Tupelo Lock Storage

41,404 NRSF | 227 Units, 22 Parking Spaces | Tupelo, MS

Under Contract

INVESTMENT OVERVIEW

Tupelo Lock Storage is situated in the heart of Tupelo, MS. This facility offers a new investor a turn-key opportunity with up- side. Current ownership has invested an ample amount of CAPEX into the properties which will allow a new owner to focus more time and effort on managing the turnover of the facility rather than the external appeal.

Tupelo Lock Storage consists of 163 non-climate units, 60 climate-controlled units, and 22 parking spaces situated among the main location and the annex. The annex location, approximately 6 miles away from the main facility, offers 6 acres of land, presenting plenty of space to expand for boat/RV or indoor storage. The property has seen upgrades including new roofs, a new surveillance system, a fresh seal coating in the parking lot, updated lighting, a fully renovated office, and a brand-new gate system.

Despite the CAPEX and management improvements that have already been implemented, this property has plenty of potential remaining for an investor to acquire a strong value- add investment. Currently achieving 91% physical occupancy and boasting an economic vacancy of 34%, the facility is positioned for a major improvement in future revenue.

Facility Summary

Property Name:               Tupelo Lock Storage

Address:                            904 Lawndale Drive, Tupelo, MS 38801; 130 Seth Ave, Tupelo, MS 38804

County:                              Lee

Total Land Area:              9.00 Acres +/-

Total NRSF:                      41,404

Total Units:                       249

Climate-Controlled:        62 Units

Unit Sizes:                         50-900 SF

Physical Occupancy:       91%

Economic Occupancy:    66%

Buildings:                           9

Non-Storage:                     Retail Space Income

Investment Highlights

  • 41,404 NRSF| 227 Units, 22 Parking
  • Brand new improvements including roofs, a gate system, renovated office space, light fixtures, and a security surveillance system
  • Annex property located 6 miles from subject property, which boasts tons of land for added parking rentals or storage expansion
  • Consistent lease-up activity since upgrades were implemented, supporting the demand in the market
  • Future up- side through rate management. In-place rates are achieving only 66% of economic occupancy while at 91% physical occupancy