The Locker Room Self Storage is comprised of 59,375 rentable square feet on approximately 3.6 acres of land. The facility currently offers 266 drive-up units across 34,375 rentable square feet, in addition to 233 future expansion units across 25,000 rentable square feet directly adjoining the property. To ensure a secure premise, the facility is equipped with video surveillance, perimeter-wide fencing, keypad entry, alarmed units and gated access. The facility is well maintained and has a current physical occupancy of 99 percent, demonstrating the high demand for self-storage within Oklahoma’s most populated MSA.
The subject property is ideally situated within a thriving corridor of Oklahoma City and benefits from a dense population exceeding 104,000 individuals within three miles of the site. The facility offers premium visibility and access from SW 59th Street, which sees traffic counts of over 14,000 vehicles daily. This thoroughfare serves as a major thoroughfare and commuter roadway to the Oklahoma City Metro Area. The Locker Room Self Storage has established a significant market footprint as the primary storage provider for the surrounding area; there is only one competitor within a mile of the property. Oklahoma City is one of the largest metro areas in the United States and is home to one of the world’s largest livestock markets. Furthermore, Oklahoma City advantageously offers one of the nation’s most affordable housing markets.
The Locker Room Self Storage allows an investor the ability to acquire a stabilized, Class A self-storage asset with multiple upsides, including forward-looking financials. The subject boasts leveraged IRRs of 34.8 percent and 29.7 percent in years five and seven, in addition to cash-on-cash returns of 17.8 percent and 23.8 percent in years two and three. The facility is stabilized and offers a rare opportunity to capitalize on expansion potential; the adjoining land at the site is fenced-in and ready for construction. There is a high demand for climate-controlled units in this MSA. Additionally, an investor can further profit by raising rates to meet the market average in this underserved division of Oklahoma City.