Oklahoma Self Storage Opportunity

Oklahoma Self Storage Opportunity2020-11-18T10:56:47-05:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale the Oklahoma Self Storage Opportunity.

$2,900,000 – 64,890 NRSF

1060 N Heritage Lane
Tahlequah, OK 74464

The subject property is comprised of 64,890 rentable square feet on approximately 3.4 acres of land. The facility currently offers 356 non-climate-controlled units, 34 covered rental parking spaces and 50 potential expansion parking spaces for a total of 440 units. The facility is stabilized with excellent physical and economic occupancies of 99 percent and 87 percent, demonstrating a significant market footprint in an underserved division of Cherokee County. The subject advantageously offers 2.5 acres of expansion adjoining the facility, providing the ability to implement additional parking spaces to accommodate the growing demand. To ensure a secure premise, the facility is equipped with video surveillance, fencing, keypad entry and gated access. Furthermore, the facility offers a one bedroom/one bathroom on-site manager’s apartment.

The subject property is situated in Tahlequah, Oklahoma, which is the county seat and cultural center of Cherokee County. The facility offers premium visibility and frontage along Bertha Parker Boulevard, which sees traffic counts of over 18,000 vehicles daily. The site benefits as one of the primary storage providers for the surrounding area, as indicated by the facility’s high occupancies. There is only one competitor within a mile of the site. Tahlequah is situated just over an hour from Tulsa, Oklahoma and offers a wide variety of natural amenities due to its location at the foothills of the Ozark Mountain Range.

The Oklahoma Self Storage Opportunity allows an investor the ability to acquire a stabilized self-storage asset with multiple upsides, including excellent financial projections over the next several years. The subject boasts strong leveraged IRRs of 18.7 percent and 19.4 percent in years five and seven, in addition to cash-on-cash returns of 12.1 percent and 13.2 percent in years two and three. The high occupancies are indicative of the subject’s established presence in the market, and an investor can further capitalize on the high demand for storage by expanding upon the adjacent land. Additionally, an investor can increase revenue by implementing truck rentals and a robust tenant insurance program. The subject represents a prime opportunity to acquire a well-maintained storage asset with an exceptional market footprint in Cherokee County, Oklahoma.

Investment Highlights:

  • Stabilized Asset with Multiple Upsides and an Established Presence in Tahlequah, Oklahoma
  • Direct Frontage Along Bertha Parker Blvd, With Traffic Counts Exceeding 18,000 Vehicles Daily
  • 99 Percent Physical Occupancy Demonstrating a Superior Market Footprint
  • 2.5 Acres of Expansion Potential Adjoining the Property
  • Leveraged IRR of 18.7 Percent in Year Five
  • Cash-on-Cash Returns of 12.1 Percent and 13.2 Percent in Years Two and Three
  • Capitalize by Implementing Professional Management and Boosting Ancillary Income
  • 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 Oklahoma Self Storage Opportunity.

    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.