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.
- 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