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 and standard storage units. Furthermore, the opportunity has substantial growth potential via continued lease-up of a 21,850 square foot expansion which is currently under construction and will be completed and delivered upon sale. Additionally, the facility contains 1.25 acres of land for the future buildout of an additional 21,500 square feet building. The fenced-in land is approved and ready for development with expansion plans included in the sale. Currently, owner/operated, UStorageOK represents an excellent opportunity to take advantage of an undermanaged, class A facility with a great lease-up history and room for growth.
Newly constructed in 2019 on 8.95 acres, the facility is currently comprised of 138 climate-controlled units, 74 standard units, and 122 enclosed boat/RV units. To meet the area’s high demand for storage, the facility will be sold with an additional 163 units and 21,850 square feet of storage space; upon closing, the facility will be delivered with 104,565 net rentable square feet and 497 total units. The offering demonstrates solid projected leveraged IRRs of 18.9 percent in year five and 18.5 percent in year seven with a cash-on-cash on return of 9.8% in year three following lease-up of the delivered 21,850 square feet.
Overall, the facility has witnessed substantial lease-up activity to date. The current physical and economic occupancies on the existing 82,715 square feet are 89 percent and 79 percent, respectively, while physical and economic occupancies post-expansion are 71.7 percent and 56.1 percent. The facility is equipped with a fully fenced perimeter, gated access, and a state-of-the-art video surveillance system. The subject’s spacious office area consists of two manager’s offices and a showroom.