGE
i
SENTRY
SELF-STORAGE
UANAQKWtNl
COMPETITIVEANALYSIS
Please See Sample Competition Information
COMPETITIONSUMMARY
Competitor #1; is categorized as the PRIMARY competitor to the subject
property. ABC Storage, located on Any Avenue, just 1.28 miles from the subject
property is of class "A" quality and professionally managed by a third-party
management company. This facility offers a predominance of climate-controlled
units, non-climate units as well as RV/Boat parking. This facility was constructed
in 2002 and it is approximately 97% occupied as of the date of this Report. The
actual net rentable square footage of this facility is 56,565.
Competitor #2; DEF Self- Storage, located on East Any Street, 1.64 miles from
the subject property is of class "D" quality and is not considered to be a valid
competitor to the proposed project. DEF Self-Storage is managed by
owner/operators and offers only non-climate units made of chain-link cages. The
facility itself was constructed approximately 30 years ago and is estimated to be
approximately 95% occupied as of the date of this Report. The estimated net
rentable square footage of this facility is 15,000.
Competitor #3, American Self- Storage, located on Any Blvd.; 1.76 miles from
the subject property is of class "C" quality and managed by the owner/operator.
This facility offers only non-climate units. This facility is approximately 22 years
old and constructed in 1985, it is estimated to be approximately 95% occupied as
of the date of this Report. The actual net rentable square footage is 35,967.
Competitor #4, U- Haul, located on North Any Avenue, 3.15 miles from the
subject property is of class "C" quality and managed by U-Haul. This facility
offers both climate-controlled units as well as non-climate units. This facility is
approximately 15 years old, constructed in 1992. It is estimated to be
approximately 95% occupied as of the date of this Report. The estimated net
rentable square footage of this facility is 30,000.
Competitor #5, Storage ABC, located on Old Any Highway, 3.40 miles from the
subject property is of class "B" quality and managed by Storage Maxx. This
facility offers climate-controlled units, non-climate units as well as RV and Boat
parking. This is a newer state-of-the-art facility, three years old, constructed in
2003. It is estimated to be approximately 80% occupied as of the date of this
report. The estimated net rentable square footage is 60,000.
i
SENTRY
SELF-STORAGE
SITELOCATION
Location. Location. Location. This trite but true real estate notion could never
be more important than in consideration of self-storage ownership. A mature first-
generation facility can easily compete with a Class "A" state-of-the-art facility if its
location is superior. Conversely, a poorly located store, such as one in an
industrial park or at the end of a cul-de-sac, can be buried by a development
project in a locale with higher traffic and better visibility. No sacrifice should be
made when it comes to location quality.
The facility must be visible to as many people as possible, particularly potential
customers who live or work within a five mile radius.
Physical barriers near a self-storage site such as rivers, streams and highways...
SITE LAYOUT AND DESIGN
It is critical that the developer realize the importance of proper layout and design.
Many architects who have developed self-storage projects clearly do not
understand layout from a functional, management perspective. The architect
may lay out the units based on his or her design criteria, but unless they are
intimately familiar with self-storage operations...
Number of turns
Number of dead end hallways
Length of hallways
Hallway lengths and building codes
Energy efficiency
Percent (%) of space loss
Information Intentionally Omitted
The last of these criteria is the most important. If the layout designer is not
troubled by losing just a few square feet, they are not the designer for you. They
should be fighting for every possible...
DESIGNBUILD AND CONSTRUCTION
All self-storage properties are not created equal. Due to the idiosyncrasy of self-
storage development and construction, it is important that the project be built by
experienced self-storage contractors. While it is true that basic self-storage
construction is quite simple, and in the case of metal buildings, self-storage
buildings have been referred to as 'easy as an erector set'. There are, however,
compelling reasons for use of experienced self-storage contractors. The least of
which are:
I
SENTRY
SELF-STORAGE
Sensitivity to completion dates
Accountability to adhere to design standards
Culpability in adhering to drawings
Job safety and life safety issues
Understanding the end use of the product
For example...,
The Subject Property
The subject property of 4.067 acres has a gross area of 176,853 square feet.
The current zoning of the subject property, "Light Industrial "I", allows for the
following:
Lot Coverage: 50% 88,426 square feet of building space, (excluding
parking and paved areas).
Maximum Height: 30' Not to exceed 2 stories.
Set Backs: Front: 40' 40' if parking in front of building
Front: 20' 20' if parking is not in front of building
Sides 10'
Rear: 10"
Parking Requirements: 1 space per 5,000' for first 20,000'
1 space per 10,000' thereafter
1 space for each 400 gross feet of retail/office
1 space for manager's apartment
Parking Sp. Dimensions:
Standard: 8.5'x 18'
: Parallel: 8' x18'
: Handicapped: 18' long, width and quality in accordance with South
Florida Building Code
Green Space Required: 15%
Drainage District: Provided by the City of Florida City
i
SENTRY
SELF-STORAGE
FINANCIAL INFORMATION
Option 1
110,100 Net Rentable Square Feet
Please see Financial Information
Option 2
74,925 Net Rentable Square Feet
Please see Financial Information
YOURCOMPANY
PROJECTED NETOPERATING INCOMEFORYEARS1 THROUGH 7 (Years 1-7 Annual)
ANNUALRPSF
GROSS POTENTIAL INCOME
LESS VACANCY- $
VACAMCY- %
RENTAL INCOME
DISCOUNTS
WRITEO-FS
NET RENTAL INCOME
OTHER NCOME
LOCK 8 PACKAGING
ADMIN. FEES
LATE &NSF CHARGES
MISOTRUCK RENTAL INC.
TOTALOTHER INCOME
TOTAL REVENUES
OPERATNG EXPENSES
PERCENT OF GPI
NET OPERATING INCOME
DEBT SERVICE
BEFORECASH TAX FLOW
YEAR1
$12.88
$965,160
($752,825)
78%
$212,335
($21,234)
($2,123)
$188,978
$1,890
$3,780
$3,780
$0
$9,449
$198,427
($316,926)
32.8%
($118,499)
$0
($118,499)
DISCOUNT % YEAR 4-7
WRITEOFF % YEAR 4-7
YEAR 2
$13.47
$1,009,397
($379,429)
38%
$629,968
($50,397)
($6,300)
$573,271
$5,733
$5,733
$17,198
$0
$28,664
$601,934
($325,592)
32.3%
$276,343
$0
$276,343
4.00%
2.00%
YEARS
$14.15
$1,059,866
($150,830)
14%
$909,036
($54,542)
($9,090)
$845,403
$8,454
$8,454
$25,362
$0
$42,270
$887,674
($354,714)
33.5%
$532,960
$0
$532,960
YEAR 4
$14.71
$1,102,261
($110,226)
10%
$992,035
($39,681)
($19,841)
$932,513
$9,920
$9,920
$29,761
$0
$49,602
$982,115
($372,134)
33.8%
$609,981
$0
$609,981
YEARS
$15.30
$1,146,351
($114,635)
10%
$1,031,716
($41,269)
($20,634)
$969,813
$10,317
$10,317
$30,951
$0
$51,586
$1,021,399
($386,129)
33.7%
$635,270
$0
$635,270
YEAR 6
$15.91
$1,192,205
($119,221)
10%
$1,072,985
($42,919)
($21,460)
$1,008,606
$10,730
$10,730
$32,190
$0
$53,649
$1,062,255
($400,661)
33.6%
$661,594
$0
$661,594
YEAR 7
$16.55
$1,239,894
($123,989)
10%
$1,115,904
($44,636)
($22,318)
$1,048,950
$11,159
$11,159
$33,477
$0
$55,795
$1,104,745
($415,752)
33.5%
$688,993
$0
$688,993
3/302007 Page 1 of 8 Sample Financial Information Years 1-7 Annual
YOURCOMPANY
PROJECrED NETOPERATING INCOMEFORFIRST36 MONTHSOF OPERATIONS(Years 1-3 by Month)
RATE INCREASE
RENT-UP YEAR 1 : -'.HWlr
OVERALL OCCUPANCY
MONTH
EXPECTED NCOME(NRI+WRITEOFFS)
GROSS PO1ENTIAL
LESS VACANCY
RENTAL INCOME
DISCOUNTS 10.0%
WRITEOFFS * 1.0%
NET RENTAL INCOME
OTHER INCOME
LOCK & P/CKAGING * 1.0%
ADMIN. FEES 2.0%
LATE & NS
=
CHARGES * 2.0%
MISC/TRUCK RENTAL INC. $0
TOTAL OTHER INCOME !!>WfejfjtM>i f-R
TOTAL REVENUES
OPERATING EXPENSES
NET OPERATING INCOMB k *))
DEBT SERVCE
BEFORE CASH TAX FLOW ? '
RATE INCREASE
RENT-UP YEAR 2 PltiJ 1 %
OVERALL OCCUPANCY
MONTH
EXPECTED NCOME(NRI+ WRITEOFFS)
GROSS POTENTIAL
LESS VACANCY
RENTAL INCOME
DISCOUNTS 8.0%
WRITEOFFS 1.0%
NET RENTAL INCOME
OTHER INCOME
LOCK & PA:KAGING 1.0%
ADMIN. FEES 1.0%
LATE 6. NSF CHARGES 3.0%
MISC/TRUCK RENTAL INC.
TOTAL OTHER INCOME
TOTAL REVENUES
OPERATINGEXPENSES
NETOPERAriNGINCOMS
DEBT SERVCE
BEFORE CASH TAX FLOW
0.00%
Mai-09
3.00%
1
$2,172
$80,430
($78,017)
$2,413
($241)
($24)
$2,147
$21
$43
$43
$0
$107
$2,255
($26,410)
j T, ($24,156)
$0
($24,156)
mm
' CELLS MARKED WITf
Mar- 10
13
$31,818
$80,430
($45,845)
$34,585
($2,767)
($346)
$31,472
$315
$315
$944
$0
$1,574
$33,046
($27,133)
$5,913
$0
$5,913
0.00'
Apr-09
6.00'-
2
$4,343
$80,430
($75,604)
$4,826
($463)
($48)
$4,295
$43
$66
$86
$0
$215
$4,510
($26,410)
($21,901)
$0
($21,901)
HI'.
IAN (*) WILL
Apr-10
14
$35,740
$84,452
($45,604)
$38,848
($3,108)
($388)
$35,351
$354
$354
$1,061
$0
$1,768
$37,119
($27,133)
$9,986
$0
$9,986
0.00%
May-09
9.00%
3
$6,515
$80,430
($73,191)
$7,239
($724)
($72)
$6.442
$64
$129
$129
$0
$322
$6,765
($26,410)
($19,646)
$0
($19,646)
BE COPIED TO
May-10
' .; 00%
15
$38,848
$84,452
($42,226)
$42,226
($3.378)
($422)
$38,425
$384
$384
$1,153
$0
$1,921
$40,347
($27,133)
$13,214
$0
$13.214
U 00%
Jun-08
13 00%
4
$9,410
$80,430
($69,974)
$10,456
($1,046)
($105)
$8,306
$93
$186
$186
$0
$465
$9,771
($26,410)
($16,639)
$0
($16,639)
YEARS TWO AND '
0 00''.
Jun-10
f' 4 00%
16
$41,956
$84,452
($38.848)
$45,604
($3,648)
($456)
$41,499
$415
$415
$1,245
$0
$2,075
$43,574
($27,133)
$16,442
$0
$16,442
0 00%
Jul-09
17 00%
$12,306
$80,430
($66,757)
$13,673
($1,367)
($137)
$12,169
$122
$243
$243
$0
$608
$12,778
($26,410)
($13,633)
$0
($13,633)
THREE UNLEE
Jul-10
17
$45,063
$84,452
($35,470)
$48,982
($3,919)
($490)
$44,574
$446
$446
$1,337
$0
$2,226
$46,802
($27,133)
$19,670
$0
$19,670
0 00%
Aug-wtf
21.00%
6
$15,201
$80,430
($63,540)
$16,890
($1,689)
($169)
$15,032
$150
$301
$301
$0
$752
$15.784
($26.410)
($10,627)
$0
($10,627)
iS YOUOVERRID
Aug-10
18
$48,171
$84,452
($32,092)
$52,360
($4,189)
($524)
$47,648 Mi,
$476
$476
$1,429
$0
$2,382
$50,030
($27,133)
$22,697
$0
$22.897
000%
' Sp-09
25.00%
7
$18,097
$80,430
($60,323)
$20,108
($2,011)
($201)
$17,896
$179
$358
$358
$0
$895
$18,790
($26,410)
($7,620)
$0
($7,620)
i THEM.
Sep-10
l:"\ ' ' I' ' ,
19
$50,502
$84,452
($29,558)
$54,893
($4,391)
($549)
$49,953
$500
$500
$1,499
$0
$2,498
$52,451
($27,133)
$25,318
$0
$25,318
0 00,'-
oa-09
28.00%
8
$20.268
$80.430
($57,910)
$22,520
($2,252)
($225)
$20,043
$200
$401
$401
$0
$1,002
$21,045
($26.410)
($5,365)
$0
($5,365)
Oct-10
20
$52,833
$84,452
($27,024)
$57,427
($4,594)
($574)
$52,259
$523
$523
$1,568
$0
$2,613
$54,872
($27,133)
$27,739
$0
$27.739
0 00% 0 00%
NOV-W Dec-09
31 00% '?4 0
9 10
$22,440 $24,612
$80,430 $80,430
($55,497) ($53,084)
$24,933 $27,346
($2,493) ($2,735)
($249) ($273)
$22,191 $24,338
$222 $243
$444 $487
$444 $487
SO SO
$1,110 $1,217
$23,300 $25,555
($26.410) ($26,410)
($3,110) ($855)
$0 $0
($3,110) ($855)
0.00% 000%
Nov-10 Dec-10
71 00% 74 00%
21 22
$55,184 $57,495
$84,452 $64,452
($24,491) ($21,957)
$59,961 $62,494
($4,797) ($5,000)
($600) ($625)
$54,564 $56.870
$546 S569
$546 $569
$1,637 $1,706
$0 $0
$2,723 $2,843
$57,292 $59,713
($27,133) ($27,133)
$30,160 $32,580
$0 $0
$30,160 $32,580
0 00%
Jin-10
37 00%
11
$26,783
$80,430
($50,671)
$29,759
($2,976)
($298)
$26,486
$265
$530
$530
$0
$1,324
$27,810
($26,410)
$1,399
$0
$1,399
81
0 00%
Jtn-11
77 00%
23
$59,825
$84,452
($19,424)
$65,028
($5,202)
($650)
$59,175
$592
$592
$1,775
$0
$2,959
$62,134
($27,133)
$35,001
$0
$35,001
0.00%
F*IMO -
40 00%
12 TOTAL
$28,955 $191,102
$80,430 $965,160
($48,258) ($752,825)
$32,172 $212,335
($3,217) ($21,234)
($322) ($2,123)
$28,633 $188,978
$286 $1,890
$573 $3,780
$573 $3,780
$0 SO
$1,432 $9,449
$30,065 $198,427
($26,410) ($316,926)
$3,654 ($118,499)
$0 $0
$3,654 ($118.499)
HVC- i ff ft
0 00%
Fb-11
80 00%
24 TOTAL
$62,156 $579,571
$84,452 $1,009,397
($16,890) ($379,429)
$67,561 $629,968
($5,405) ($50,397)
($676) ($6.300)
$61.481 $573,271
$615 $5,733
$615 $5,733
$1,844 $17,198
$0 $0
$3,074 $28,664
$64,555 $601,934
($27,133) ($325,592)
$37,422 $276,343
$0 $0
$37.422 $276,343
,;,.jjt ,,. . ."S.jfcitoiifti!!.,..,!:; MRHHHHHHH
3/30/207 PaBe 2 of 8 Sample Financial InformationYears 1-3 by Month
YOUR COMPANY
RATE INCREASE
RENT-UP YEAR 3
OVERALL OCCUPANCY
MONTH
0,00% 5.00%
M.M1 Apr-11
81.00% 8200%
25 26
EXPECTED NCOME(NRI+WRITEOFFS> $64,301 $88,350
GROSS POTENTIAL $84,452 $88,674
LESS VACANCY ($16,046) ($15,961)
RENTAL INCOME
DISCOUNTS
WRITEOFFS
NET RENTAL INCOME
OTHER INCOME
LOCK & PACKAGING
ADMIN, FEES
LATE & NSF CHARGES
MISC/TRUCK RENTAL INC.
TOTAL OTHER INCOME
TOTAL REVENUES
OPERATING EXPENSES
NET OPERATING INCOME
DEBT SERVCE
BEFORE CASH TAX FLOW
$66,406 $72.713
6.0% ($4,104) ($4,363)
1.0% ($684) ($727)
$63,617 $67,623
1.0% $636 $676
1.0% $636 $676
3.0% $1,909 $2,029
$0 $0
$3,181 $3,381
$66,798 $71,004
($29,559) ($29,559)
$37,239 $41,445
$0 $0
$37,239 $41,445
LEASE-UP % PER MONTH
STABILIZED OCCUPANCY Year 1-3
STABILIZED OCCUPANCY YEARS 4-7
NET RENTABLE SQ. FEET
ANNUAL MISC/TRUCK RENTAL INCREASE (YEARS 2-7)
0.00%
May- 11
5: ,:..'
27
$69,184
$88.674
($15.075)
$73,599
($4,416)
($736)
$68.448
$684
$684
$2,053
$0
$3,422
$71,870
($29,559)
$42,310
$0
$42.310
ASSUMED ANNUAL % INCREASE FOR BOTH REVENUES AND EXPENSES
REVENUES = RATE INC. YEARS 4-7
EXPENSES = ALL EXPENSES YEARS 2-7
YEAR 1 MONTHLY GPI
ANNUAL AVERAGE RENT PER SQ. FT.
0.00%
Jun-11
84.00%
28
$70,017
$88,674
($14,188)
$74,486
($4,469)
($745)
$69,272
$693
$693
$2,078
$0
$3,464
$72,736
($29,559)
$43,176
$0
$43,176
YEAR1
4.00%
92.0%
90.0%
74,925
0.00%
4.0%
4.0%
4.0%
$80,430
$12.88
0.00%
Jul-11
5S ;::.<
29
$71,684
$88,674
($12,414)
$76,260
($4,576)
($763)
$70,922
$709
$709
$2,128
$0
$3.546
$74,468
($29,559)
$44,908
$0
$44,908
.-,
YEAR 2
3.00%
0.00%
Aug-11
88.00%
30
$73,351
$88,674
($10,641)
$78,033
($4,682)
($780)
$72,571
$726
$726
$2,177
$0
$3,629
$76,199
($29,559)
$46,640
$0
$46,640
YEAR 3
2.00%
0.00%
Sep-11
90 00%
31
$75,018
$88,674
($8,867)
$79,807
($4.788)
($798)
$74,220
$742
$742
$2,227
$0
$3,711
$77,931
($26.559)
$48.372
to
$48,372
0.00%
Oct-11
89.00%
32
$74,185
$88,674
($9,754)
$78,920
($4,735)
($789)
$73,396
$734
$734
$2,202
$0
$3,670
$77,065
($29,559)
$47,506
$0
$47,506
0.00%
Nov-11
88.00%
33
$73,351
$88,674
($10,641)
$78,033
($4,682)
($780)
$72,571
$726
$726
$2,177
$0
$3,629
$76,199
($29,559)
$46,640
$0
$46.640
0.00%
Dec-11
87 00%
34
$72,518
$88,674
($11,528)
$77,146
($4,629)
($771)
$71,746
$717
$717
$2,152
$0
$3,587
$75,334
($29,559)
$45,774
$0
$45,774
0.00%
Jan-12
88 00%
35
$71,684
$88,674
($12,414)
$76,260
($4,576)
($763)
$70,922
$709
$709
$2.128
$0
$3.546
$74,468
($29,559)
$44.908
$0
$44,908
0.00%
Feb-12
85.00%
36 TOTAL
$70,851 $854,494
$88,674 $1,059,866
($13,301) ($150,830)
$75,373 $909,036
($4,522) ($54,542)
($754) ($9,090)
$70,097 $845,403
$701 $8,454
$701 $8,454
$2,103 $25,362
$0 $0
$3,505 $42,270
$73,602 $887,674
($29,559) ($354,714)
$44,042 $532,960
$0 $0
$44,042 $532,960
3/30/1007 Page 3of 8 Sample Financial InformationYears 1-3 by Month
YOURCOMPANY
UNITMIX AND PRICING ANALYSIS(MIX)
Total Square Ft.
Average Unit Size
GPI
RPSF
CC PREM.
74,925
126
$80,430
$12.88
33.3%
SQFT
UNITS
GROUND 2NDFLR. TOTAL
SQFT. CURRENT
% RATE RPSF % OF GPI
NONCLIMATE
CLIMATE
RV
TOTALS
29250
45675
74925
137
200
337
259
259
137 23.0%
459 77.0%
0 0.0%
596 100%
39%
61%
$26,100 $10.71
$54,330 $14.27
100% $80,430 $12.88
32.5%
67.5%
0.0%
100.0%
** YOU MUSTINCLUDEA CURRENTMIX FORTHESITEATTACHED TO THEBACK OF THISPROJECTION
3/30/2007 Page 4 of 8 Sample Financial Information Mix
RATING EXPENSES(EXPENSES)
YEAR1 YEAR2 YEARS YEAR4 YEARS YEARS YEAR7
"HER
1LOWPAGES
SING
;E CHARGE.
1C
MBRELLA
Y
JNUALLY
;OSTS
1K
IING)
NEL COSTS
IRAISE %
PREM. OTHER
75.0% $2
Cost/Sq. Ft. Yearl $0.32
50%
WKLY '
$1,080
!2,000 INVENTORY
3%
25% +
12%
Cost/Sq. Ft. Yearl
Lease Pak, Handou
80%
$1.00
L
SATE
ED LOCKS)
SE
= S Cost/Sq. Ft. Yearl $0.28
Cost / Sq. Ft. Year 1 $4.23
IER
$235
$295
$36,000
AYS 19,
53
16%
$300
$0.39
$0.70
$3,714.00
520,000
$23,714
$600
$600
$1,200
$3,000
$360
$1,200
$10,000
$25,000
$945
$300
$36,000
$1,200
$3,600
$55.120
$2,283
$1,654
$720
$7,173
$1.656
$7,500
$900
Mm $".006
5.0%
$600
$2.053
$1,068
$100
$3,600
$4,800
$1,200
$2,400
$0
$1,200
$13,200
$1,200
$600
$600
$85,000
$3,600
$2,100
$600
$480
$18,000
$3,000
$21,000
$316,926
<*
$3,863
$20,800
11*24,663
$624
$624
$1,248
$3,120
$374
$1,248
$10,400
$26,000
$2,866
$312
$36,116
$1,248
$0
W if
$56,498
$2,375
$1,720
$749
$7,460
$1,722
$7,800
$936
'"179,260 m
$624
$2,135
$1,111
$104
!
$3,744
$4.992
$1,248
$2,496
$0
$1,248
V'WW':*13.728 I
$1,248
$624
$624
$88,400
$3,744
$2,184
$624
$499
$18,720
$3,120
$21,840
$325,592
$4,017
$21,632
$25,649
$649
$649
$1 ,298
$3,245
$389
$1.298
$10,816
$27,040
$4.227
$324
$53,260
$1,298
SO
* m
$57,910
$2,470
$1,789
$779
$7,759
$1,791
$8,112
$973
|| - $81 ,583 Hf
$649
$2,220
$1.155
$108
: W
$3,894
$5,192
$1,298
$2,596
$0
$1,298
T, $14,277 ,m
$1,298
$649
$649
$91,936
$3.894
$2,271
$649
$519
$19,469
$3,245
$22,714
$354,714
*" ''I
$4,178
$22,497
m $26,675 PI
$675
$675
$1,350
$3,375
$405
$1 ,350
$11,249
$28,122
$4,960
$337
$58,927
$1,350
4
$59,358
$2,569
$1,860
$810
$8,069
$1,863
$8,436
$1,012
$83,977 :.J
$675
$2,309
$1,201
$112
mm -
$4,050
$5.399
$1,350
$2,700
$0
$1,350
IBiS5$H848 ',1
$1,350
$675
$675
$95,613
$4,050
$2,362
$675
$540
$20,248
$3,375
$23,622
$372,134
a
$4,345
$23,397
Hi $27,742
$702
$702
$1,404
$3,510
$421
$1,404
$11,699
$29,246
$5,159
$351
$61,284
$1,404
S KiH
$60,842
$2,671
$1,934
$842
$8,392
$1,937
$8,774
$1,053
m $86.446 ,,im
$702
$2,402
$1,249
$117 .
t< *
$4,211
$5,615
$1,404
$2,808
$0
$1,404
!'; $15,442 ffli
$1,404
$702
$702
$99,438
$4,211
$2,467
$702
$562
$21,057
$3,510
$24,567
$386,129
$4,519
$24,333
$28,852
$730
$730
$1,460
$3,650
$438
$1,460
$12,167
$30,416
$5,365
$365
$63,735
$1,460
SiB' HHf
$62,363
$2.778
$2,012
$876
$8,727
$2,015
$9,125
$1,095
m$88,991 im
$730
$2,498
$1,299
$122
mm m
$4,380
$5,840
$1,460
$2,920
$0
$1,460
fI$16,060 'iH
$1,460
$730
$730
$103,415
$4,380
$2,555
$730
$584
$21,900
$3,650
$25,550
$400,661
j
$4,699
$25,306
$30.008:
$759
$759
$1,518
$3,796
$456
$1,518
$12.653
$31,633
$5.580
$380
$66,285
$1,518
$63.922
$2,889
$2,092
$911
$9,076
$2.095
$9.490
$1,139
ISV:*ei,6is-'
$759
$2,598
$1,351
$127
Hi:
$4,555
$6,074
$1,518
$3,037
$0
$1,518
Hie.7ia$
$1,518
$759
$759
$107,552
$4,555
$2,657
$759
$607
$22,776
$3,796
$26,572
$415,752.
Page 5 of 8 Sample Financial InformationExpenses
YOURCOMPAN
PROJECTED OP
ADVERTISING
ADVERTISING
ADVERTISING
TOTAL ADVEF
AUTO EXPENSE
BANK CHARGES/SER
BANK CHARGES-VIS,
COMPUTER SUPPOR
DUES & SIBSCR.
FORECLOSURE
INSURANCE-LIABILir
INSURANCE - PROPE
INVENTORT-LOCKS/F
LICENSES i, FEES
MGMT FEE EXPENSE,
MISCELLANEOUS
DEFERRE:START ui
PERSONNEL
SALARIES
INCENTIVES
RETIREMENT/
BONUS/RYDEI
PAYROLL TAX
INSURANCE V
HEATH INS.
OTI-ER(i.e.TR/
TOTAL PERSC
MID YEAR ANTICIPAT
PESTCON'ROL
POSTAGE
PRINTING/COPIES
PROFESSIONAL FEE!
REPAIRS/IWINTENAI
BUIIDING
ELE/ATOR
EQLIPMENT
GROUNDS
SNCWREMOi
SECURITY SY:
TOTAL R&M
SUPPLIES- DFFICE
SUPPLIES- DLEANINC
SUPPLIES-OTHER(i.e
TAXES -PRDPERTY
TELEPHONE
TRASH PICK-UP
TRUCK RENTAL EXPI
UNIFORMS
UTILITIES
ELEITRIC/GA
WA1ER/SEWE
TOTAL UTILT
TOTAL EXPENSES
3/30ffl07
YOURCOMPANY
PAYROLL COSTANALYSIS: (PAYROLL)
STANDARD
WEEKLY
HOURS RATE WEEKLY BI-WEEKLY MONTHLY ANNUAL
PRMARY MANAGER 40.0 $13.00 $520.00 $1,040.00 $2,253.33 $27,040.00
SPOUSE/ASST. 40.0 $10.00 $400.00 $800.00 $1,733.33 $20,800.00
ASST. 16.0 $10.00 $160.00 $320.00 $693.33 $8,320.00
ASST. 0.0 $0.00 $0.00 $0.00 $0.00 $0.00
TOPAL: 96.0 $11.25 $1,080.00 $2,160.00 $4,680.00 $56,160.00
3/3C/2007 Page 6 of 8 Sample Financial Information Payroll
YOUR COMPANY
PROJECTION SUMMARY ANALYSIS FORM: (ANALYSIS)
PROJECTION PREPARED BY: Dianne Leppanen REVIEWED BY: Rick Yonis DATE ;
RECENT "ACTUAL EXPECTED" DATE
Projection
Year #1
UnitOccupmcyAvg. 22.00%
Gross Potential Inc. $965,160
Net rental Income $188,978
Other Income $9,449
Total Rewm.es $198,427
AMOUNT EXPECTED MONTH #1 PER PROJ./BUD. |
Prior Year
Period Ending Prior Actuals:
| | Prior Year/1 2
(ACTUAL/EST.) (Monthly Avg.)
f _. 0.00%
Monthly Average Per Projection Analysis/Questions
Last ? Months This projection only shows climate control units, no R.V. or
I Month #1: Ava. YeanH: N.C. units.
3.00% 22.00%
$0 $80,430 $80,430
$0 $2,147 $15,748
$0 $107 $787
$0 $0 $0 $2,255 $16,536
Budget Expenses
% Change from Projection to Prior Year Actual: #DIV/OI for Comparable
Existing SUSAProp.:
Expenses: Cost Per
Sq. Ft. Yr 1
Advertising $23,714 $0.32
Personnel $77,006 $1.03
Repairs & Maint. $13,200 $0.18
Utilities $21,000 $0.28
All Other $62,006 $0.83
TOTAL OP. COSTS: M $196.926 $2.63 $0 $0
Non-Controllable Costs:
Insurance $35,000 $0.47
Taxes $85,000 $1.13
TOTAL NON-CONT.: $120,000 $ .60 $0 $0
TOTAL EXPENSES $316,926 $4.23 $0 $0
NETOP.INCOME: ($11 8,499) $0
CAPITOL EXP./
MAJOR REPAIRS
Analysis/Questions
Current Accounts Receivables:
3/30/2007 Page 7 of 8 Sample Financial In afonAnalysis
YOUR COMPANY
Occupancy Levels - Years 1 and 2
100.00%
Ss 80.00%
m 60.00%
Q.
H 40.00%
O 20.00%
0.00%
1 2 3 4 5 6 7 8 9 1 0 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Month
Total Revenue Analysis
$16,000
$14,000
$12,000
$10,000
$8,000
$6.000
$4.000
$2,000
$0
Prior Actuals Monthly Average Per Projection Per Projection

Monthly Avg. Past Few Months Month #1 Avg. Year#1
$1
$1
$1
$1
$0
$0
$0
Expected Income
Comparison
Recent
Acutal
Exoected
Expected
Month 1 of
Prniprtinn
3/20/2007 1:25 PM Page 8 of 8 Sample Financial Information Graphs
I
SENTRY
SELF-STORAGE
ABSORPTIONANALYSIS
Due to the current demand for storage space in the marketplace, and given the
demographic profile of the prospective tenant base, a 36 to 48 month lease
up
Increased competition and new development in recent years have translated into
a longer lease-up period for new facilities. In 2006, it took facilities notably longer
to reach the critical 70% physical occupancy level than it did in 2005, as
evidenced in the following table. Results from this year's survey shows that a
quarter of facilities took more than...
AVERAGEAMOUNTOF TIMETO REACH 70% PHYSICAL OCCUPANCY*
Division
South Atlantic
Percentaqe of Facilities
Less than
6 months
'Includes various years built
** Insufficient Data
6 to 12
Months
13 to 18
Months
19 to 24
Months
More than
24 Months
Have yet to
reach 70%
Purchased
after initial
lease up
EXITSTRATEGY
Perhaps one of the most important considerations for self-storage development
is the investors exit strategy. The completed project should be easily saleable. It
is a fact that the courses of our lives change from time to time, and with that, we
must make certain that our investment strategy is flexible enough to make the
changes as well. Life changing situations such as illness, divorce, partnership
dissolution, employment opportunities and death have changed the ownership
strategies for many self-storage owners.
There may be several opportunities to exit the project, predicated upon the
investors' proclivity for risk, and the time value of money. Traditionally, the exit
points are as follows:
Exit at Certificate of Occupancy (10 to 12 month timeframe).
This is a good time to market...
Exit at Stabilization (30 to 60 month timeframe).
Page -30-
March 29, 2007
i
SENTRY
SELF-STORAGE
Once again, the financing may be difficult for the new purchaser if there is not
sufficient seasoning of cash flows...
Exit at Maturity (48 to 72 month timeframe).
The drivers for an exit at this point are typically to move on to another project
requiring cash. At this time in the development, if the project is...
It is important that the project meet minimum criteria that will make the project
easy to market. The most likely buyers in today's market are:
Public Storage
Extra Space
Sovran (Uncle Bob's)
OB Companies (Simply Self Storage)
U-Store-lt
These buyers all have some minimum standards that they are likely to follow in
making an acquisition. These same standards are roughly followed by the typical
financiers of self-storage.
FINANCE
The demand for ownership in self-storage among institutional and non-
institutional investors seems to be extremely strong based on reported sales
activity by the self-storage industry's sales brokers. This strong demand
continues despite 17 interest rate hikes in the past two years by the Federal
Reserve, which has been engaged in a long-fought battle to keepthe nations'
inflationary pressures at arms length. In August 2006, the Fed voted to keep
rates constant, ending a long streak of quarter-point rate increases dating to
June 2004 and sending a signal that perhaps they are taking a break from
throwing counterpunches to the inflationary jabs that had taken the wind out of
the U.S. economy for several years. Though the macro interest rate environment
has changed significantly since June 2004, capitalization rates have not
experienced such dramatic adjustments.
While Fed rate hikes during the past two years...
Of further significance is the continued acceptance and stature of self-storage as
a real estate asset class by institutional investors and other lending sources.
While self-storage gradually shed its perception as a 'highly risky' property type
years ago, it is now considered to be a much more desirable investment and
lending opportunity, as evidenced by the surge in the number of community
m
f
SENTRY
SELF-STORAGE
banks and other capital sources now providing debt to self-storage property
owners nationwide.
Of course, there is no crystal ball that we can gaze into to tell us exactly...
In 2007, we expect capitalization rates and corresponding property values will lag
behind future interest rates up-ticks and downturns, and we see continued
demand for self-storage property investments. This is still an extremely strong
market for self-storage property borrowers and there are no signs to refute that
self-storage owners will continue to enjoy valued assets based on historically low
capitalization rates and favorable opportunities for leveraging their real estate
assets over the next year.
The following section outlines the criteria that should be considered when dealing
with financial institutions:
Table Intentionally Omitted
i
SENTRY
SELF-STORAGE
FACILITYOPERATIONS: ADVERTISING AND MARKETING
Absorption periods and rental rates are largely dictated by existing market
conditions. The recommendations as set forth herein are as of the date of this
report. At such time that you commence lease-up, market conditions may have
changed.
Marketing is all the activities, promotions, service programs and advertising
undertaken to create awareness of a self-storage property and to bring in
qualified prospects to rent spaces. These activities include...
2006 ACTUAL USAGE OF PROMOTIONAL MEDIA
(percentage of Facilities)
REGION
North Central
Northeast
South Central
Southeast
West
NATIONAL
Billboard
12.3%
'Insufficient Data
Direct
Mail
22.2%
Flyers
12.6%
Internet
55.7%
Maga-
zines
17.5%
News-
papers
14.6%
Radio
14.7%
Phone
Solicita-
tion
19.6%
Tele-
vision
33.1%
Yellow
Pages
86.2%
Referral
31.8%
Other
12.6%
Facilities will begin to see a substantial amount of leasing, ordering, bill
paving, and reservations online, and it will only get bidder as the years do
When looking at the various promotional media used in the country, the South
Central region still has the lowest percentage among the regions for internet
usage; XX%; virtually the same number as 2005. Making this even more
unusual is that all other regions showed the internet as the area with the largest
growth in media used last year, with XX% to almost half of all stores using the
Web as part of their promotional mix now XX%.
It is equally important to recognize the importance...
Page -33-
March 29, 2007
I
SENTRY
SELF-STORAGE
"
CONCLUSIONS
The subject property fills a "gap" that is currently in the market, as there are no
self-storage facilities on Highway US-1...
There is no competition within a one mile radius of the subject property and only
one competitor within a two mile radius of the subject property offers climate-
controlled units (Competitor #1). Competitor #2 and #3 offer only non-climate
units.
The strength of the project is that there are no proposed self-storage
developments to compete with the subject property currently pending approval in
Dade County within five miles of the subject property. This was confirmed by the
Dade County Planning & Zoning Department on February 9, 2007.
Another strength of the subject property is the site itself; its ideal location
combined with 385 feet of Highway frontage on 4.06 acres.
Current Light Industrial Zoning of this site allows for the following:
The Subject Property
The subject property of 4.067 acres has a gross area of 176,853 square feet.
Information Intentionally Omitted
The site allows for three self-storage development options for the developer to
consider for the highest and best use of the site:
1. Construct a 2 story 40,000 climate controlled building (80,000 gross) and
3-4 single story non-climate buildings (48,425 gross) totaling 110,100 net
rentable square feet of self-storage space. (Not recommended)
2. Construct a 2 story 30,000 climate controlled building (60,000 gross) and
3-4 single story non-climate buildings (30,000) totaling 74,925 net rentable
square feet of self-storage space. (Recommended)
3. Construct a 2 story 40,000 climate controlled building offering 25,000
square feet of leased retail space and 15,000 self-storage on the first floor
and 40,000 climate controlled self-storage on the second floor (80,000
gross) and 3-4 single story non-climate buildings (32,120 gross) totaling
SENTRY
SELF-STORAGE
-
75,000 net rentable square feet of self storage space. (Consideration
recommended)
The following tables represent the proposed unit mix for each option combined
with a breakdown of monthly revenue numbers by unit size as well as the annual
gross potential income. Each scenario assumes the site has a 1,400 square foot
manager apartment and a 1,500 square foot self-storage rental/retail office.
Tables Intentionally Omitted
However, due to self-storage industry standards, nationwide, it is recommended
the developer construct no more than 75,000 net rentable square feet in one
single phase on the subject property, as shown in the table below.
RECOMMENDATIONS
The primary recommendation for the project, if built, is the developer construct a
Class "A" state of the art facility no more than 75,000 net rentable square feet of
self-storage, with strong, third-party management, offering a complete unit mix of
climate-controlled units and non-climate units as recommended in Option 2
above.
It is further recommended the developer consider Option 3 as an alternative.
The parcel is large enough to accommodate the retail area in addition to the
parking requirements of retail; however, the average retail rate in the market area
(Florida City) as of January 29, 2007 averaged $XX/foot. Retail rates ranged
from $XX to $XX/foot, with the highest rates in Any Plaza ranging from $XX to
$XX.
Sentry Self-Storage Management's primary recommendation remains to build a
self-storage facility excluding the retail component, as detailed in Option 2 above.
It is risky to assume the retail market is strong enough to fully lease 25,000
square feet of retail space in a new development more suitable to self-storage
than retail.
Other Recommendations:
1. Marketing Plan: The developer should employ a consultant to developa
marketing plan for the facility. Given the unit mix...
2. Free Rental Truck at Move-In: A free truck for move-in should be offered.
3. Fee Rental Trucks: This should be considered..
SENTRY
SELF-STORAGE
4.
5. Access Hours: The facility should offer customer access from...
6.
7. Office Hours: The office should be open seven (7) days per week to be
competitive.
8. State of the Art Security: The facility should make no compromises in
technology and security.
9. On-Site Management: The strongest on-site managers should be
recruited and hired.
10. Other Recommendations Intentionally Omitted
ft
I
SENTRY
SELF-STORAGE
SUMMARY
COMPANYPROFILE
Sentry Self-Storage Management and Consulting Services was founded in 1997
to provide the self-storage industry with state of the art, customer friendly, secure
and convenient locations throughout the Southeastern United States. Sentry
Self-Storage Management offers a full spectrum of services and a wealth of
experience and knowledge to bring the client maximum results.
Sentry Self-Storage Management has over 55 years combined self-storage
experience and has worked with senior management from a nationally accredited
storage company. With Sentry Self-Storage Management, clients can anticipate
(1) Increases in revenues, (2) A professional perspective in managing their
facility; and (3) Creative and proven techniques that assist in escalating the
facility to a higher level of success.
Sentry Self-Storage Management's mission is to provide our tenants with the
cleanest, most secure storage facilities while accommodating every customer's
moving and storage needs through effective management of a highly motivated
and well trained staff.
QUALIFICATIONS
NORMANSCHULMAN. President
Norman Schulman has spent over 21 years in the self-storage industry. His
career began with U-Haul in New York and then he relocated to Florida in 1991.
He spent seven years with U-Haul, where he specialized in self-storage
operations and moving center management. After obtaining his Florida Real
Estate License, he joined Storage USA as District Manager and was quickly
promoted to Regional Vice President for the Southeast region.
Norman is an entrepreneur at heart and ventured out on his own in 1998.
Norman formed Sentry Self-Storage and Self-Storage Security Solutions. Sentry
Self-Storage is a full service management, development and consulting
company. Self-Storage Security Solutions was formed out of years of frustration
in getting local security companies to understand the specialized products
needed for the self-storage industry. His management philosophy for his storage
facilities is simple: "Offer the best product along with convenience and
security, add to that 'state- of- the- art management information systems and
the best team of storage consultants, and you have a winning
combination".
m
I
SENTRY
SELF-STORAGE
RICHARD YONIS. Executive Vice President/Managing Partner
Richard Yonis joined Sentry Self-Storage Management and Consulting Service in
March of 2006. Rick brings over 13 years of experience in the self-storage
industry at the executive level. Rick's operations and management experience
were gained at Storage USA and Extra Space Storage. Rick served several
roles for both organizations. From 1993 to 2004, Rick served as a Divisional
Vice President of Operations; and from 2004 through 2006 he served as the
Senior Vice President of Franchising and Divisional Vice President of Operations.
Rick has developed a wonderful track record on third party management
relationships. Beginning with site selection and market feasibility to site
management, Rick has a strong background in operations and has developed
operating procedures, which maximize facility performance. Rick leads the
Sentry Self-Storage management team to grow the organization's platform in the
Southeastern United States. Rick is based in the Dallas, Texas office.
DIANNELEPPANEN. Sales Associate/Realtor
(Sentry Real Estate Group, LLC)
Dianne Leppanen is a seasoned self-storage professional, joining the industry in
1996; as well as a Florida and Georgia Licensed Real Estate salesperson.
Dianne brings more than ten years of self-storage management experience to
the team. During her career she was employed by Public Storage.
Prior to joining Sentry, Dianne held various multi-unit management positions in
the self-storage industry. She was responsible for portfolios ranging from one
million rentable square feet to more than 22 million rentable square feet. Dianne
held the Director of Facility Operations position with BMS Management
Company, (Budget Mini Storage) and was responsible for all aspects of the
company's self-storage portfolio.
As a multi-state Public Storage District Manager, Dianne trained District
Managers from the Midwest and Canadian regions, as well as provided direct
operational supervision, in addition to managing her 15 property multi-state
district. Public Storage awarded Dianne the District Manager of the Year award
for her continued topperformance in 2000. Dianne is committed to exceed the
expectations of each and every client she represents; providing only the highest
level of quality real estate and consultant services to the complete satisfaction of
the client.
2007: Sentry Self Storage Management Page - 38-
PI
SENTRY
SELF-STORAGE
'
GENERAL UNDERLYING ASSUMPTIONSAND LIMITING CONDI-
TIONS
Limitation of Liability: Liability of Sentry Self-Storage Management and its
associates is limited to the client only as provided for in the Agreement. There is
no accountability or liability to any third party.
Copies. Publication. Distribution, and Use of Report: Possession of this report or
any copy thereof does not carry with it the right of publication or reproduction, nor
may it be used for other than its intended use. The physical report remains the
property of Sentry Self-Storage Management for the use of the client, with the fee
paid being for the analytical services only. The report shall not be used for any
purpose by any person or corporation, other than the client, or the party to whom
it is addressed, or copied without the written consent of Sentry Self-Storage
Management; and then only in its entirety. Neither all nor any part of the
contents of this report, relating to the conclusions, the identity of the writers and
the associated firm may be conveyed to the public relations media, news media,
sales media, or any other public means of communication. Nor may the same be
used for any purpose by anyone but the client, without the prior written consent
of the writer; and in any event, only in its entirety. This report may not be used
for public or private offerings of syndicated interests.
Information Used: No responsibility is assumed for accuracy of information
furnished by or from others, the client, his designees, or public records. The
authors are not liable for such information or the work of possible subcontractors.
The data relied upon in this report has been obtained from sources considered
reliable. As far as was reasonably possible, the data has been verified; and is
believed to be true and correct. However, no responsibility for accuracy can be
assumed by the writer. No single item or information was completely relied upon
to the exclusion of the other information; and all data was analyzed within the
framework of the judgment, knowledge, and experience of the writer(s).
Testimony. Consultation. Completion of Contract for Services: The Agreement
contract for reviewing the feasibility of this market, consultation, or analytical
service is fulfilled and the total fee payable upon completion of the report. The
authors and/or individuals of Sentry Self-Storage Management will not be asked
or required to give testimony in court or hearing, as a result of having provided
the services and report, in full or in part, nor engage or be required to post
market consultation with client or third parties, except under separate and special
arrangement at an additional agreed upon fee.
Exhibits: All sketches, tables, maps and photos in this report are included to
assist the reader in visualizing the property only and are not necessarily to scale
and are not intended to represent the property or market in other than the status,
as of the date of this Report.
i
SENTRY
SELF-STORAGE
Auxiliary and Related Studies: This report is limited to the market feasibility
study of this particular site at the time of writing and does not include any
environmental or impact studies, surveying, land use studies, zoning studies,
highest and best use studies, or any other studies unless specified. The writer
reserves the unlimited right to alter, amend, revise, or rescind any of the
statement, finding, opinion, estimates, or conclusion in any previous, present, or
future study and/or analysis, at the time any of the subsequent factors become
know.
Fees and Authenticity: The fee for this report or study is for the service rendered
and not for the time spent on the physical report. The authentic copies of this
report are signed in ink and are printed on white paper. Any copy that does not
have the above is unauthorized and may have been altered.
Certification of Report: The statements of facts contained in this report, upon
which the analyses, opinions and conclusions were based, are true and correct
to the best of my knowledge and belief. No one provided significant professional
assistance to the person signing this report. The analyses, conclusions, and
options contained in the report are the principal effort of the undersigned.
However, certain functions, such as administrative assistance, data collecting
and verification, may have been performed by other members of the staff.
ACCEPTANCE OF, AND/OR USE OF, THIS REPORT CONSTITUTES
ACCEPTANCE OF THE ABOVE CONDITIONS, AND THOSE AS SET FORTH
IN THE AGREEMENT.

Sample Feasibility Study

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