Tulsa Storage, located at 405 S 129th E Ave, Tulsa, OK 74108, is a 34,680 rentable square foot self storage facility offered at $1,400,000, or $40.37 per rentable square foot. The acquisition presents an attractive value-add opportunity with current physical occupancy of 75.66% and economic occupancy of 68.71%, supporting a 5.26% in-place cap rate. As operations are optimized and remaining vacancy is leased, Year 1 NOI of approximately$105,297 is projected to grow to roughly $130,208 by Year 5, while cap rates expand from 7.52% in Year 1 to 9.30% in Year 5. Based on a
projected Year 5 sale price of approximately $2.00 million, the investment is underwritten to achieve a 25.5% levered IRR, a 14.2% unlevered IRR, and a 2.77x equity multiple.
INVESTMENT
HIGHLIGHTS
- 188 UNITS / 33,880 NRSF
Class C single-story drive-up (non-climate) selfstorage with covered RV/boat/vehicle parking and one leased office at 405 S 129th E Ave, Tulsa. - $1,400,000 CONCLUDED VALUE
$40.37/SF — priced on in-place income with a clear path to NOI growth through lease-up. - 5.26% IN-PLACE CAP RATE
7.52% on Year-1 NOI; NOI modeled from roughly $73,710 today to $124,365 by Year 5 as occupancy steps from 75.66% toward 88%.
- 75.66% PHYSICAL OCCUPANCY
Economic occupancy 75.66%; the gap is near-term NOI upside as the mid-2025 50%-off promotion has largely burned off and in-place rents sit near asking street rates. - +15 NET UNITS LEASED JAN–JUN 2026
Genuine lease-up momentum — trailing-4 annualized revenue (~$171K) runs well ahead of trailing-12 (~$148K). - 46 COMPETITORS IN 5 MILES
~15.1 SF per capita (7–10 is balanced); underwriting tempers lease-up speed and rent growth (3%/yr) rather than stacking aggressive assumptions. Demand base: ~129,205 people and ~49,747 households within 5 miles.
Brian Brockman | Bang Realty Inc | Tel: 513.898.1551 | bor@bangrealty.com | License: 177814