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Self-Storage Facility

Allied Tower Self Storage

1436 N Kelly Ave, Edmond, OK 73003

Listing Price: Request For Offer

Number of Units
508
Occupancy
83.1%
Gross SF
67,234
Rentable SF
67,234
Year Built
2007

Investment Overview

Allied Tower Self Storage is a 67,234 rentable square foot storage facility resting on two parcels encompassing approximately 8.40 acres in Edmond (Oklahoma City MSA), Oklahoma. Originally constructed in 2007 then later expanded in 2008, the property is comprised of 194 climate-controlled units, and 314 non-climate drive-up units. The facility has a total of six storage buildings, a manager’s residence, and a professional leasing office. Allied Tower Self Storage is a “Class A” facility, constructed to institutional-grade standards comprising of brick, stone, and standing-seam metal roofs. The facility is owner-operated and features a wrought iron personalized key-pad gate system, perimeter fencing and lighting, 24-hour video surveillance, and wide concrete driveways. The facility’s location is easily accessible from multiple directions, and its multi-story climate control building, which rises above all other structures on North Kelly Avenue, is particularly visible from the West Danforth shopping district – where traffic counts exceed 20,000 vehicles daily. Allied Tower Self Storage is approximately 90 percent physically occupied as of September 2021, and virtually all of its competitors boast occupancy rates at or above 90 percent as well. Given the facility’s presence within a low vacancy trade area, it’s best-in-class construction, and its highly accessible/visible location, a new operator will be in a position to add substantial value throughout the hold period by gradually expanding upon the approximately 4.40 acres of additional raw land that comes with the offering. With that said, a new operator need only raise current tenants’ rates closer to the street rate and methodically increase the gross potential rent over time to achieve unleveraged pro-forma yields exceeding 6 percent. In fact, very recently the current owner successfully raised existing tenants’ effective rates approximately 10 percent across the board without experiencing any decline in physical occupancy. This achievement calls attention to the inelastic nature of market demand for storage within the trade area – further legitimizing the revenue projections contained within the pro-forma operating statement.

Investment Highlights

  • "Class-A" Institutional-Quality Asset
  • Approximately 84% Economic Occupancy (September 2021) – Stabilized Cash Flow
  • Opportunity for Expansion – Approximately 4.40 Acres of Raw Land

Exclusively Listed By

Broker of Record

  • Mark R. McCoy

    Regional Manager

    (817) 932-6100

    License(s) OK: 181981

    Oklahoma

Financing By

Self-Storage Facility

Allied Tower Self Storage

Listing Price: Request For Offer

Number of Units
508
Occupancy
83.1%
Gross SF
67,234
Rentable SF
67,234
Year Built
2007

Investment Highlights

  • "Class-A" Institutional-Quality Asset
  • Approximately 84% Economic Occupancy (September 2021) – Stabilized Cash Flow
  • Opportunity for Expansion – Approximately 4.40 Acres of Raw Land

Investment Overview

Allied Tower Self Storage is a 67,234 rentable square foot storage facility resting on two parcels encompassing approximately 8.40 acres in Edmond (Oklahoma City MSA), Oklahoma. Originally constructed in 2007 then later expanded in 2008, the property is comprised of 194 climate-controlled units, and 314 non-climate drive-up units. The facility has a total of six storage buildings, a manager’s residence, and a professional leasing office. Allied Tower Self Storage is a “Class A” facility, constructed to institutional-grade standards comprising of brick, stone, and standing-seam metal roofs. The facility is owner-operated and features a wrought iron personalized key-pad gate system, perimeter fencing and lighting, 24-hour video surveillance, and wide concrete driveways. The facility’s location is easily accessible from multiple directions, and its multi-story climate control building, which rises above all other structures on North Kelly Avenue, is particularly visible from the West Danforth shopping district – where traffic counts exceed 20,000 vehicles daily. Allied Tower Self Storage is approximately 90 percent physically occupied as of September 2021, and virtually all of its competitors boast occupancy rates at or above 90 percent as well. Given the facility’s presence within a low vacancy trade area, it’s best-in-class construction, and its highly accessible/visible location, a new operator will be in a position to add substantial value throughout the hold period by gradually expanding upon the approximately 4.40 acres of additional raw land that comes with the offering. With that said, a new operator need only raise current tenants’ rates closer to the street rate and methodically increase the gross potential rent over time to achieve unleveraged pro-forma yields exceeding 6 percent. In fact, very recently the current owner successfully raised existing tenants’ effective rates approximately 10 percent across the board without experiencing any decline in physical occupancy. This achievement calls attention to the inelastic nature of market demand for storage within the trade area – further legitimizing the revenue projections contained within the pro-forma operating statement.

Exclusively Listed By

Broker of Record

  • Mark R. McCoy

    Regional Manager

    (817) 932-6100

    License(s): OK: 181981

    Oklahoma

Financing By

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