6-Property New Orleans Self-Storage Portfolio Opportunity – New Orleans, LA
This Portfolio presents an opportunity to acquire six self-storage facilities in the Greater New Orleans area. The Portfolio consists of 468,670 rentable square feet of self storage strategically located throughout New Orleans. The six facilities were completed between 1997 and 2020. As of July 2024, the six facilities had physical occupancies between 80.3% and 89.4%. The Erato Street store in Downtown New Orleans was recently expanded in 2020, 44,136 rentable square feet, and is currently approaching economic stabilization.
New Orleans stands as a city of diversity and resilience, underpinned by a dynamic economy. It’s a city where tourism, energy, healthcare, education, and technology converge to create a vibrant economic landscape. The allure of its cultural richness and dynamic festivities draws millions of tourists annually. The energy sector marks its significance with a substantial footprint in oil and gas. Healthcare and education flourish here, with top-tier medical centers and prestigious academic institutions. Moreover, the city is nurturing an emerging tech and startup scene, promising continued growth fueled by investments in infrastructure and urban renewal.
The Portfolio is perfect for a buyer looking to expand or create a presence in a Top 50 MSA with high-quality assets with over $6.8 million in in-place NOI. The assets are all located in close proximity to one another which enables asset managers to tour the Portfolio efficiently. Due to its recent expansion, there is still significant room to pass through ECRI’s on select tenant segmentations at the Erato Street location.