Investment Overview

Triple T Mini Storage is a 56,850 net-rentable-square-foot self-storage facility located in the Collinsville/Owasso corridor just north of Tulsa, Oklahoma. The property consists of 13 single-story buildings situated on approximately 4.62 acres and features a total of 526 units distributed amongst a well-balanced mix of drive-up storage, climate-controlled space, and parking. The facility offers gated access with keypad entry, 24-hour video surveillance, perimeter fencing, and excellent visibility along East 126th Street – which provides accessibility to the Collinsville trade area and the broader Tulsa Metropolitan Statistical Area. Approximately two years ago, the current ownership constructed an additional 368 units (included in the total unit count above) but ran into a city-related issue tied to a water tank requirement that prevented the expansion phase from achieving physical stabilization. While portions of the expansion recently began operating under a temporary certificate of occupancy, the remaining path to a permanent certificate of occupancy is straightforward — completion of asphalt work and payment of the remaining water tank balance – which totals approximately $175,000. The sellers are not in a position to complete this work, creating an opportunity for a buyer to step in and bring the expansion fully online. As a result, current physical occupancy of approximately 40 percent does not reflect the true trajectory of the property, and a buyer is effectively acquiring a lease-up opportunity at an attractive basis below replacement cost at only $70 per square-foot. The property sits in the path of north Tulsa’s continued residential growth, particularly between Owasso and Collinsville where new housing development has steadily pushed outward over the past decade. To be sure, the population within a five-mile radius of the facility has grown from approximately 43,000 in 2010 to nearly 58,000 today. The area also benefits from strong household incomes, with the current median near $90,000. When considered alongside the ongoing residential development in both Collinsville and Owasso that continues to add new rooftops to the trade area, the trends support long-term storage demand and provide a solid foundation for leasing the expanded unit base.