59 Space Center is a 290-unit, 63,228-NRSF Class C drive-up self-storage facility situated on 14.0 acres along Highway 59 in Neosho, MO (Joplin MSA edge). The property exhibits significant operational upside: physical occupancy has stagnated at ~57% (56.6% economic) for over 12 months, while street rates sit drastically below market. The subject’s 10×10 units ask $45/month versus a $68.75 competitor average, and 10×20 units ask $55/month versus $107.50—confirming a stalled operational lease-up rather than a structural demand issue.
A professional operator can unlock immediate value through digital web marketing, dynamic revenue management, and structured fee/insurance capture (scaling tenant insurance from 15% to 60% penetration at $6.50/unit/month) to ramp occupancy from 57% to 90% at stabilization. Benefiting from limited local competition (the nearest competitor is 3.9 miles away and only two of five regional comps offer climate control) NOI expands from $43,027 in place to $293,833 by Year 5, driving the entry cap rate on the $3,000,000 purchase price from 1.43% to 9.79%.
INVESTMENT
HIGHLIGHTS
- BELOW-MARKET RENTS
In-place rents run well below market — 10x10s ask $45/mo vs. a $68.75 comp average and 10x20s ask $55/mo vs. $107.50 — creating immediate, low-risk mark-to-market upside. - PROFESSIONAL-MANAGEMENT UPSIDE
Digital marketing, dynamic pricing, fee optimization, and a tenant-insurance program (15% to 60% penetration at $6.50/mo) drive occupancy from 57% to a 90% stabilized level. - SUPPLY-CONSTRAINED LOCATION
Positioned on Highway 59 at the edge of the Joplin MSA with strong territorial protection: the nearest competitor is 3.9 miles away and only two of five regional comps offer climate control.
- NOI & CAP-RATE EXPANSION
The business plan grows NOI from $43,027 in place to $293,833 by Year 5 — expanding the yield on the $3,000,000 basis from 1.43% to 9.79%. - SCALE ADVANTAGE
One of the largest self-storage sites in the Neosho market, giving the asset dominant scale and a wide moat against smaller local operators.
Broker of record: BRIAN BROCKMAN | Bang Realty Inc. | Tel: 513.898.1551 | Bor@Bangrealty.com | License: 177814