Extra Space Storage
Self Storage Investment Opportunity

(Managed by 3rd Party Extra Space Storage)

INVESTMENT HIGHLIGHTS

Institutional-quality asset located in Tulsa, OK, a top 55 MSA
Well-positioned infill location with high barriers to entry
Significant upside remaining through aggressive tenant insurance strategy, expansion and lease up
High-quality construction
Attractive scale for current or new market entrants
Opportunity to lower acquisition basis through pad site land lease, development or disposition

GENERAL DESCRIPTION

Extra Space Storage is a self-storage conversion project which opened in July 2020 and has been managed by Extra Space since December 2022, and has been performing in-line with Extra Space’s initial Pro Forma. It possesses prominent frontage with reader board signage and is located on Kenosha Street with 24,500+ vehicles per day traveling past the site.

The property is sited on 4.62 acres in a densely developed area of Broken Arrow, less than a mile from the revitalized Rose District, with strong demographics ($105,000 Average HH Income) and population (73,000) within the three-mile trade area. The property has undertaken extensive renovations over the past couple of years including but not limited to:

TPO roof overlay with 20-year transferable warranty
Exterior glass window walls
New facility office

Storage Upside

There is significant upside remaining through continued progress in leasing up the property as it heads into the rental season, an aggressive tenant insurance strategy, and moving forward with the approved PUD Amendment for expansion and repositioning the pad site to lower the purchase basis and increase revenue and scale.

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