Neighbors Coffee Self Storage

Neighbors Coffee Self Storage2021-03-02T17:36:53-05:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale of Neighbors Coffee Self Storage located in Oklahoma City, OK.

Price $9,000,000
NRSF – 33,522

11 NE 11th St Oklahoma City, OK

The Self-Storage Group of Cushman & Wakefield has been selected to exclusively market the sale of the Neighbors Self-Storage Opportunity. Neighbors Storage is centrally located in downtown Oklahoma City and currently comprised of 33,522 rentable square feet of storage, 119 parking spaces and 11,569 square feet of industrial style office space. The entire facility consists of 97,124 square feet of enclosed space and currently offers 191 units, in addition to 133 future expansion units across 27,688 rentable square feet. The Property is equipped with video surveillance, keypad entry, and drive-through access. The facility is well maintained and has a current physical occupancy of 68.3 percent, demonstrating the tremendous upside potential with improved professional management efficiencies within the heart of downtown Oklahoma City. The subject property is ideally situated within downtown OKC, centrally located between the thriving Innovation District, Automobile Alley, and Bricktown. As a result of the central location, Oklahoma City is investing well over $100 million in city funds, providing an estimated $1.2 billion economic impact on the district and creating 6,600 new jobs. Neighbors Storage is strategically placed to become the primary storage provider for the Innovation District. Additionally, the facility offers frontage and premium visibility from Interstate 235, which cuts directly through the center of downtown OKC and has daily traffic counts of over 95,100 vehicles daily. Oklahoma City is a top 55 MSA in the United States, and with the intentional future economic investments continuing to foster development in downtown OKC, Neighbors Storage is poised for sustained growth and opportunity. Neighbors Storage allows an investor the ability to acquire a stabilized asset with multiple revenue streams and unbelievable upside in both the property and location. Following expansion, the subject boasts leveraged IRRs of 16.1 percent and 16.2 percent in years five and seven, in addition to cash-on-cash returns of 8.5 percent and 9.6 percent in years three and four. The facility offers a rare opportunity to capitalize on expansion potential, demand, and location in an area of rapid growth and revitalization.

OFFERING HIGHLIGHTS
• Ideally located Between Bricktown, Automobile Alley, and Innovation Districts
• City Estimates $1.2 Billion Dollars of Economic Improvement in the immediate Area Over the Next 10 Years and 6,600 Additional Jobs
• 33,522 Square Feet of Expansion Potential On-Site and Under Roof
• 11,569 of Premier Co-Working Office Space
• High Demand for Climate-Controlled Units in Downtown Oklahoma City
• Leveraged IRR of 16.1 Percent in Year Five
• Cash-on-Cash Returns of 8.5 Percent and 9.6 Percent in Years Three and Four

  • 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 Neighbors Coffee Self-Storage located in Oklahoma City, OK.

    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.