Project Spotlight

Greencastle Storage and Parking

RATE INCREASES

(Rates were increased an average of 50%+ starting 06/01. All Tenants were given a 30-day notice of pricing change.)

RENTABLE SPACE

Uhaul is LIVE and we cannot keep enough trucks in the lot. Demand has been strong. We are excited forthis segment to grow. The more business we get, the more trucks Uhaul will send our way. After 12 months, we can negotiate new commission terms. Currently we are recieving 20% of gross rev. As we grow, we will ask for 30% in 2025.

June commissions from Uhaul – $350.00

*Our goal is to grow this to $1,100/month by 06/01/2025

PROPERTY OVERVIEW

Self Storage

138 Units (including climate control)
87% full
8x18s – 17x27s

Truck Lot

Contracts with two companies for truck parking
- Venture – $750/month (cabs only)
- Heartland – $2500/month (20+ trailers onsite)

RV/Boat Lot

20-25 spaces available
60% full
This segment is growing quickly and we expect to be at 90% occupancy in 2 months.

Retail Spaces

2 spaces
1/2 filled ($950/month for Space #2)
2 showings, 1 company is preparing an offer (will
advise ASAP. Goal is to get $3500 for this space)

UPDATES

CINCINNATI SELF-STORAGE

The CINCINNATI SELF-STORAGE Project is an example of Circle Property Group’s expertise in the self-storage industry.

Acquisition: November 2023 – 15,000 sq. ft. with 138 units in high visibility/densely populated area
Occupancy at acquisition: 99% at rates roughly 50-60% below other local competitors
Condition: In need of capital improvements to enhance security and street appeal
Status: NO current leases in place allowing for immediate rate hikes with new leases
Capital Expenditures: Cosmetic improvements and updated security/lighting
Technology: Added automation technology to reduce human capital expenses
Management: Corporate control spreading expenses across multiple self-storage properties