UStorageOK represents an exceptional opportunity to acquire a newly constructed self-storage facility in one of Oklahoma City’s most affluent and growing suburbs, Yukon, OK. Well positioned in a top 50 U.S. Metropolitan Statistical Area, the facility features both climate controlled, standard storage and fully enclosed boat/RV units. With a 21,850 square feet building of new units leasing up in the first half of 2022, the opportunity has excellent historical lease up numbers and immediate growth potential. The facility contains an additional 1.25 acres of land for a future 21,500 square foot building and adding an additional 26% in Gross Potential Revenue. The fenced-in land is approved and ready for development with expansion plans included in the sale. Currently owner/operated, UStorageOK represents an exceptional opportunity to take advantage of an owner managed, class A facility with great lease up history and expansive room for growth.
Newly constructed in 2019 on 6.1 acres, the facility is currently comprised of 194 climate-controlled units, 160 standard units,121 enclosed boat/RV units, and 2 boat/ RV spaces. The facility contains 104,565 net rentable square feet covering 477 total units. The additional 1.25 acres of land provides a buyer the opportunity for expansion up to roughly 125,000 net rentable square. The offering demonstrates solid projected leveraged IRRs of 12.1 percent in year five and 12.7 percent in year seven with those IRRS jumping to 13.6 percent in year five and 13.6 percent in year seven after expansion.
Overall, the facility has witnessed exceptional lease-up activity to date. The current physical and economic occupancies on the existing 104,565 square feet are 89 percent and 79 percent, respectively. The facility is equipped with a fully-fenced perimeter, gated access, a state-of-the-art video surveillance system and wide, easy to maneuver drives. The subject’s spacious office area consists of two manager’s offices and a showroom.
Located on Historic Route 66/Main Street in Yukon, OK, UStorageOK witnesses traffic counts of over 14,500 vehicles daily. As part of Canadian County, the fastest-growing region in Oklahoma, UStorageOK is surrounded by an excellent mixture of single-family residential communities and commercial developments meeting the needs of Yukon’s explosive growth. Within the past several years the City of Yukon has consistently expanded, leading to a 3-mile average household income of 96,018 with the unemployment rate well below the national average at 3.1%.