$9,270,000 | 54,457 SF | Oak Ridge Storage | Knoxville MSA

Description

The Self Storage Group of Colliers International is pleased to exclusively offer to qualified investors the opportunity to purchase Oak Ridge Storage located at 500 Scarboro Lane in Oak Ridge, Tennessee.  This facility is strategically located in the primary retail corridor along S Illinois Ave, a 7-lane thoroughfare utilized by 26,857 vehicles on a daily basis.

Oak Ridge Storage has been Phase-built since 1983 and consists of eleven single-story block buildings with metal interior partitions.   Sitting on approximately 4.23 acres, this facility offers tenants 54,457 rentable square feet and 515 units, ranging in size from 5’x5’ to 10’x36’.  With a current physical occupancy of 92.6%, this facility has not fallen below 85% occupancy in the last 48 months.

The operational success of Oak Ridge Storage can be attributed to the strategic location with 400 feet of frontage along a primary thoroughfare as well as the area’s strong demographics.  The 5-mile population is 37,795 individuals and the average household income is $92,227.  According to Yardi, the saturation within five miles is calculated at 8.81 sf per capita with the climate-controlled saturation being just 3.87 square foot per capita.

Oak Ridge Storage offers its tenants excellent amenities, including a sliding gate with keycode access control, a spacious management office, on-site resident manager’s quarters, 9 24-hour video surveillance cameras, abundant landscaping, wide drive aisles, and security lighting throughout.

Offered at $9,270,000, Oak Ridge Storage is priced at an in-place 6.25% cap rate and just $170 psf.  The purchaser of Oak Ridge Storage will benefit from the owner’s regimented capital improvement schedule, high physical occupancy, and operational upside.  A focus on growing the ancillary revenue streams, such as tenant insurance, POS, as well as enhanced revenue management will have a substantial impact on the asset’s value.