4607 Hoffman Road - Little Rock, AR 72209
The Storage Place is a 46,982 rentable-square foot self-storage facility resting on apx. 6.66 acres in Little Rock, Arkansas. Built in 1971 and 1994, the property encompasses five individual parcels – three of which are unimproved. The remaining two parcels are located directly across the street from each other and, together, house the entire self-storage operation which is run as one single business. Comprised of 248 non-climate drive-up units and 19 uncovered parking spaces, the facility has recently been renovated and now features new 24-hour surveillance cameras, new perimeter lighting, new security gates with personalized key-pad entry, new garage-style roll up doors, a manager’s office, paved driveways, and land for future storage expansion.
As a result of the numerous cosmetic enhancements, capital improvements, and security upgrades mentioned above, The Storage Place has established a firm foothold within the local trade area, and has now become a true market competitor in terms of both quality and safety. To be sure, between March 2018 and September 2018, the facility’s physical occupancy has risen from 25% to 40% while average monthly revenues have increased more than 20% in the short time since the improvements were made.
The Storage Place is exclusively-listed by Karr Self-Storage. The unpriced opportunity not only allows a new operator to capitalize upon the facility’s recent occupancy gains and physical improvements, exposure to the risk and liability typically associated w/ acquisitions requiring significant capital outlays immediately after purchase is mitigated as well. Additionally, through continued lease-up and unit absorption, it is reasonable to assume an experienced operator will likely experience average monthly revenues exceeding $33,000 in the near future.