Pitchford Lakeside Boat & RV Storage
Investment Opportunity

Great value-add opportunity with management and expansion upside
Well-positioned asset with highway frontage
Price below replacement cost

The Pitchford Lakeside Boat & RV is a 51,432 rentable square foot (including parking) value-add property consisting of one property for self storage, one retail building and seven mobile homes. It is located outside Wagoner, OK, twenty miles from Muskogee, OK. The asset has an on-site manager apartment, office, perimeter security fence, security cameras and security control system, sited on 3.2 acres. The storage property was built in two phases (1994, 1996). The property contains gravel driveways and significant signage on OK Hwy 51.

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

• Effective tenant insurance sales strategy (they don’t sell any tenant insurance)

• Re-structuring the mobile home leases or selling the assets and expanding the open parking or storage on additional land

• Implementation of a website and Internet marketing presence.

• Value-add upside through revenue management and occupancy increases

Considering the price per SF below replacement cost, attractive in-place yield with realistic room for improvement and barriers to entry based on market rental rates and construction costs, this is a compelling value-add opportunity.