This portfolio presents a unique opportunity to acquire six self-storage properties located in the Greater New Orleans area. The portfolio consists of 468,872 rentable square feet of self-storage strategically located throughout New Orleans. The six facilities were completed between 1997 and 2020. As of May 2023, the six facilities had physical occupancies between 80% and 92%. The Erato Street store in Downtown New Orleans is still completing the lease-up of its 44,136 rentable square foot expansion which is currently at 87% occupancy.
New Orleans is a diverse and resilient city with a thriving economy. Key sectors include tourism, energy, healthcare, education, and technology. The tourism industry attracts millions of visitors each year, drawn to the city’s rich culture and vibrant attractions. The energy sector is prominent, with a strong presence of oil and gas companies. The healthcare and education sectors are robust, with world-class medical facilities and esteemed universities. The city is also fostering a growing technology and startup ecosystem. New Orleans is expected to continue in its development, with ongoing investments in infrastructure and revitalization efforts.
This portfolio is perfect for a buyer looking to establish a presence in a Top 50 MSA with high-quality, assets generating over $7.7 million in in-place NOI. The Erato Street store was recently expanded and is
still in lease-up of the added square footage. This provides significant upside in revenue by stabilizing the occupancy at this store. Based on our projections, we estimate that a buyer can increase revenue by over $1.28 million within 24 months by increasing occupancy from 87% to 92% and by bringing the economic occupancies in line with the market.