Investment Overview

Wildcat Self Storage is a 6,550 rentable-square foot self-storage facility resting on five parcels encompassing approximately 1.44 acres in Piedmont, OK. The facility contains 45 non-climate drive up units ranging in size from 50 to 200 rentable-square feet, and three uncovered parking spaces. The storage buildings are metal, with garage-style roll-up doors and standing seam metal roofs, personalized key-pad gated entry, concrete drives, and perimeter fencing. The facility was built in 2009 and has consistently maintained over 90 percent occupancy. Over the past few years, Piedmont, OK has witnessed a remarkable surge in demand for storage facilities, exemplifying a thriving market with tremendous potential for growth. Piedmont has seen a steady influx of residents and businesses alike, driving the need for reliable and secure storage. The growth rate was 89.91 percent between the years of 2000 and 2010, and according to the latest census data, the population of Piedmont has surged by over 14 percent in the past two years, signifying a substantial increase in potential customers for self-storage. Additionally, the construction of 480 new homes within a three-mile radius is set to significantly increase demand for storage units. The facility currently maintains a 95 percent physical occupancy and 90 percent economic occupancy. The facility is operated remotely utilizing professional storage management software to lease units online. Amazingly, 100 percent of the tenants pay by credit card via auto-pay. The current rental rates are 19 percent below the market average and given the current occupancy with only three vacant units, at a purchase price of $575,000, a new investor would only need to raise rental rates of existing tenants by 15 percent to achieve the (broker adjusted) 6.49 percent end-of-year-one unleveraged yield quoted herein. Upon doing so, assuming 90 percent economic occupancy rate is maintained), unleveraged pro forma unleveraged yields in excess of 8 percent also appear realistically achievable within the hold period. Furthermore, additional value could also be created by expanding the facility on the acre of raw land surrounding the facility.