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Self-Storage Facility

Cambridge Mini Storage

4801 W Main St, Norman, OK 73072

Listing Price: $7,100,000

Cap Rate
6.21%
Number of Units
754
Occupancy
89.6%
Rentable SF
87,700
Price/Rentable SF
$80.96
Year Built
1995

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Cambridge Mini Storage, located in Norman, Oklahoma. The offering consists of an 87,700 rentable-square foot storage facility that was originally built in 1995, and rests on approximately 5.32 acres of land. The property is comprised of 690 non-climate drive up units, and 64 uncovered parking spaces. The facility has a total of 22 storage buildings, a manager's residence, and a professional leasing office. The storage buildings are brick construction, with garage-style roll-up doors, and composite shingle roofs. The facility features wrought iron fencing, personalized key-pad gate system, perimeter lighting, 24/7 video camera surveillance, individually alarmed units, and wide concrete driveways. Acquisition of the property would provide a new operator with an excellent value-add opportunity in a thriving Oklahoma economy. To be sure, the greater Oklahoma City metropolitan area continues to attract investors searching for reliable yield and capital appreciation within an otherwise highly volatile global market. The facility is approximately 90 percent physically occupied as of July 2022, and virtually all of its competitors boast occupancy rates at or above 90 percent as well. With that said, the facility’s July 2022 economic occupancy rate resides at only 63 percent. Given the facility’s presence within a low vacancy trade area, a new operator will be in position to add substantial value throughout the hold period by raising effective rates on existing tenants who currently occupy their units at rates significantly below market, and then increasing those street rates over time. Independent of the above, substantial value could also be created by adding a climate-controlled building where the existing uncovered parking is located. At a purchase price of $7,100,000, a new operator will be in a position to achieve a broker-adjusted year-one cap rate of 6.18 percent, while simultaneously securing the opportunity to achieve a pro-forma a cap rate of 8.36 percent perhaps as soon as year two.

Investment Highlights

  • 6.18 % Broker-Adjusted Year One Cap Rate – 8.36% Pro Forma
  • 90% Percent Physical Occupancy / 63% Economic Occupancy (July 2022)
  • Attractive Submarket Fundamentals with High Population Growth Rates

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (918) 294-6300

    License(s) OK: 149994

    Oklahoma

Self-Storage Facility

Cambridge Mini Storage

Listing Price: $7,100,000

Cap Rate
6.21%
Number of Units
754
Occupancy
89.6%
Rentable SF
87,700
Price/Rentable SF
$80.96
Year Built
1995

Investment Highlights

  • 6.18 % Broker-Adjusted Year One Cap Rate – 8.36% Pro Forma
  • 90% Percent Physical Occupancy / 63% Economic Occupancy (July 2022)
  • Attractive Submarket Fundamentals with High Population Growth Rates

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Cambridge Mini Storage, located in Norman, Oklahoma. The offering consists of an 87,700 rentable-square foot storage facility that was originally built in 1995, and rests on approximately 5.32 acres of land. The property is comprised of 690 non-climate drive up units, and 64 uncovered parking spaces. The facility has a total of 22 storage buildings, a manager's residence, and a professional leasing office. The storage buildings are brick construction, with garage-style roll-up doors, and composite shingle roofs. The facility features wrought iron fencing, personalized key-pad gate system, perimeter lighting, 24/7 video camera surveillance, individually alarmed units, and wide concrete driveways. Acquisition of the property would provide a new operator with an excellent value-add opportunity in a thriving Oklahoma economy. To be sure, the greater Oklahoma City metropolitan area continues to attract investors searching for reliable yield and capital appreciation within an otherwise highly volatile global market. The facility is approximately 90 percent physically occupied as of July 2022, and virtually all of its competitors boast occupancy rates at or above 90 percent as well. With that said, the facility’s July 2022 economic occupancy rate resides at only 63 percent. Given the facility’s presence within a low vacancy trade area, a new operator will be in position to add substantial value throughout the hold period by raising effective rates on existing tenants who currently occupy their units at rates significantly below market, and then increasing those street rates over time. Independent of the above, substantial value could also be created by adding a climate-controlled building where the existing uncovered parking is located. At a purchase price of $7,100,000, a new operator will be in a position to achieve a broker-adjusted year-one cap rate of 6.18 percent, while simultaneously securing the opportunity to achieve a pro-forma a cap rate of 8.36 percent perhaps as soon as year two.

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (918) 294-6300

    License(s): OK: 149994

    Oklahoma

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