The Locker Room Self Storage

The Locker Room Self Storage2020-06-18T16:46:56-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale The Locker Room Self Storage.

$2,200,000 – 34,375 NRSF

3007 SW 59th St
Oklahoma City, OK 73119
The Oklahoma City Metropolitan Area

The Locker Room Self Storage is comprised of 59,375 rentable square feet on approximately 3.6 acres of land. The facility currently offers 266 drive-up units across 34,375 rentable square feet, in addition to 233 future expansion units across 25,000 rentable square feet directly adjoining the property. To ensure a secure premise, the facility is equipped with video surveillance, perimeter-wide fencing, keypad entry, alarmed units and gated access. The facility is well maintained and has a current physical occupancy of 99 percent, demonstrating the high demand for self-storage within Oklahoma’s most populated MSA.

The subject property is ideally situated within a thriving corridor of Oklahoma City and benefits from a dense population exceeding 104,000 individuals within three miles of the site. The facility offers premium visibility and access from SW 59th Street, which sees traffic counts of over 14,000 vehicles daily. This thoroughfare serves as a major thoroughfare and commuter roadway to the Oklahoma City Metro Area. The Locker Room Self Storage has established a significant market footprint as the primary storage provider for the surrounding area; there is only one competitor within a mile of the property. Oklahoma City is one of the largest metro areas in the United States and is home to one of the world’s largest livestock markets. Furthermore, Oklahoma City advantageously offers one of the nation’s most affordable housing markets.

The Locker Room Self Storage allows an investor the ability to acquire a stabilized, Class A self-storage asset with multiple upsides, including forward-looking financials. The subject boasts leveraged IRRs of 34.8 percent and 29.7 percent in years five and seven, in addition to cash-on-cash returns of 17.8 percent and 23.8 percent in years two and three. The facility is stabilized and offers a rare opportunity to capitalize on expansion potential; the adjoining land at the site is fenced-in and ready for construction. There is a high demand for climate-controlled units in this MSA. Additionally, an investor can further profit by raising rates to meet the market average in this underserved division of Oklahoma City.

Investment Highlights:

  • Stabilized, Class A Facility in the Densely-Populated Oklahoma City MSA
  • Serves as the Primary Self-Storage Facility for the Surrounding Communities
  • 99 Percent Physical Occupancy Demonstrating a Significant Market Footprint
  • 25,000 Square Feet of Expansion Potential On-Site and Fenced-In, Ready for Construction
  • High Demand for Climate-Controlled Units in Oklahoma City
  • Leveraged IRR of 34.8 Percent in Year Five
  • Cash-on-Cash Returns of 17.8 Percent and 23.8 Percent in Years Two and Three
  • Capitalize by Raising Rates to Meet the Comparable Average
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as The Locker Room Self Storage.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.