Why Triple T Mini Storage?
This existing facility contains approximately 24,000 SF of drive-up mini storage and was known as Triple T Mini Storage of Owasso & Collinsville. The property, which has been well-maintained by the current owners, has minimal online presence yet is 99% occupied. We plan to implement a modern online reservation and leasing website and implement a comprehensive marketing plan to drive traffic as we raise rates and expand. We plan to renovate the facility and expand it to 61,000 SF, including 13,000 SF climate controlled.
The area (3 mi radius) is undersupplied by ~50,000 square feet, and currently does not contain any climate-controlled units and minimal large 10×20 units, which make up the bulk of our expansion plan. The median household income is $95,000, well above average for the within the target demographic for self-storage units (middle to upper middle class).
Both factors should allow for a relatively quick lease-up. We also expect the market area to appreciate/expand significantly due to development and increasing population (~25% in the last 10 years), and we have been informed by the city planner that a large manufacturer is under contract to purchase land to build a new facility nearby which will employ 1500 people. There are also many new subdivisions under development, as the site is in the path of growth of the booming Tulsa MSA (750K population).
The Investments Projected Returns
Aside from the great return on investment, we love the relatively short holding period on this investment. It allows us to get approximately a 50% return on investment in 2 years and then redeploy that capital elsewhere.
