G's Mini Storage
Self Storage | 54,820 SF | 385 Units
Marketing description
Harmon Real Estate Company is pleased to present the exclusive offering of G's Mini Storage, a stabilized two-site self-storage portfolio totaling 385 units / approximately 54,820 net rentable square feet in Poteau, Oklahoma. The property operates as a single facility under unified branding, management, and front-gate access, with the 2113 N. Broadway St. site (~224 units, includes RV parking) and the 105 Coggins St. site (161 units, including all 23 climate-controlled units) positioned behind two of the city's highest-traffic retail anchors.
The portfolio is operating at 87.6% physical / 88.5% economic occupancy with $193,282 of T-12 Normalized NOI and a defined, mechanical path to $260,000+ Year-2 stabilized NOI. The Coggins site contains the entire climate-controlled inventory (11 × 10x10 CC and 12 × 10x15 CC) — a long-tenured, high-demand product class per current ownership reporting. The Broadway site carries the heavier drive-up mix plus two RV/boat spaces.
The core value-add thesis is unusually clear and operator-controllable: in-place rates sit 40-50% below national benchmarks for comparable Class B tertiary product. A disciplined ECRI rollout supports a ~24% weighted rate uplift, representing $75,300 of annualized gross revenue recapture before exhausting market headroom. Stabilized in-place occupancy provides cash flow during execution rather than requiring lease-up risk.
Identified upside beyond rate optimization: current ownership has scoped a back-row expansion at the Coggins site (additional 10x20 units, set back from the perimeter fence) — providing a defined growth lane subject to engineering and entitlement diligence.
Investment highlights
- Two-site self-storage portfolio under common ownership, management, and front gate — Poteau, OK
- 385 units / ~54,820 NRSF total: ~224 units at 2113 N. Broadway (incl. RV); 161 units at 105 Coggins (incl. all 23 climate-controlled units)
- Positioned behind two of Poteau's highest-traffic retail anchors: Dollar General (Broadway) and O'Reilly Auto Parts (Coggins) — visibility from both ends of the commercial corridor
- 87.6% physical / 88.5% economic occupancy — income from day one, no lease-up risk
- In-place rates 40-50% below national benchmarks — $75,300 of annualized rate recapture identified
- T-12 Normalized NOI: $193,282 | Year-1 PF: $225,000 | Year-2 Stabilized: $260,000
- Defined back-row expansion opportunity at the Coggins site — additional 10x20 buildout previously scoped (engineering pending)
- $3,750,000 list — 6.00% Y1 cap / 6.93% Y2 cap
- 62% LTV / 6.50% / 25-yr amort / 24-mo IO financing clears 1.49x DSCR Y1; 7.3% Year-2 cash-on-cash
- 35 miles SW of Fort Smith via US-59/US-271 — direct regional connectivity
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