Self Storage Facility for Sale

Property Highlights

Institutional-quality facility in top 55 MSA
Great upside through revenue management, expansion, growing tenant insurance
Highly visible location along recently completed Gilcrease Expressway
Large, average unit size (189/sf) for the market
High-quality construction

General Description

The Area 51 Mini Storage offering is a 109,390 RSF (excluding 600 SF of parking) institutional-quality, single asset located in Tulsa, Oklahoma. The asset is set up for on-site or off-site management and provides an attractive amount of scale in a top 55 MSA, either by entering the market or by adding scale to an existing presence in the market. All facilites are equipped with PTI control system gate access and security cameras. The cumulative parcels measure a combined 8.32 acres.

The property is located nearby the recently completed Gilcrease Expressway extension which connects from Interstate 44 to Highway 412 and provides an additional major highway capacity. The property has concrete drives, sloping topgraphy for good drainage, fenced perimeter, dozens of high-quality security cameras and was built in multiple phases between 2012 and 2021. At each expansion, the property has shown a rapid lease-up and the lastest expansion of 40,000 RSF in July of 2021 achieved stabilization within six months. The facility has an average unit size of 189 SF which is much larger than the market average and lends itself to better customer retention than facilities with a smaller average unit size.

Area 51 Mini Storage provides the opportunity for further upside through a combination of realistic strategies:

Effective tenant insurance sales strategy (began offering in October 2022)
Conversion of the 3,000 single tenant building to climate controlled units
Additional room for expansion to add 10,000 SF
Value-add upside through revenue management

Considering the immediate scale, high-quality construction, attractive in-place yield with substantial room for improvement, high barriers to entry based on market rental rates and construction costs, this is a compelling opportunity.

ARGUS

Property Flyer

Located in Tulsa, OK

5151 W 51st Street
Tulsa, OK 74107

Sales Price: Call Broker
Acerage: 8.32
Units: 586
Property Type: Self Storage
Expansion Land: Yes
Surrounding Land for Purchase: Yes