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Self-Storage Facility

CubeSmart Self Storage (managed)

3100 Country Club Rd, Lake Charles, LA 70605

Listing Price: $12,295,000

Cap Rate
4.09%
Number of Units
581
Occupancy
98.5%
Gross SF
61,475
Rentable SF
61,475
Price/Rentable SF
$200.00
Year Built
2018

Investment Overview

CLASS “A” INSTITUTIONAL QUALITY // This two story 2018 built facility offers mostly climate controlled units but also interior access non-climate and drive up non-climate units. The new owner will benefit from existing security cameras, hallway lights on motion detectors, keypad controlled doors, unloading areas, and a spacious leasing office. STRONG LEASE UP TREND // The facility opened in July 2018 and was 39% physically occupied in 12 months, 76% in 24 months, and 95% in just 26 months. Physical occupancy has been 98% or greater since December 2020 and economic occupancy has been catching up. POISED FOR ECONOMIC OCCUPANCY GROWH // Economic occupancy has been increasing as units are re-rented at higher rates. Example: in May 2021 the average 10x10 rented for $143/mo but there are 227 older 10x10 tenants paying an average of $99/mo. ATTRACTIVE LOCAL DEMOGRAPHIC TRENDS // Within 3-miles average HH income is $113,000 and the population is projected to grow 9.8% by 2025. Lake Charles LA is the 215 largest MSA. STRONG AREA EMPLOYMENT // Lake Charles is a major petrol and refining center including Citgo and Phillips 66. McNeese State University and its 7,000 students is three miles away. Two casinos with a combined 1,740 rooms are 2.5 miles away: L'Auberge du Lac and the Golden Nugget. ENVIRONMENTAL FACTORS // The parcel is not in a FEMA flood zone and has withstood multiple hurricanes with minimal disruption. Hurricanes and nearby flooding always cause a surge in demand for self storage.

Investment Highlights

  • 2018 construction class A facility
  • Physical occupancy at 98.5%+ since December 2020
  • $113,000 average HH income within 3-miles
  • 100% climate controlled units
  • No units available for rent (6/28/2021)

Exclusively Listed By

Self-Storage Facility

CubeSmart Self Storage (managed)

Listing Price: $12,295,000

Cap Rate
4.09%
Number of Units
581
Occupancy
98.5%
Gross SF
61,475
Rentable SF
61,475
Price/Rentable SF
$200.00
Year Built
2018

Investment Highlights

  • 2018 construction class A facility
  • Physical occupancy at 98.5%+ since December 2020
  • $113,000 average HH income within 3-miles
  • 100% climate controlled units
  • No units available for rent (6/28/2021)

Investment Overview

CLASS “A” INSTITUTIONAL QUALITY // This two story 2018 built facility offers mostly climate controlled units but also interior access non-climate and drive up non-climate units. The new owner will benefit from existing security cameras, hallway lights on motion detectors, keypad controlled doors, unloading areas, and a spacious leasing office. STRONG LEASE UP TREND // The facility opened in July 2018 and was 39% physically occupied in 12 months, 76% in 24 months, and 95% in just 26 months. Physical occupancy has been 98% or greater since December 2020 and economic occupancy has been catching up. POISED FOR ECONOMIC OCCUPANCY GROWH // Economic occupancy has been increasing as units are re-rented at higher rates. Example: in May 2021 the average 10x10 rented for $143/mo but there are 227 older 10x10 tenants paying an average of $99/mo. ATTRACTIVE LOCAL DEMOGRAPHIC TRENDS // Within 3-miles average HH income is $113,000 and the population is projected to grow 9.8% by 2025. Lake Charles LA is the 215 largest MSA. STRONG AREA EMPLOYMENT // Lake Charles is a major petrol and refining center including Citgo and Phillips 66. McNeese State University and its 7,000 students is three miles away. Two casinos with a combined 1,740 rooms are 2.5 miles away: L'Auberge du Lac and the Golden Nugget. ENVIRONMENTAL FACTORS // The parcel is not in a FEMA flood zone and has withstood multiple hurricanes with minimal disruption. Hurricanes and nearby flooding always cause a surge in demand for self storage.

Exclusively Listed By

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