Big Oak Center Storage
6.48% Cap Rate | 72,490 NRSF | 457 Units
Marketing description
Marcus & Millichap is pleased to present Big Oak Center Storage, an institutional-quality self
storage facility located in Clearlake Oaks, California. The property comprises of 457 non
climate-controlled units, totaling 72,490 net rentable square feet. The self-storage property
has been upgraded extensively over the last three years: five storage building's roofs were
replaced, all the storage buildings were painted, new electrical and lighting was installed,
andnewrollupdoorswere installedthroughout the property.
Additionally, the property offers a qualified investor the rare opportunity to acquire the only
storage facility in the city of Clearlake Oaks.
The property is offered at $8,000,000 ($110/nrsf) which equates to a 6.48% cap rate on the
current NOI and a 6.91% cap rate based on a pro forma NOI. Priced well below replacement
costs, a new investor has the opportunity to purchase a stabilized storage asset and
increase the NOI by raising the rents to market and adding fee income as an additional
source of revenue.
DO NOT DISTURB TENANTS OR MANAGERS. ALL TOURS MUST BE CONDUCTED THROUGH LISTING AGENTS.
Investment highlights
- Located along State Highway 20 in Clearlake Oaks, California, with exceptional visibility and direct access to one of Lake County’s primary transportation corridors.
- Facility has been well maintained. Current owners have invested over $500,000 into upgrading the property.
- Operational upside is available for a new owner by implementing fee income as an additional source of revenue. Also, investing into a targeted marketing campaign to increase occupancy.
- New investor has the opportunity to acquire a stabilized facility running at 89% occupancy and raise rates almost immediately increasing their NOI in Year 1.
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