Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area

Property Description

Offering Price - Unpriced

Rentable Square Feet - 62,680

Effective Rental Rate - Climate Controlled - $31.13psf / Non-Climate - $16.78 psf

Number of Units - 403

Current Occupancy - Economic - 56% / Physical - 91%

Offer Deadline - June 11, 2021


Investment Highlights

Recent Renovation - The property includes 12 self storage buildings which were renovated between 2018-2019, including new paint and other cosmetic repairs, conversion of two buildings from non-climate units to fully climate controlled space and construction of a new, retail oriented customer service office.



Upside Potential - With a current physical occupancy over 91% and a current economic occupancy over 56%, the property is poised for rapid revenue growth through rate increases to in-place tenants. The property experienced some headwinds during the renovation process and also due to the Covid-19 pandemic; however, with all renovations complete and Covid-19 restrictions being relaxed, the property has seen rapid revenue gains over the last 12 months.



Strong Demographics - There are nearly 40,000 residents within a three mile radius of the property. The average household income is nearly $150,000 per year within one mile of the property and over $97,000 per year within three miles of the property. The petrochemical industry is one of the primary drivers of the Lake Charles economy, creating an abundance of well-paying employment opportunities.



Excellent Accessibility - The property is situated approximately 0.25 miles west of Nelson Road and approximately 0.20 miles south of Interstate 210. Nelson Road is, a high-traffic arterial street which is the primary access point to Interstate 210 for residents of southwest Lake Charles. The property’s proximity to these two roadways results in convenient access to a wide ranging customer base.

Last Updated Date: 17 May 2021
Steve Mellon
Steve Mellon
Managing Director, Capital Markets
Brian Somoza
Brian Somoza
Managing Director, Capital Markets
License details
CA-01510519

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Last Updated Date: 17 May 2021

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