Tulsa, Oklahoma Storage Opportunity

Tulsa, Oklahoma Storage Opportunity2021-09-16T12:41:40-04:00

Project Description

The Self-Storage Group of Cushman & Wakefield has been selected to exclusively market the sale of a property in Tulsa, OK.

Price: $1,750,000

Total Size – 58,935 NRSF

The Self-Storage Group of Cushman & Wakefield has been selected to exclusively market the sale of a property in Tulsa, OK.

Offered below replacement cost at $30 per NRSF, the subject property represents a Class C self-storage asset comprised of 58,935 rentable square feet on approximately 3.23 acres of land. The facility offers 30 office warehouse units, 34 office storage units and 44 standard storage units. The property offers both conventional drive-up access units and office warehouse units for consumer convenience. The subject was constructed in 1985 with current physical and economic occupancies of 39 percent and 31 percent. With current market occupancy rates between 85% and 90%, the lack of professional storage management
provides a buyer the opportunity to maximize significant returns upon lease up. The property is fully fenced with a new electronic gate access that is not currently utilized by management.

The subject property is located in the center of Tulsa, Oklahoma. With over 69,000 residents and an average annual household income exceeding $83,000 within three miles of the property, the location is the cost leader in the area. The facility offers good visibility and access from S. Peoria Avenue, which sees traffic counts of over 18,000 vehicles daily. The facility is adjacent to multiple single-family residential communities, four apartment complexes (the Riverbank Apartments, the View at Riverside Apartments, the Parc 1010 Apartments and the Lincoln Glens Apartments), two Private Secondary Schools (Metro
Christian Academy and Victory Christian School) and Oral Roberts University.

The Facility represents an excellent opportunity to acquire an asset with significant upside in a top 60 MSA. Buyers will see an immediate increase in returns by implementing and maximizing management efficiencies, increasing occupancies and installing an effective marketing presence. Year 2 and Year 3 Cash-On-Cash Returns projected at 14.4 percent and 19.6% respectively, with leveraged IRRs of 15.5 percent and 17.0 percent in years five and seven.

INVESTMENT HIGHLIGHTS

  • Priced Below Replacement Cost at $30/NRSF
  • Substantial Upside Through Management Efficiently
  • Market occupancy over 90%
  • Cash-on-Cash Returns:
    • Year Two: 14.4 Percent
    • Year Three: 19.6 Percent
  • Leveraged IRRs:
    • Year Five: 15.5 Percent
    • Year Seven: 17.0 Percent
  • Strategically Situated in the Tulsa, OK Metro a Top 60 U.S. MSA
  • Three-Mile Population of Over 69,000 Residents
  • Close Proximity to Multiple Apartment Complexes, Retail Centers, Private Secondary Schools and Universities
  • 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 the Tulsa, OK Storage Opportunity (Peoria).

    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.