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.
• 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