Westbank Self Storage is situated in Belle Chasse which is a suburb of the growing New Orleans MSA. This property offers a new investor the opportunity to take over a strong cash flowing asset with tons of room to further increase revenue through rental rate increases, stronger capitalization of secondary income streams, and tenant insurance.
The facility is 37,700 NRSF and consists of 301 non-climate, drive-up units along with 11 parking units for a total of 312 units. The property is 77% Physically Occupied and 69% Economically Occupied. The 5×10 units consist of the highest number of units and also contributes a large portion of the vacancy. There is an opportunity to reconfigure some of these units into 10×10 if there is deemed to be a stronger demand for those types.
There have been many improvements on the property since current ownership acquired the property, but there is still work to be done. Some of the capex includes: commercial grade paint on 7 of 13 buildings, new latches on most if not all the units for all buildings, automated gate, updated light fixtures, and security cameras. The rest of the buildings could use a coat of paint along with new doors on some of the units. The owner also fixed up the roofs on the 7 buildings that were painted. The other roofs could use some seal coating, or replacement. Any leaks that come up are handled quickly.
Although the facility sits at a dead-end road, it has performed well considering the lack of attention it has received from ownership. Considering the strong demand for storage in the market, a new owner will be able to capitalize on the rate upside, better revenue management practices, and operational best practices.
|Property Name:||Westbank Self Storage|
|Address:||215 Timber Ridge St, Belle Chasse, LA 70037|
|Total Land Area:||6.10 Acres|
|Unit Sizes:||5×10 – 20×30|
|Physical Occupancy:||77% (units)|