Offering Price - Unpriced
Rentable Square Feet - 62,680
Effective Rental Rate - Climate Controlled - $31.13psf / Non-Climate - $16.78 psf
Number of Units - 403
Current Occupancy - Economic - 56% / Physical - 91%
Offer Deadline - June 11, 2021
Recent Renovation - The property includes 12 self storage buildings which were renovated between 2018-2019, including new paint and other cosmetic repairs, conversion of two buildings from non-climate units to fully climate controlled space and construction of a new, retail oriented customer service office.
Upside Potential - With a current physical occupancy over 91% and a current economic occupancy over 56%, the property is poised for rapid revenue growth through rate increases to in-place tenants. The property experienced some headwinds during the renovation process and also due to the Covid-19 pandemic; however, with all renovations complete and Covid-19 restrictions being relaxed, the property has seen rapid revenue gains over the last 12 months.
Strong Demographics - There are nearly 40,000 residents within a three mile radius of the property. The average household income is nearly $150,000 per year within one mile of the property and over $97,000 per year within three miles of the property. The petrochemical industry is one of the primary drivers of the Lake Charles economy, creating an abundance of well-paying employment opportunities.
Excellent Accessibility - The property is situated approximately 0.25 miles west of Nelson Road and approximately 0.20 miles south of Interstate 210. Nelson Road is, a high-traffic arterial street which is the primary access point to Interstate 210 for residents of southwest Lake Charles. The property’s proximity to these two roadways results in convenient access to a wide ranging customer base.