Self-Storage Facility
Overflow Garage
1045 W Sycamore Rd, Norman, OK 73072
Listing Price: $20,500,000
Investment Overview
Overflow Garage is a 410,467 rentable-square-foot boat and RV storage facility totaling 1,084 units across approximately 27 acres in Norman, Oklahoma. The Property features a diverse mix of non-climate drive-up units, interior units, and a large concentration of enclosed, covered, and uncovered parking tailored to RV, boat, and contractor demand. Originally constructed in 1999 and expanded in 2024, the asset has been thoughtfully scaled into one of the larger storage properties in the submarket. Positioned just off Interstate-35 with immediate access to OK-9, the property benefits from the brand awareness its exceptional visibility provides – with approximately 75,000 vehicles traveling past the facility each day.
The investment is anchored by a clear lease-up story tied to the 2024 expansion at the north end of the facility. While the new units significantly increased the property’s scale, initial absorption was impacted by I-35 construction that temporarily disrupted access and limited visibility from the interstate. That access point reopened in late 2025, and leasing momentum has already begun to improve, with current physical occupancy now at 72 percent – up from 60 percent in September 2025. This improved occupancy trajectory suggests the property is well-positioned to continue capturing demand generated by its location, visibility, and expanded unit mix now that it's operating in a normalized environment with full access restored.
Beyond the lease-up component, the facility is supported by attractive demographic trends in the immediate trade area. To be sure, Norman, home to the University of Oklahoma, has maintained its identity as a vibrant college town located in a thriving Oklahoma City market. The university provides a consistent source of population turnover, rental demand, and economic stability that directly benefits self-storage fundamentals, while the growing five-mile population base (15 percent since 2010), creates a compelling opportunity for continued occupancy gains and long-term rent growth.
Overflow Garage
Investment Highlights
- 410,467 RSF Facility With 1,084 Units Across ~27 Acres With a Diverse Mix of Drive-Up, Interior, and Vehicle Storage.
- Significant Concentration of Enclosed and Covered Parking Catering to RV, Boat, and Contractor Demand.
- Immediate Access and Visibility From I-35 With Approximately 75,000 Vehicles per Day.
- 2024 Expansion Creates a Clear Lease-Up Opportunity With Current Occupancy at 72%.
- Lease-up Previously Impacted by Temporary I-35 Access Disruption; Access Restored in Late 2025.
- In-Place Rents Appear Below Market Across Multiple Unit Types, Supporting Mark-To-Market Upside.
- Five-Mile Population Exceeds 90,000, up More Than 15% Since 2010, With Over 36,500 Households.
- Located in Norman, Home To The University of Oklahoma, a Major and Stable Demand Driver.
Listing Price: $20,500,000
Investment Highlights
- 410,467 RSF Facility With 1,084 Units Across ~27 Acres With a Diverse Mix of Drive-Up, Interior, and Vehicle Storage.
- Significant Concentration of Enclosed and Covered Parking Catering to RV, Boat, and Contractor Demand.
- Immediate Access and Visibility From I-35 With Approximately 75,000 Vehicles per Day.
- 2024 Expansion Creates a Clear Lease-Up Opportunity With Current Occupancy at 72%.
- Lease-up Previously Impacted by Temporary I-35 Access Disruption; Access Restored in Late 2025.
- In-Place Rents Appear Below Market Across Multiple Unit Types, Supporting Mark-To-Market Upside.
- Five-Mile Population Exceeds 90,000, up More Than 15% Since 2010, With Over 36,500 Households.
- Located in Norman, Home To The University of Oklahoma, a Major and Stable Demand Driver.
Investment Overview
Overflow Garage is a 410,467 rentable-square-foot boat and RV storage facility totaling 1,084 units across approximately 27 acres in Norman, Oklahoma. The Property features a diverse mix of non-climate drive-up units, interior units, and a large concentration of enclosed, covered, and uncovered parking tailored to RV, boat, and contractor demand. Originally constructed in 1999 and expanded in 2024, the asset has been thoughtfully scaled into one of the larger storage properties in the submarket. Positioned just off Interstate-35 with immediate access to OK-9, the property benefits from the brand awareness its exceptional visibility provides – with approximately 75,000 vehicles traveling past the facility each day. The investment is anchored by a clear lease-up story tied to the 2024 expansion at the north end of the facility. While the new units significantly increased the property’s scale, initial absorption was impacted by I-35 construction that temporarily disrupted access and limited visibility from the interstate. That access point reopened in late 2025, and leasing momentum has already begun to improve, with current physical occupancy now at 72 percent – up from 60 percent in September 2025. This improved occupancy trajectory suggests the property is well-positioned to continue capturing demand generated by its location, visibility, and expanded unit mix now that it's operating in a normalized environment with full access restored. Beyond the lease-up component, the facility is supported by attractive demographic trends in the immediate trade area. To be sure, Norman, home to the University of Oklahoma, has maintained its identity as a vibrant college town located in a thriving Oklahoma City market. The university provides a consistent source of population turnover, rental demand, and economic stability that directly benefits self-storage fundamentals, while the growing five-mile population base (15 percent since 2010), creates a compelling opportunity for continued occupancy gains and long-term rent growth.
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