Florentine Holding Company purchases first Self-Storage facility
The asset is centrally located on S Tamiami Trail in Fort Myers, less than 50’ from highly traveled route 41. The asset is concrete block with wood frame trusses in four buildings, and is in very good condition. The company acquired the asset from a distressed private party in July 2011. At acquisition, the asset was less than 50% occupied. Through professional management, aggressive advertising and add-on services, the company has successfully repositioned the asset to 90% occupancy in May 2013, with a current Net Operating Income (based on 5 months trailing) of $128,000, valuing the asset at over $1,600,000.