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Self-Storage Facility

Apublix Self Storage

1300 S MacArthur Blvd, Oklahoma City, OK 73128

Listing Price: $8,000,000

Cap Rate
6.82%
Number of Units
558
Occupancy
80.0%
Rentable SF
82,664
Price/Rentable SF
$96.78
Year Built
2015

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Apublix Self Storage. The offering consists of an 82,664 rentable-square foot “Class A” storage facility resting on two parcels encompassing approximately 3.85 acres in Oklahoma City, Oklahoma. Originally constructed to institutional-grade standards in 2014 and later expanded in 2017, the property is comprised of 91 climate-controlled units, 407 non-climate units, and 60 uncovered parking spaces. The facility has a total of 13 storage buildings and a leasing office. The storage buildings are metal, with garage-style roll-up doors, and standing seam metal roofs. The facility features wrought iron fencing, a personalized key-pad gate system, perimeter fencing and lighting, camera surveillance, automated remote leasing technology with on-site kiosk, 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, Oklahoma City continues to attract investors searching for reliable yield and capital appreciation within an otherwise highly volatile global market – as evidenced by Public Storage’s September 2022 acquisition of a ten-property portfolio located in Oklahoma City. Apublix Self Storage benefits from excellent visibility and accessibility provided by its frontage on South MacArthur Boulevard, which sees approximately over 20,000 vehicles per day. The facility is operated by an out of state owner, which is almost certainly the reason why physical occupancy has been languishing at only 58 percent even though virtually all of the facility’s competitors boast physical occupancy rates at or above 90 percent (October 2022). Given the facility’s presence within a low vacancy trade area, a new operator will be in a position to add substantial value throughout the hold period by engaging a professional management company to lease vacant units and implement a revenue management program reflecting what has become normal and customary in today’s storage market. Upon raising rents to market norms and achieving 85 percent economic stabilization, at a purchase price of $8,000,000, a new owner will be in position to capture unleveraged pro-forma yields exceeding 7.25 percent and a leveraged pro-forma cap rate of 8.05 percent.

Investment Highlights

  • 6.82% End-of-Year-One Cap Rate – 8.05% Pro Forma
  • Climate Controlled Rental Rates Apx. 11% Below Submarket Averages
  • Excellent Visibility on South MacArthur Blvd with over 20,000 VPD
  • Fully Enclosed Boat/RV Units with 65' Wide Concrete Drive Aisles
  • Controlled Access with Individually Alarmed Units

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (918) 294-6300

    License(s) OK: 149994

    Oklahoma

Self-Storage Facility

Apublix Self Storage

Listing Price: $8,000,000

Cap Rate
6.82%
Number of Units
558
Occupancy
80.0%
Rentable SF
82,664
Price/Rentable SF
$96.78
Year Built
2015

Investment Highlights

  • 6.82% End-of-Year-One Cap Rate – 8.05% Pro Forma
  • Climate Controlled Rental Rates Apx. 11% Below Submarket Averages
  • Excellent Visibility on South MacArthur Blvd with over 20,000 VPD
  • Fully Enclosed Boat/RV Units with 65' Wide Concrete Drive Aisles
  • Controlled Access with Individually Alarmed Units

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Apublix Self Storage. The offering consists of an 82,664 rentable-square foot “Class A” storage facility resting on two parcels encompassing approximately 3.85 acres in Oklahoma City, Oklahoma. Originally constructed to institutional-grade standards in 2014 and later expanded in 2017, the property is comprised of 91 climate-controlled units, 407 non-climate units, and 60 uncovered parking spaces. The facility has a total of 13 storage buildings and a leasing office. The storage buildings are metal, with garage-style roll-up doors, and standing seam metal roofs. The facility features wrought iron fencing, a personalized key-pad gate system, perimeter fencing and lighting, camera surveillance, automated remote leasing technology with on-site kiosk, 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, Oklahoma City continues to attract investors searching for reliable yield and capital appreciation within an otherwise highly volatile global market – as evidenced by Public Storage’s September 2022 acquisition of a ten-property portfolio located in Oklahoma City. Apublix Self Storage benefits from excellent visibility and accessibility provided by its frontage on South MacArthur Boulevard, which sees approximately over 20,000 vehicles per day. The facility is operated by an out of state owner, which is almost certainly the reason why physical occupancy has been languishing at only 58 percent even though virtually all of the facility’s competitors boast physical occupancy rates at or above 90 percent (October 2022). Given the facility’s presence within a low vacancy trade area, a new operator will be in a position to add substantial value throughout the hold period by engaging a professional management company to lease vacant units and implement a revenue management program reflecting what has become normal and customary in today’s storage market. Upon raising rents to market norms and achieving 85 percent economic stabilization, at a purchase price of $8,000,000, a new owner will be in position to capture unleveraged pro-forma yields exceeding 7.25 percent and a leveraged pro-forma cap rate of 8.05 percent.

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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