Here is a great opportunity for the right investor.  I have found a self storage facility for sale here in Oklahoma.  Let me explain a bit about the facility and then I will describe the opportunity.  The numbers for the facility are approximate since I do not have this under contract right now.

The self storage facility has 150-200 units of various sizes.  The owners, fearing capital gains taxes, want to provide seller financing.  They want about 10% down and they will take back a note for the balance for 18 years at 5%.  They are quite adamant that the buyer must be willing to stay with the facility throughout the life of the note - refinancing during the 18 years would trigger the capital gains tax that they are trying to avoid.

The facility is in good shape (to casual inspection - I have not had it inspected and did not see inside any of the units).  The buildings are cinder block construction with flat roofs.  The entire perimeter is fenced and the office / apartment building was built within the last few years.

The owners report that there are only a handful of vacancies, but their financials indicate that they are only receiving about 60% of the scheduled rent.  There is either a lot of delinquency, units with old rent rates, or theft.  At the current income level, the sales price is roughly a 7.5 cap rate.  At the current expense level, with the specified financing, the facility does have a small positive cash flow.  Correcting the economic vacancy rate would produce higher cash flows.

I would like to buy this facility with the help of partner(s).  I am looking for at least one partner with either long term commercial holdings or experience with self-storage facilities.  I think the purchase proposal will be much stronger to these sellers if such a partner was part of the team.