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The asking price of $1,850,000 implies a 7.2% cap rate on trailing NOI of $89,400. Comparable facilities in the Aiken submarket have traded between 6.5% and 8.0% over the past 18 months, placing this deal in the middle of the range.
12 competitors operate within a 3-mile radius, with a weighted average occupancy of 91%. The subject's 87% occupancy trails the market by 4 points, suggesting rent-up upside of approximately $7,200 annually.
At a DSCR of 1.42x and projected Year 1 cash-on-cash of 12.8%, this deal meets institutional debt coverage thresholds while delivering strong levered returns to equity.
What drove the 5-point occupancy decline from Q2 to Q4? Are the 14 vacant 10x10 units concentrated in one building? What is the remaining useful life of the roof and HVAC systems?
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