Extra Space Storage - 2010 W Poplar Collierville

Called about outdoor parking spaces 16-July-09. Girl at national call center said they had the following:

8 x 20
8 x 30 $73 per month
8 x 40 $100 per month

I'm not sure I believe that the spaces are really 8 feet wide, but that's what she said.

Extra Space Storage
2010 W Poplar Ave, Collierville, TN
901-853-6002

National Security and Trust

safety deposit box place at Eastgate Shopping Center

Rate of return analysis

You should not include principal repayment when calculating rate of return because that money is being paid out of the money that was given to you by the lender. If you could pay the lender a tiny slice of the building each month instead of principal repay, then at the end of the loan your building would be completely gone. But you would have had a much better cashflow for all of the years of the loan. So consider principal repay the equivalent of giving back a little of the building each month, but since you can't actually do that, you have to pay money. But that money should not be included in expenses because you are getting to keep a tiny slice of the building each month that was not yours before.

Knox Painting Building - Olive Branch

For sale by Jessica Brown (210-3474) at Remax (853-3430). Talked to Teresa who is Jessica's assistant. approx 24,000 total sq ft. 11, 400 office space. Rest (12,600) is warehouse.
realestateinthemidsouth.com. On old 78 near bypass.

Jessica said list price is $994,000 or $41.42 per foot. She said the rent each month is $13,000. I guess she means that that is the amount of rent being currently collected by the owner each month. But one of the tenants may be the owner, so that may be a guesstimate of what you could collect.

IRR formula

From google answers, I got the following formula:

0 = -1000 + 10/(1+i) + 10/(1+i)^2 + ... + 10/(1+i)^11 + 1010/(1+i)^12

So $1000 invested at time zero (which will be a negative amount) will exactly offset the streams of income (which will be positive) that you get in future years when you have guessed the correct IRR. Remember that you have to include the principal being returned in the last year.

Below is the calculation for $1000 invested for three years with the principal coming back at the end of the 3 years.

0 = -1000 + 10/(1+.01) + 10/(1+.01)^2 + 1010/(1+.01)^3
0 = -1000 + 9.9 + 9.80 + 980.30
0 = -1000 + 1000

1% makes the equation balance, so 1% is the IRR of this investment.

Shops of Ann Adler

4966 Poplar. 4320 sq ft. Gary Shanks says leases for $15 NNN. Owner asks for $4500 per month rent plus around $900 for taxes and insurance, so tenant pays a total of $5400 gross per month.

I met Gary at site 18-June-09. He is with Shopping Center group.

Owner is asking $650,000 for sale. He will owner finance at 7% for 15 to 20 years.

U-Store-It 3686 Old Germantown rd

Price list I got at U-Store-It office from manager Tim McCarthy.

Went to Southwind Storage (right next to Cotton Plant - owned by Jack Johnson) 7279 WInchester and talked to manager Loretta and she had
10 x 10 ncc $80 10 x 10 cc $110

Ann called Southwind Storage 17-July-09 and got outdoor parking prices:

12 x 30 $61
12 x 37 $68
12 x 40 $72 <-- this is not a standard size. Manager could make one though.