BUSINESS FOR SALE Steve Ritlop - 416-862-7459 FOR SALE PACKAGE: July 4th, 2021 - Westside Mini ...
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BUSINESS FOR SALE
W E S T S I D E M I N I S T O R A G E I N C.
FOR SALE PACKAGE: July 4th, 2021
Steve Ritlop
sritlop@boylecommercial.com
416-862-7459
Table of Contents – WESTSIDE MINI STORAGE INC Page No. Key Features 1 Google Earth View 2 Monthly Net Income 3 Revenue Forecast to June 2022 4 Price Mix: June 2021 5 Rentable Square Footage: Storage 6 Appendix A – Supporting Information Office Lease: Schedule A 7 Building “A” Office and Storage Drawing 8 Building “A” Office 2nd Floor Drawing 9 Building “B” Drawing 10 Building “C” Drawing 11 Building “D” Drawing 12 Appendix B -Supporting Information New Improvements 13 Gate and Intercom Invoice 14 Security System Invoice 15 Fe ‘Snow Melt’ Solar Curb (2) 16 History (2018-2020) 17 Fixed Assets Schedule Opportunities 18 for future development Susan 19 Andrews resignation letter 20 Management letter 21
1 Key Features – WESTSIDE MINI STORAGE INC June 1st, 2021 1.) Access and Security – Newly installed ECGO-GKP Cellular System Customers can access their Storage Units 24/7 by a secure access code. The newly installed gate/ intercom system (2020) is set up to allow entrance by a preset code or through our On-Call management team. The office building and storage yard are monitored by security cameras. 2.) Westside Mini Storage has achieved many 5-star Google ratings (20). A customer-focused culture continues to achieve high ratings. 3.) Wide Range of Units – 9 different sizes Westside Mini Storage offers climate controlled (Building A/B) and outdoor roll-up units (Building C/D). See “Rentable Square Footage” for various sizes. Building A: 20 Units, Building B: 63 Units, Building C: 30 Units, Building D: 13 Units. 4.) WebSelfStorage.com (U-Haul Owned) Westside Mini Storage uses convenient booking software that allows a new owner to manage the property remotely (See “Webselfstorage.com”). All customers pay through preauthorized credit card transactions. This software costs 34.95 per month. The facility also comes with a free gate application which is used to set gate-codes for each client. 5.) Good Location Westside Mini Storage is conveniently located just 2 minutes from the 401 at Hwy 97/Cedar Creek. Key Facts All storage buildings (A through D) were built in 2004/2005 by Monster Minis Inc. (Martin Halliwell P.Eng: (519) 240-6334). Recent 2020-21 restoration by Feng Systems (Footprint Engineering Inc.: Martin Halliwell, P.Eng: President)
Google Earth View - WESTSIDE MINI STORAGE INC 2
Taz Taz T
Franki
Model Lizard Model
BLDG "C" Franki Model BLDG "B"
BLDG "C"
Climate Control Office BLDG
BLDG "A"
Taz Taz
T
Address: 126 Earl Thompson Rd, Ayr, North Dumfries
3
Revenue Forecast (June 1, 2021 to June 30, 2021)
Mini Storage Units
Building "A" $1,042
Building "B" $8,516
Building "C" $5,303
Building "D" $2,655 $17,516
Office Building 3472
Add: Taxes (22%) 631
Add: Hydro (60%) 384
Add: Gas (60%) 208 $4,696
(See Schedule A -Lease Agreement )
Total Gross Revenue $22,212 Revenue
Normalized Expenses - (Avg Per Month)
Municipal Taxes 2870
Advertising (Google Ads) 250
U-Haul Subscription 45
Hydro 641
Union Gas 347
Insurance 379
ADT Security Expense 30
Call Centre Management 867
Total Expenses $5,429.53 Costs
Net Operating Income (NOI) $16,782 Net4
Revenue Forecast to June 03, 2022
Revenue Expenses Net Revenue
Storage Office Taxes Hydro Gas Advertising Insurance Other
Jul 17615 4490 2870 593 52 250 379 942 17020
Aug 17615 4529 2870 677 32 250 379 942 16994
Sep 17615 4606 2870 806 31 250 379 942 16492
Oct 17615 4532 2870 669 45 250 379 942 16992
Nov 17615 4563 2870 552 214 250 379 942 16971
Dec 17615 4743 2870 611 455 250 379 942 16851
Jan 17615 4868 2870 607 667 250 379 942 16768
Feb 17615 4838 2870 610 613 250 379 942 16788
Mar 19024 4807 2870 526 647 250 379 942 18217
Apr 19024 4674 2870 525 425 250 379 942 18306
May 19024 4761 2870 744 351 250 379 942 18248
Jun 19024 4650 2870 705 207 250 379 942 18322
Projected Total $207,969
Notes
1.) Hydro and Gas expenses are kept the same as financial year 2021.
2.) Financial Snapshot with planned 8% yearly pricing increase (March 2022)
3.) Dominik manages the Call Centre and the renting processes for $200/week (p.21)5 Price Mix: June 2021 - WESTSIDE MINI STORAGE INC June 1, 2021 Building "A" Unit Size Qty. $ Total 5x5 9 70 $632 5x10 4 103 $410 $1,042 Building "B" Unit Size Qty. $ Total 10x15 31 189 $5,859 10x10 13 157 $2,036 5x15 5 124 $621 $8,516 Building "C" Unit Size Qty. $ Total 10x20 11 211 $2,317 10x15 5 178 $891 10x25 5 243 $1,215 10x10 5 146 $729 5x10 1 92 $92 5x5 1 60 $60 $5,303 Building "D" Unit Size Qty. $ Total 10x30 1 105 $105 10x30 1 115 $115 10x30 2 270 $540 12x30 5 297 $1,485 5x10 2 92 $184 8x10 2 113 $226 $2,655 TOTAL 103 $17,516
6
Rentable Square Footage: Storage - WESTSIDE MINI STORAGE INC
No. of Rentable
Type Units SF Total
Building "A" Storage - Climate Controlled
Storage
5x10 7 350
5x5 10 250 600
17
Building "B" Storage - Climate Controlled
(Lizard Model)
10x15 39 5850
10x10 14 1400
5x15 5 375 7625
58
Building "C" Storage - Drive-up
(Franki Model)
5x5 1 25
5x10 1 50
10x10 5 500
10x15 5 750
10x20 13 3350
10x25 5 1250 5925
30
Building "D" Storage - Drive-up
(Franki Model)
10x30 4 1200
12x30 5 1800
Taz Units 8x10 4 320
Taz Units 5x10 2 100
Taz Units 8x10 2 160 3320
17
Total Storage SF 122 17,730 SF
Note: Office Lease 4788 SF Office 4,788 SF
Total 22,518 SF0
Schedule A
• ••
7
\
1 .•
Westside Mini Storage Inc Lease to HC Matcon Inc
126 Earl Thompson Rd
• The tenant will pay 60% of hydro and gas, billed quarterly.
(This is an estimate; if a more accurate way of attributing cost becomes available, then we agree the new method will apply.)
• The tenant will pay 22% of property taxes, billed quarterly. This assumes that ministorage and office space are both
considered "commercial" space by MPAC. If this changes the proportion will change accordingly.
• The tenant will provide access to the landlord to any area of the building that may be necessary for maintenance purposes
including the electrical room.
• The tenant agrees to insure the property and operations of the tenant, including insurance for fire and such additional perils
as are normally insured against, liability insurance, and other insurance as may be reasonably required by landlord for the
building areas occupied by the tenant.
• The tenant shall keep premises in a good state of repair during the tenancy and shall comply with any enactment respecting
standards of health and safety.
• The tenant shall pay all normal costs and maintenance costs associated with the delivery of water and sewer services to the
building.
• The rent will increase in rate according to schedule below.
Year 1 Year2 Year3 Year4 Year 5 Year6 Year7 Years Year9 Year 10
Year
Of Feb 1/18 - Feb 1/19 - Feb 1/20 - Feb 1/21 • Feb 1/22 • Feb 1/23 • Feb1/24. Feb 1/25 • Feb 1/26 • Feb 1/27 -
Term Jan 31/19 Jan 31/20 Jan 31/21 Jan 31/22 Jan 31/23 Jan 31/24 Jan 31/25 Jan 31/26 Jan 31/27 Jan 31/28
Rent
$/sq ft
8.19 8.45 8.45 8.70 8.70 8.95 8.95 9.20 9.20 9.45
(+ tax)
Rent
$/per 3 269.00 3 371.55 3 371 .55 3 471.30 3 471.30 3 571.05 3 571.05 3 670.80 3 670.80 3 770.55
month
Rent
39 228.00 40 458.60 40 458.60 41 655.60 41 655.60 42 852.60 42 852.06 44 049.60 44 049.60 45 246.60
$/per year
-==-
__,.
/
~8
Building "A" Office and Storage Drawing - WESTSIDE MINI STORAGE INC
A01
A04 A06 A08 5' A10 5' A12 5' A14 5' A16 5' A18
4'-6" X
5' X 4' 5' X 4' X 4' X 4' X 4' X 4' X 4' 4'-6" X 5'-6"
4'-8"
A02
MINI STORAGE A19
4'-6" X
CLIMATE CONTROL 5' X 5'-6"
4'-8"
A03 A05 A07 A13 A15 A17 5' A20
4'-6" X 9'-6" 5' X 4' 5' X 6' 5' X 6' 5' X 4' X 4' 10'-8" X 4'
A09 A11
5' X 8'-4" 5' X 8'-4"Building "A" Office 2nd Floor Drawing - WESTSIDE MINI STORAGE INC 9
1 2 3 4
NO DATE REVISIONS DESCRIPTION
W2 W2 W1 W2 W2
A
4
W3
W2 201
1 1 1
13' X 14' 12' X 14' 207
12' X 14'
204 205
206 1
2
D3 D3 D3 D3
1 1
D7 W3
D7
B 2
25' X 17' D7
202
4
1
203 4
1
W2 30' X 15'
W2
OPEN SPACE
HC STEELMAN INC.
4 5 122 Earl Thompson Road.
AYR, ONTARIO N0B 1E0
TEL: 519 623-6454
C FAX: 619 623-6061
W1 W1
1 SECOND FLOOR LAYOUT WALL SCHEDULE WESTSIDE
A3 NTS MINI STORAGE
126 Earl Thompson Rd
Ayr, Ontario N0B 1E0
1
2 BUILDING A
SECOND FLOOR PLAN
3
4
5
A-310 Building "B" Drawing - WESTSIDE MINI STORAGE INC
11 Building "C" Drawing - WESTSIDE MINI STORAGE INC
12 Building "D" Drawing - WESTSIDE MINI STORAGE INC
13 New Improvements – Westside Mini Storage Inc 1.) Gate and Intercom (See attached Invoice) Westside Mini Storage (WSM) Installed a state-of-the-art gate system (July 8th, 2020). The gate is linked to a free mobile app and the Facility’s revenue software. 2.) Security System (See attached Invoice) New security cameras to monitor the Mini Storage yard. (June 8 th, 2021: Install date). Location: C1: Gate Entrance C2 South Overview C3: North Overview C4: Parking Lot Overview 3.) Facility Lighting Planned install of 8000-LUMEN Hallway LED lights across the facility. Same lights as Toyota manufacturing. 4.) Solar curb (See attached picture) Westside Mini Storage installed Feng ‘Patent Pending’ Snow Melt Solar Curbs (April 29th, 2021). The Curbs are combined with a plug and play inverter and a 48V Battery System. Each Curb will provide 3 storage units with lighting and a standard wall outlet. Four panels (one Curb) produce 1.65 Kwh of power. 5.) Reactivated ADT Door alarm system 06/2021 ADT secure alarm system is equipped on every storage unit door. Service helpline and information: (800) 653-9111. 6.) Taz Unit Install (See Site Map Overview) Planned install of 4 Taz (8x10) units in the WSM yard. 8x10 roll-up units rent for $113.40 / Unit.
Gate and Intercom Invoice - WESTSIDE MINI STORAGE INC. 14
Invoice
Date Invoice #
7/8/2020 24060
Invoice To Ship To
Westside Mini Storage Westside Mini Storage
126 Earl Thompson RD 126 Earl Thompson RD
Ayr ON Ayr ON
519 217 4825 519 217 4825
Rep P.O. No. Terms Account #
JC credit card
Item Description Qty Rate Amount
Gates tx 09 ECGO-GKP Cellular Intercom 1 2,343.22 2,343.22
Labour Comm... Install above equipment with client supplied Sim Card, 1 900.00 900.00
concrete Pad
Travel charge to your location 1 150.00 150.00
Received call at 1000 hrs Saturday gate not working. Given 1.5 138.00 207.00
go ahead from Susan to go ahead with replacement.
(1) SL595101UL – LiftMaster 1hp/115-208-230v/1ph Slide
Gate Operator
c/w LMRRUL – LiftMaster Reflective photo cell 1 1,729.10 1,729.10
c/w 5’ ft safety edge
10’ ft – #50 nickel plated chain
LOOPDETLM – Plug in loop detector
Fasteners
3" mounting posts
Misc fittings conduit 2020-07-10
Remove existing mounting posts and instll new pour concrete Installed
Remove existing aging gate opener and replace with new
LiftMaster 1hp/115-208-230v/1ph Slide Gate Operator,
install above equipment on existing posts and wiring if in
good order (should replacement be required they would be
considered extra)
GST/HST No.
Pricing Good for 10 days. WE value your business
Sales Tax Total 1992.81
E-mail admin@ghcsafetyandsecurity.com
Subtotal 15,329.32
Total $17,322.13
Member of Credit Bureau. *All past due accounts will be forwarded to the credit bureau for collections. 2.5% per month on past due accounts. Equipment remains
property of GHC until payment is received in full.
Page 1Security System Invoice - WESTSIDE MINI STORAGE INC. 15
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May 14th, 2021
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8 .-- - /& .,, ./ QTXUVP1 PQVTXU$NLFe 'Snowmelt' Solar Curb (2)- WESTSIDE MINI STORAGE INC 16 Please Call Martin Halliwell (519-240-6334) for inquires. FeSolar ' Snow Melt ' Curb-1.5KW (2)
17 History (2018-2020)– Westside Mini Storage Inc. Westside Mini Storage (WSM) has only recently brought its storage rents to market level. WSM was managed by the owner’s wife (Susan Andrews). Susan took a non- arm’s length salary ($3,559.50/month) thus above market for a storage facility. Dominik (647-379-8174) can manage the facility remotely putting in 4-5 hrs. per/week. Westside Mini Storage Inc will allow due diligence process through our revenue software system and company bank statements upon request (as of June 1, 2021). The facility is debt free, and we expect to carry the month of June with at market rents into the future. This can provide any owner of $17-18K of net cash flow.
Balance Sheet
18
30 APR 2021
Fixed Asset Schedule
Building - Main Office
Building - Main Office 525,457.74
Less Accumulated Depreciation on Building - Main Office (210,600.60)
Total Building - Main Office 314,857.14
Building - Mini Storage
Building - Mini Storage 580,000.00
Less Accumulated Depreciation on Building - Mini Storage (226,783.86)
Total Building - Mini Storage 353,216.14
Computer Equipment
Computer Equipment 2,542.82
Less Accumulated Depreciation on Computer Equipment (2,542.82)
Total Computer Equipment -
Fencing
Fencing 30,103.15
Less Accumulated Depreciation on Fencing (13,893.30)
Total Fencing 16,209.85
Office Equipment
Office Furniture & Equipment 8,374.00
Less Accumulated Depreciation on Office Equipment (5,509.63)
Total Office Equipment 2,864.37
Security System
Security System 13,815.21
Less Accumulated Depreciation on Security System (10,279.98)
Total Security System 3,535.23
Land 93,548.88
Total Fixed Asset Schedule 784,231.61
Balance Sheet Westside Mini Storage19
OPPORTUNITIES FOR FUTURE EXPANSION
Following are the suggested plans approved for subdivision 3OT-87Q43(Boida
Subdivision)
The proposed severance is done to support the sales and purchase deal
between the property owner Martin Sprocket and Perimeter Development
Corporation20 Hi Tom, As I ease away from working with Westside Minis, I want to write you this quick note to let you know how much I’ve appreciated working with you and enjoyed my time at Westside over the last several years. Frankly, I doubt anyone thinks, “When I grow up, I want to manage a mini- storage facility”, but the truth is that a lot of Life happens around mini- storage. People’s lives are in transition and customers can be stressed. As you know, my background is in Psychology and Education and it felt meaningful to still be able to help people, albeit in a small way, with easing their transitions by providing a quality service to the local community. That helped me feel my work was worthwhile. I’ve worked for almost 40 years now, sometimes two or three jobs at a time, and I’m ready to do new things: learn a few new skills, work on the farm, volunteer, do a little yoga, breed Irish Wolfhounds, and have time to be kind. I leave you in very good hands: Krystal Phillips is exactly who I would have chosen to take over the management of Westside. I’ve had the privilege of working with Krystal in various capacities for the last year and I can’t recommend her highly enough. She is keen and smart and kind. Krystal has a wonderful, caring way with the customers, a warm and professional telephone manner, and dives right into a problem seeking a solution. Krystal even managed our first online auction for a delinquent unit last week: from speaking with the website operators, cutting the unit lock, taking and posting the pics, overseeing the bids, collecting the payment from the bid winner, providing access to the unit, and ensuring the unit was clean and ready to be rented again. The arrears on the unit were under $600 and the unit sold for $5220. I feel good leaving, knowing that Krystal will be there. I’m sure we’ll connect again in the future, Tom, so in closing, simply: thanks for the opportunity! Kind regards, Susan
21 Management Letter – WESTSIDE MINI STORAGE INC. June 28th, 2021 To whom it may concern, I confirm my recent and ongoing assistance to Martin Halliwell, P Eng., with the management of Westside Minis Inc. This includes addressing any emails and answering all calls through our company phone line. To begin with, the facility has always had very happy customers from years of ownership taking care of all their storage needs, with the now retired Susan Andrews being the longest tenured manager. Since we are open 24/7, customers have immediate access to their units whenever needed. While we are not the most expensive facility, the buildings are still in essentially ‘new’ condition with state-of-the-art features. Built in 2004 by Monster Minis Inc, recent additions include interior and exterior lighting upgrades that help with security, along with new cameras that would allow any new owner to view the entire facility remotely. In terms of management, the operational set-up makes my job very straight forward. When a new rental request occurs, I provide the pricing and contract details over the phone and if necessary, meet the customer to show them the facility. If they decide to rent a unit, the customer is then given a unique code to open the front gate, and their contract is set up using our online software (WebSelfStorage). When a tenant decides to move out, I close the account through our software with their credit card information immediately being deleted. We are now almost at full capacity, with 90% occupancy and a recent increase in online advertising through Google ads. As the manager, Martin pays me $200 weekly in cash to help with any ongoing operations. Location, honest dealings, and attractive rental terms make my job easy. Dominik Ratz Dominik Ratz, Facility Manager (647) 379-8174
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