Tulsa, OK Self Storage
511 N Elm St, Jenks, OK 74037
Tulsa, OK Self Storage is comprised of 22,400 rentable square feet and 234 units. The facility was built in 2018 and is nearly leased-up; the property has additional warehouse space which can be converted to storage to meet the market demand. Conversion will yield an additional 22,600 square feet and 168 units, totaling 45,000 rentable square feet and 402 units post-conversion. The subject is well-maintained and features perimeter-wide fencing, state-of-the-art lighting, video surveillance and an on-site property manager to ensure secure self-storage. The property boasts an excellent location off North Elm Street and serves as the premier self-storage option in Jenks, Oklahoma, the top suburb in the Tulsa, OK MSA.
The subject property resides on approximately 3.83 acres in downtown Jenks, Oklahoma. The surrounding region is rapidly expanding with a projected three-mile population growth rate of 1.4 percent annually from 2019 to 2023. The suburb‘s Riverwalk District has been revitalized with a variety of restaurants and entertainment options. The facility is within close proximity to all of the suburb’s heavily-utilized amenities and offers premium frontage along Elm Street, which has a traffic count exceeding 21,000 vehicles per day. The site is 0.8 miles from the Creek Turnpike, which also sustains a vehicle count of over 21,000 per day. Interstate 75 is approximately 3.5 miles from the property, with a traffic count in excess of 50,000 vehicles daily. Tulsa, OK Self Storage is encompassed by residential housing and is within a mile of several resources and points of interest, including Jenks Public Schools, Jenks Performing Arts Center, Tulsa Tech, Richard L. Jones Airport, Summit Apartments, Riverwalk Apartments and Grace Living Center. Additionally, the site is within 0.5 miles of McDonald’s, Walgreens, Taco Bell, Sonic, USPS, KFC, Chase Bank and O’Reilly Auto Parts, among others. The site is conveniently situated approximately 10 miles from downtown Tulsa.
Tulsa, OK Self Storage offers multiple upsides as the primary self-storage option for the surrounding communities. The suburb’s high growth rate further validates the site’s warehouse conversion potential, as the need for storage within the area is increasing every year. The facility has solid proforma financials with cash-on-cash returns of 23.0 percent and 24.7 percent in years two and three, in addition to a leveraged IRR of 29.6 percent in year seven. Additionally, the subject’s revenue potential is reflected in a proforma cap rate of 8.92 percent. The site will benefit from installing a tenant insurance program in addition to collecting late fees. Overall, an investor has the unique opportunity to capitalize on a facility representing the best of the market with limited competition in a growing region.