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Self-Storage Facility

Storage Plus of Pine Bluff

3009 W Pullen Ave, Pine Bluff, AR 71601

Listing Price: $1,350,000

Cap Rate
6.71%
Number of Units
199
Occupancy
85.0%
Rentable SF
28,225
Price/Rentable SF
$47.83
Year Built
1991

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Storage Plus of Pine Bluff located in Pine Bluff, Arkansas. Storage Plus of Pine Bluff is a 28,225 net rentable square foot facility comprised of 199 non-climate-controlled units. The facility offers features including, but not limited to video surveillance throughout the property, asphalt driveways, and perimeter chain-link fencing with barbed wire. Storage Plus of Pine Bluff is located at 3009 W. Pullen Ave, Pine Bluff, Arkansas 71601. The city of Pine Bluff has a population of 46,140 and is home to the University of Arkansas Pine Bluff. UAPB is an 1890 Land-Grant HBCU with a diverse population of 2,670 registered students in the fall of 2021. UAPB is located 1.6 miles away from the Storage Plus of Pine Bluff facility. In addition to the university, key economic drivers for the area include the new Saracen Casino Resort, the Arkansas River Widening Project, and the Arkansas Department of Corrections. The Saracen Casino Resort opened in 2020 and currently employs 1,200 people from the Pine Bluff area. The casino is the first and only stand-alone casino in the state of Arkansas. The facility consists of an 80,000 square foot gaming area with 2,300 slot machines, 40 table games, and a dedicated poker room. Saracen Casino Resort is located 5.4 miles away from Storage Plus of Pine Bluff. The Arkansas River Widening Project is an initiative by the U.S. Army Corps civil works program to deepen the McClellan-Kerr Arkansas River Navigation System from 9 feet to 12 feet. The river deepening project is intended to increase payload capacity for barges passing through the 445-mile navigation channel that begins at the confluence of the White and Mississippi Rivers. Deepening the navigation system is expected to increase cargo capacity for each barge passing through by 43 percent. The McClellan-Kerr Arkansas River Navigation System has a $1.1 billion annual impact on the Arkansas economy. The five port cities located along the river are Pine Bluff, Little Rock, Fort Smith, Muskogee Oklahoma, and Tulsa Oklahoma. The facility was vacant when it was purchased in December of 2020 and has been rehabbed extensively. The office was fully remodeled along with the on-site efficiency apartment, and the majority of doors were replaced. In addition, the exterior walls and doors were refreshed with a new coat of paint. The Storage Plus of Pine Bluff facility had its grand opening on May 15th, 2021 and continues to experience growth in occupancy. The property includes a small car wash facility that sits on +/- 1.35 acres of additional land which includes the adjacent lot to the north. The car wash is not operational and provides a new owner the opportunity to add more storage buildings to the property. A new owner could take advantage of this expansion land and the limited climate control options in town by adding climate-controlled units to the property. By increasing physical occupancy and performing the remaining capital expenditures such as a new gate and 25 doors, a new investor could achieve a 6.71 percent return at the end of year two

Investment Highlights

  • 28,225 NRSF – 199 units
  • 6.71 Percent End of Year 2 Cap Rate
  • $47.83 Per NRSF | Well Below Market Price Per NRSF
  • +/- 1.35 Acres of Expansion Land
  • Newly Remodeled Office & On-Site Efficiency Apartment | Majority of Doors Have Been Replaced
  • Located 1.6 Miles From the University of Arkansas Pine Bluff and 5.4 Miles From Saracen Casino Resort
  • Current Out of State Owner Has Difficulty Managing the Property Due to Geographical Constraints

Exclusively Listed By

Broker of Record

  • Anne Williams

    First Vice President Investments

    (901) 620-3600

    License(s) AR: PB00066390

    Arkansas

Self-Storage Facility

Storage Plus of Pine Bluff

Listing Price: $1,350,000

Cap Rate
6.71%
Number of Units
199
Occupancy
85.0%
Rentable SF
28,225
Price/Rentable SF
$47.83
Year Built
1991

Investment Highlights

  • 28,225 NRSF – 199 units
  • 6.71 Percent End of Year 2 Cap Rate
  • $47.83 Per NRSF | Well Below Market Price Per NRSF
  • +/- 1.35 Acres of Expansion Land
  • Newly Remodeled Office & On-Site Efficiency Apartment | Majority of Doors Have Been Replaced
  • Located 1.6 Miles From the University of Arkansas Pine Bluff and 5.4 Miles From Saracen Casino Resort
  • Current Out of State Owner Has Difficulty Managing the Property Due to Geographical Constraints

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Storage Plus of Pine Bluff located in Pine Bluff, Arkansas. Storage Plus of Pine Bluff is a 28,225 net rentable square foot facility comprised of 199 non-climate-controlled units. The facility offers features including, but not limited to video surveillance throughout the property, asphalt driveways, and perimeter chain-link fencing with barbed wire. Storage Plus of Pine Bluff is located at 3009 W. Pullen Ave, Pine Bluff, Arkansas 71601. The city of Pine Bluff has a population of 46,140 and is home to the University of Arkansas Pine Bluff. UAPB is an 1890 Land-Grant HBCU with a diverse population of 2,670 registered students in the fall of 2021. UAPB is located 1.6 miles away from the Storage Plus of Pine Bluff facility. In addition to the university, key economic drivers for the area include the new Saracen Casino Resort, the Arkansas River Widening Project, and the Arkansas Department of Corrections. The Saracen Casino Resort opened in 2020 and currently employs 1,200 people from the Pine Bluff area. The casino is the first and only stand-alone casino in the state of Arkansas. The facility consists of an 80,000 square foot gaming area with 2,300 slot machines, 40 table games, and a dedicated poker room. Saracen Casino Resort is located 5.4 miles away from Storage Plus of Pine Bluff. The Arkansas River Widening Project is an initiative by the U.S. Army Corps civil works program to deepen the McClellan-Kerr Arkansas River Navigation System from 9 feet to 12 feet. The river deepening project is intended to increase payload capacity for barges passing through the 445-mile navigation channel that begins at the confluence of the White and Mississippi Rivers. Deepening the navigation system is expected to increase cargo capacity for each barge passing through by 43 percent. The McClellan-Kerr Arkansas River Navigation System has a $1.1 billion annual impact on the Arkansas economy. The five port cities located along the river are Pine Bluff, Little Rock, Fort Smith, Muskogee Oklahoma, and Tulsa Oklahoma. The facility was vacant when it was purchased in December of 2020 and has been rehabbed extensively. The office was fully remodeled along with the on-site efficiency apartment, and the majority of doors were replaced. In addition, the exterior walls and doors were refreshed with a new coat of paint. The Storage Plus of Pine Bluff facility had its grand opening on May 15th, 2021 and continues to experience growth in occupancy. The property includes a small car wash facility that sits on +/- 1.35 acres of additional land which includes the adjacent lot to the north. The car wash is not operational and provides a new owner the opportunity to add more storage buildings to the property. A new owner could take advantage of this expansion land and the limited climate control options in town by adding climate-controlled units to the property. By increasing physical occupancy and performing the remaining capital expenditures such as a new gate and 25 doors, a new investor could achieve a 6.71 percent return at the end of year two

Exclusively Listed By

Broker of Record

  • Anne Williams

    First Vice President Investments

    (901) 620-3600

    License(s): AR: PB00066390

    Arkansas

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