Lawton Storage Portfolio 4 - Property

Self Storage Investment Opportunity

Hard Bid Date: August 22, 2022

Timeline

Present to Market: July 18th
Hard Bid Date*: August 22nd
Request Best & Final (if necessary): August 24th
Select Buyer: August 26th

*Owner reserves the right to move forward with a preemptive bid prior to August 22nd. All dates are subject to change at Owner’s discretion.

Property Tours

Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged in advance through Argus Self Storage Advisors / Jones Investment Properties prior to visit. We insist you NOT DISTURB any on-site personnel as they may not be aware of the potential sale.

Offer Procedures

Offers should be in the form of a Letter of Intent (LOI) and at a minimum offer should include the:

Value-add portfolio located in the 3rd largest MSA in Oklahoma with attractive price point below replacement cost
Significant upside available through revenue management, increasing street rates to market, implementation of tenant insurance, conversion of existing 9,500 SF +/- buildings in climate-controlled storage and improving labor inefficiencies.
Expansion opportunity to add approximately 60,000 RSF to the portfolio

INVESTMENT HIGHLIGHTS

198,802 Total RSF + 4,092 RSF Parking
1,297 Total Units
10.30 Total Acres
Value-add portfolio located in the 3rd largest MSA in Oklahoma
Attractive price point below replacement cost
Significant upside available
Expansion opportunity to add approximately 60,000 RSF to the portfolio

GENERAL DESCRIPTION

The Fortress Storage Portfolio is a 202,894 RSF (including parking) value-add storage portfolio consisting of four (4) properties located in Lawton, the county seat of Comanche County, OK. The assets are currently self-managed with the capability for further expansion to capitalize on the rapid lease-up and explosion in population growth within the trade areas. These assets provide a great entrance opportunity into Tulsa for a new market participant or accretive scale for existing operators.

Each of the properties have perimeter fencing, security gate with keypad access, on-site offices, security cameras and concrete or asphalt drives.

The opportunity provides further upside through a combination of realistic strategies:

Implementation of tenant insurance, which is projected to increase Net Operating Income by $50,000 per year
Converting existing vacant buildings to climate-controlled storage, which would increase Potential Rental Income by $82,000 per year
Revenue management of the portfolio from the current simple average Economic Occupancy of 67% to the simple average Unit Occupancy of 83% will increase actual revenue by $140,000 annually
Expanding on the 3.44-acre tract contiguous to the Meadowbrook location by adding approximately 55,000 RSF of 100% climate-controlled storage. This would add $675,000 in Potential Rental Income. The Fort Sill site’s climate-controlled storage is 97% Physically Occupied
Raising street rates to market. Bowman and Meadowbrook are $.80/RSF and $.55/RSF annually, below what Great Plains is achieving and they’re within the same trade area

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

ARGUS

Flyer

Fort Sill Storage
Fort Sill Storage is a mixed-use, in-fill project consisting of retail, “man cave’s”, traditional and climate-controlled self-storage units. It is in the heart of Tulsa near one of the highest trafficked intersections in the city and some of the nicest, most established neighborhoods in Tulsa. This project has consistently enjoyed higher than 90% occupancy for the original self-storage, retail and office warehouse units (which were converted to “man cave’s”) for several years and has seen good lease up velocity since adding the climate-controlled storage buildings and the “man cave’s” in 2020/2021.

Site Amenities:

Boat, Car & RV Parking
Drive-up Access
Fully Fenced Perimeter
Electric Gate Entrance
24 Hour Video Surveillance
Well lit

Great Plains Storage
Great Plains Storage contains 151 storage units within 17,645 rentable square feet located nearby two major roads, Nw Cache Rd. and Quanah Parker Trailway.

Site Amenities include:

Fully fenced perimeter
Drive-up Access
Well lit
Security Cameras
Electric Gate Entrance
Car, Boat & RV Storage
On-site Management
Tenant Insurance available
Locks sold

Meadowbrook Storage
Meadowbrook Storage is a stabilized storage facility located in the heart of some of the nicest subdivisions in Jenks, an affluent suburb of Tulsa, and has enjoyed a consistent occupancy exceeding 90%, since it be built in 2000. It has 221units and is 30,150 rentable square feet along with an on-site manager office, apartment and cell tower providing additional income of $10,500 per year.

Site Amenities:

24 Hour Video Surveillance
Fully Gated Perimeter
Well Lit
Drive-up Access
Tenant Insurance Available

Bowman’s Storage
Bowman’s Storage is a high quality self storage facility comprised of three parcels providing 98,500 net rentable square foot in 644 units sited on approximately 3.95 acres. Bowman’s Storage was constructed in 1978, renovated in 2003 and is located in Lawton, OK. Broadway Self Storage is easily accessible to I-35, I-240, as well as Highway 77. The daily traffic count on Hwy 35 is more than 108,600 vehicles per day. The facility is in close proximity to Tinker AFB, just south of Starbucks.

Some of the on site amenities include: