Storage Near Me Multiple Property Opportunity

PROPERTY CHARACTERISTICS

Institutional-quality property located in Tulsa, OK, a top 55 MSA
Well-positioned, infill location with high barriers to entry
Significant upside remaining through aggressive tenant insurance implementation, interior expansion and rate increases
High-quality construction

OFFERING DESCRIPTION

Shadow Mountain

Shadow Mountain currently contains 294 units within 52,995 rentable square feet and an onsite property office. It possesses prominent frontage with signage and is located on Sheridan Avenue with 16,500+ vehicles per day travelling past the site. The property is sited on 2.7 acres in a densely developed area of Tulsa with strong demographics ($88,000 Average HH Income) and population (87,000) within the three-mile trade area.

The property has undertaken extensive renovations over the past two years including but not limited to:

• New tear off and installation of a TPO roof with 10-year transferable warranty on the main building,

LED lighting conversion
HVAC repairs and replacement
Electrical
Paint
Signage

which has resulted in an 25% increase in occupancy, while maintaining strong rental rates.

Shadow Mountain Upside

There is significant upside remaining in this location due with and aggressive tenant insurance strategy and conversion of the 1st and 2nd floor non-traditional retail tenants to climate controlled self-storage. We anticipate this will increase the rent per square foot from $2.75 rsf to $10.80 rsf annually. Based on market tenant insurance penetration and profitability metrics (see Assumption’s page), it is estimated this would increase annual revenue by $10,000 per year based on the current occupancy of 85%. The net gain on in Potential Rent Income for the 1st floor is estimated to be $44,736.

Argus Info

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