The Self-Storage Group of Cushman & Wakefield has been selected to exclusively market the sale of the Piedmont, OK Self-Storage Development Opportunity.
Located on Northwest Expressway and Piedmont Road in the burgeoning community of Piedmont, OK, the site benefits from high traffic and premium visibility, consistent population growth, an excellent demographic profile, high occupancy rates, strong market rental rates, convenient ingress and egress and extremely favorable construction conditions. With an in-place PUD and on-site water retention to be completed by Seller, the Piedmont, OK site is an investor’s ideal development opportunity for immediate construction in a growth market.
The proposed development site calls for traditional single storage construction and will also be delivered with on-site water retention resulting in highly efficiency and attractive building costs. A combined gross building area of 100,600 square feet is projected to yield approximately 47,700 net rentable square feet of standard storage and 44,300 net rentable square feet of climate-controlled storage. The disposition IRR is projected above 33% with Year 4 Cash-on-Cash Returns at 11.6%. The successful buyer/developer will benefit from a facility that is ideally situated in an expanding and affluent market with strong rental rates and exceptional growth.
Traffic counts on Northwest Expressway, which runs directly in front of the proposed facility, stand at 20,775 vehicles per day. With total population growth over 3% and an average annual household income of $105,376, the location strongly outpaces national averages. Additionally, population within a five miles radius of the property has grown more than 120% in the last 10 years. There are no other proposed self-storage projects in the development pipeline within five miles of the proposed facility. Average annual self-storage rental rates in the market are approximately $12.00 per square foot.
- In-Place PUB, Pending Building Permits
- 10 Year Population Growth Over 120% in a 5 Mile Radius
- Excellent Demographic Profile – Average Household Income $105,376
- High Visibility Location Along Northwest Expressway & Piedmont Road
- Water Retention Completed by Seller
- 90,000+ NRSF Single Storage Preliminary Site Plan
- Disposition IRR over 33%
- Cash-On-Cash: Year 4: 11.6%; Year 5: 13.1%