1090 STATE ROAD 206, St. Augustine, FL 32086 (MLS# 1139202)

Supplements: Matanzas Boat and RV Storage is a 2.3 acre property with 500 feet of road frontage located on State Road 206, a high traffic area between US 1 and State Road A1A. The outdoor storage business was expanded in 2019 to 114 rental units, with virtually no vacancy and a waiting list of future customers. The completely fenced in property includes, si ... (Read more) Matanzas Boat and RV Storage is a 2.3 acre property with 500 feet of road frontage located on State Road 206, a high traffic area between US 1 and State Road A1A. The outdoor storage business was expanded in 2019 to 114 rental units, with virtually no vacancy and a waiting list of future customers. The completely fenced in property includes, site lighting, an electronically controlled gate, remotely controlled 15 camera security system, a well and a storage unit. Customers have access to power and water for each rental site, 50 amp power is available for several units. In addition, customers have access to an air compressor and power wash station. The property has a Special Use Permit and a Zoning Variance which is transferable and will run with the property. Current rental pricing is very conservative. The new owner has the ability to substantially increase pricing to compete with other local facilities and with little effort and no further investment, can substantially increase income. Current Cap Rate is 7.6. Based on projected gross income (in keeping with rates charged by competitors in the vicinity) the potential Cap Rate could rise to 13. The location of the property is favorable to boaters because of the proximity to launching ramps on the Intracoastal Waterway. Many developed areas nearby do not allow parking of Recreational Vehicles in the neighborhoods. This facility is convenient to those customers.