Tulsa, OK Self Storage

Tulsa, OK Self Storage2019-12-03T16:39:55-05:00

Project Description

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

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NRSF – 45,000

511 North Elm Street
Jenks, Oklahoma 74037

Tulsa, OK Self Storage is comprised of 22,400 rentable square feet and 234 units. The facility was built in 2018 and is nearly leased-up; the property has additional warehouse space which can be converted to storage to meet the market demand. Conversion will yield an additional 22,600 square feet and 168 units, totaling 45,000 rentable square feet and 402 units post-conversion. The subject is well-maintained and features perimeter-wide fencing, state-of-the-art lighting, video surveillance and an on-site property manager to ensure secure self-storage. The property boasts an excellent location off North Elm Street and serves as the premier self-storage option in Jenks, Oklahoma, the top suburb in the Tulsa, OK MSA.

The subject property resides on approximately 3.83 acres in downtown Jenks, Oklahoma. The surrounding region is rapidly expanding with a projected three-mile population growth rate of 1.4 percent annually from 2019 to 2023. The suburb‘s Riverwalk District has been revitalized with a variety of restaurants and entertainment options. The facility is within close proximity to all of the suburb’s heavily-utilized amenities and offers premium frontage along Elm Street, which has a traffic count exceeding 21,000 vehicles per day. The site is 0.8 miles from the Creek Turnpike, which also sustains a vehicle count of over 21,000 per day. Interstate 75 is approximately 3.5 miles from the property, with a traffic count in excess of 50,000 vehicles daily. Tulsa, OK Self Storage is encompassed by residential housing and is within a mile of several resources and points of interest, including Jenks Public Schools, Jenks Performing Arts Center, Tulsa Tech, Richard L. Jones Airport, Summit Apartments, Riverwalk Apartments and Grace Living Center. Additionally, the site is within 0.5 miles of McDonald’s, Walgreens, Taco Bell, Sonic, USPS, KFC, Chase Bank and O’Reilly Auto Parts, among others. The site is conveniently situated approximately 10 miles from downtown Tulsa.

Tulsa, OK Self Storage offers multiple upsides as the primary self-storage option for the surrounding communities. The suburb’s high growth rate further validates the site’s warehouse conversion potential, as the need for storage within the area is increasing every year. The facility has solid proforma financials with cash-on-cash returns of 23.0 percent and 24.7 percent in years two and three, in addition to a leveraged IRR of 29.6 percent in year seven. Additionally, the subject’s revenue potential is reflected in a proforma cap rate of 8.92 percent. The site will benefit from installing a tenant insurance program in addition to collecting late fees. Overall, an investor has the unique opportunity to capitalize on a facility representing the best of the market with limited competition in a growing region.

Investment Highlights:

  • Best-of-the-Market with Multiple Upsides and Limited Competition in the Tulsa Metro Area
  • Projected Three-Mile Population Growth Rate of 1.4 Percent Annually from 2019-2023
  • Capitalize on Rapid Lease-Up and Buildout Potential to Meet the Market’s Demand for Storage
  • Solid Proforma Cap Rate of 8.92 Percent
  • Cash-On-Cash Returns of 23.0 Percent and 24.7 Percent in Years Two and Three
  • Leveraged IRR of 29.6 Percent in Year Seven
  • Opportunity to Increase Revenue Through Tenant Insurance & Late Fees
  • Strong Visibility and Frontage Along Elm Street, With a Traffic Count Exceeding 21,000 Vehicles Daily
  • 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 Tulsa, OK Self Storage.

    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.