The subject property represents a newly-constructed, Class A storage asset comprised of 52,818 rentable square feet on approximately 3.43 acres of land. The facility offers 71 climate-controlled units, 176 non-climate-controlled units and 19 parking spaces for a total of 266 premium storage options. The property offers units with drive-up access for consumer convenience. The subject was constructed in 2018 and currently has solid physical and economic occupancies of 93 percent and 78 percent, respectively. The facility experienced a rapid lease-up phase and has further room for growth in this thriving district of the Tulsa Metro Area. To ensure secure storage, the property utilizes electronic gate access, a fully-fenced perimeter and 24-hour video surveillance.
The subject property is ideally located in the suburban component of Jenks, Oklahoma; an affluent region of the Tulsa MSA. There are over 47,000 residents and an average annual household income exceeding $79,000 within three miles of the property, far surpassing the national average. The high household income is indicative of the region’s desirable traits, which include premium housing and a multitude of retail and dining options just outside downtown Tulsa. Furthermore, the facility benefits from limited competition within the immediate trade area and is the newest storage provider for the dense surrounding communities.
The opportunity allows an investor the ability to acquire a newly-constructed facility with multiple upsides in a prosperous location. A buyer can maximize profits by continuing to grow occupancies as one of the newest storage providers in the trade area. The property has forward-looking financials, including a cash-on-cash return of 9.4 percent in year three and a leveraged IRR of 18.9 percent in year five. There is additional upside through boosting the current tenant insurance program and implementing a truck rental program, in addition to raising the 10×10 and 10×15 climate-controlled rental rates to meet the comparable average. The facility’s premium amenities and new construction in a desirable district of the Tulsa Metro Area comprises an ideal investment positioned for consistent success sand ample growth in the current and future market.
- Newly-Constructed, Class A Storage Asset in the Affluent Suburb of Jenks, Oklahoma
- Three-Mile Household Income Exceeding $79,000 Annually
- Excellent Physical Occupancy of 93 Percent with Room for Growth
- Limited Competition within the Immediate Trade Area; Tulsa Hills Storage is the Newest Storage Provider within the Region
- Raise 10×10 and 10×15 Climate-Controlled Rates to Meet the Comparable Average
- Cash-on-Cash Return of 9.4 Percent in Year Three
- Premium Amenities and New Construction in a Desirable District of the Tulsa MSA Comprise the Ideal Storage Investment