Always Storage consists of 134,295 rentable square feet under roof, in addition to 17,700 rentable square feet of parking space on approximately 12.63 acres of land. The facility offers a large variety of well-maintained options, including 108 climate-controlled units, 585 non-climate-controlled units, 14 fully-enclosed boat/RV parking spaces, 50 covered RV and boat parking spaces and 44 standard rental parking spaces for a total of 801 units. The facility has a solid physical and economic occupancy of 85 percent with ample room for growth. Additionally, the subject offers a newly remodeled office space. Moreover, there is a prime opportunity to expand upon 2.78 acres at the facility’s annex location, which is ideal for highly coveted boat/RV storage spaces. To ensure a secure premise, the facility offers coded entry, video surveillence and electronic gating, in addition to 24-hour kiosk service for consumer convenience.
The subject property is situated in Guthrie, Oklahoma, which is a key suburban component of the Oklahoma City Metroplex. The facility offers direct frontage along South Division Street and offers convenient access to Interstate 35, which witnesses a traffic count exceeding 42,000 vehicles per day. Additionally, Always Storage serves as the primary storage provider for the Northern Oklahoma City MSA; there is only one competitor within a mile of the subject property and only three total storage providers within five miles, demonstrating the need for self-storage within the area. Guthrie is just 15 miles north of Edmond, Oklahoma, which is one of the most affluent regions in the state. Edmond has seen the population climb by 15 percent since 2010. Furthermore, Guthrie is approximately 30 minutes from the center of downtown Oklahoma City.
The opportunity allows an investor with the ability to acquire a stabilized asset with multiple upsides. An investor can increase advertising and implement professional management to further raise occupancies, which are already well-established. Additionally, there will be an opportunity to capitalize by raising rates, as several drive-up unit prices are currently below the comparable average. The property has excellent projected financials with cash-on-cash returns of 10.4 percent and 12.0 percent in years one and two, in addition to leveraged IRRs of 20.8 percent and 20.6 percent in years five and seven. There is further upside through implementing a robust tenant insurance and truck rental program. Always Storage is a well maintained storage asset and has found consistent success with limited competition in the immediate trade area, making for an excellent investment for years to come.
- Established Storage Asset with Limited Competition in the Northern Oklahoma City Metroplex
- Just North of Edmond, Oklahoma; One of the State Most Affluent Divisions with a Growth Rate of 15 Percent Since 2010
- Prime Opportunity to Raise Rates to Meet the Comparable Average
- Only One Competitor within a Mile of the Subject Property and Only Three Storage Providers within Five Miles
- Cash-on-Cash Returns of 10.4 Percent and 12.0 Percent in Years One and Two
- Leveraged IRR of 20.8 Percent in Year Five
- 2.78 Acres of Expansion Potential at the Facility’s Annex Location
- Close Proximity to Interstate 35 with Over 42,000 Vehicles Per Day