Midtown Self Storage

31,616 NRSF | 368 Units | Kansas City, MO (Kansas City MSA)

Closed

INVESTMENT OVERVIEW

Midtown Self Storage is a fully stabilized asset, advantageously located in the heart of Kansas City, and consists of 31,616 NRSF among 368 total units. The property is comprised of one 4-story interior non-climate building with a large freight elevator access. The facility boasts a diverse unit array, ranging from 4×6 lockers to 16.6×21 unit sizes.

Midtown Self Storage currently boasts strong physical and economic occupancies of 96% and 99%, respectively, which indicates the strong demand for self-storage in the trade area, as well as the quality of the asset and its strong location. Midtown Self Storage benefits from a prominent, central location on Troost Avenue and East Armour Boulevard, just off of Highway 71. Further, the facility enjoys limited competition, with only 5.75 rentable square feet per capita. There is a very high population density with over 100,000 people in the 3-mile radius. The facility is also located in an Opportunity Zone which is bringing in a lot of new construction and development.

Midtown Self Storage offers an investor a stabilized self-storage facility, with additional long-term upside through increasing rental rates to comparable averages, reducing expenses, and capitalizing on the continued growth in the trade area. Further value can be added by implementing a comprehensive tenant insurance program, increasing retail sales, and implementing fee-income drivers.

Facility Summary

Address:              3429 Troost Ave, Kansas City, MO 64109

County:               Jackson

Land Area:         1.10 AC +/-

NRSF:                  31,616 NRSF

 

Units:                  368

 

Non-Climate:    368

 

Occupancy:        96% (Physical) | 99% Economic

Unit Sizes:          24-210 SF

Buildings:           1

Elevator Access: Yes

Investment Highlights

  • 31,616 NRSF | 368 Units | 96% Physically Occupied and 99% Economically Occupied
  • Expansion Potential
  • Low Supply Metrics: 5.75 Rentable square feet per capita
  • Very dense population in the 1-, 3-, and 5-mile radius
  • Expected population rate increase of 1.4% annually from 2020-2026