The Self-Storage Group of Cushman & Wakefield has been selected to exclusively market the sale of a property in Tulsa, OK.
Offered below replacement cost at $30 per NRSF, the subject property represents a Class C self-storage asset comprised of 58,935 rentable square feet on approximately 3.23 acres of land. The facility offers 30 office warehouse units, 34 office storage units and 44 standard storage units. The property offers both conventional drive-up access units and office warehouse units for consumer convenience. The subject was constructed in 1985 with current physical and economic occupancies of 39 percent and 31 percent. With current market occupancy rates between 85% and 90%, the lack of professional storage management
provides a buyer the opportunity to maximize significant returns upon lease up. The property is fully fenced with a new electronic gate access that is not currently utilized by management.
The subject property is located in the center of Tulsa, Oklahoma. With over 69,000 residents and an average annual household income exceeding $83,000 within three miles of the property, the location is the cost leader in the area. The facility offers good visibility and access from S. Peoria Avenue, which sees traffic counts of over 18,000 vehicles daily. The facility is adjacent to multiple single-family residential communities, four apartment complexes (the Riverbank Apartments, the View at Riverside Apartments, the Parc 1010 Apartments and the Lincoln Glens Apartments), two Private Secondary Schools (Metro
Christian Academy and Victory Christian School) and Oral Roberts University.
The Facility represents an excellent opportunity to acquire an asset with significant upside in a top 60 MSA. Buyers will see an immediate increase in returns by implementing and maximizing management efficiencies, increasing occupancies and installing an effective marketing presence. Year 2 and Year 3 Cash-On-Cash Returns projected at 14.4 percent and 19.6% respectively, with leveraged IRRs of 15.5 percent and 17.0 percent in years five and seven.