2401 E Wyatt Earp Blvd & 901 Rath Ave - Dodge City, KS 67801
The Mele Group of Marcus & Millichap is pleased to exclusively list for sale ABC Self-Store-It, located in Dodge City, Kansas.
Situated within the heart of Dodge City, the acquisition offers a qualified investor the opportunity to obtain two of the area's primary self-storage facilities with strong upside and forward-looking financials. To further enhance revenue, an investor can raise rates to match the overall market average along with implementing a tenant insurance program and a self-service kiosk to reduce management costs. The acquisition also benefits an investor with solid financial projections, including substantial years one and two cashon- cash returns of 8.5 percent and 17.5 percent, respectively, a proforma capitalization rate of 10.41 percent and years five and seven leveraged IRRs of 30.0 percent and 27.8 percent. Additionally, an investor can further increase the facilities' online presence and subsequent occupancy by creating and implementing a website for an optimized online footprint.
Among 29,600 rentable square feet on 2.29 acres, the opportunity is comprised of 252 units, ranging from 50 square feet to 780 square feet. Of the facilities' units, there are 217 non-climate controlled units and 35 boat/RV storage units. Consisting of two well-maintained sites are secured by perimeterwide fencing and gated access. Combined, the opportunity's physical occupancy is 87.2 percent and the economic occupancy is 72.4 percent.
The two facilities are strategically situated in close proximity to one another at 2401 East Wyatt Earp Boulevard and 901 Rath Avenue, allowing for efficient management through their close distances at approximately 2.7 miles. East Wyatt Earp Boulevard is a primary thoroughfare of Dodge City, connecting to U.S. Highway 50 and U.S. Highway 400, and also serves as the main roadway to access the city's residential corridors. Along East Wyatt Earp Boulevard are multiple national retailers, including McDonald's, Applebee's Grill + Bar and IHOP, among others. The three-mile radius surrounding the properties features 29,342 individuals among 9,242 households.
Dodge City, Kansas is well-known for its deeprooted history, once considered a frontier town of the Old West. Dodge City's primary industry is meat packing with Cargill Meat Solutions and National Beef both operating large facilities within the city; both operators make up the largest employers for the area, followed by local government, schools and health care providers. The city has continued to draw in tourists through its casino resort and Old West Cowtown aesthetic. Subsequently, Dodge City's service sector accounts for much of the local economy. ABC Self-Store-It is being offered at $810,000, or $27.36 per rentable square foot.