Grandstone Investment Sales has been engaged to exclusively present Best West RV & Mini
Storage, a stabilized drive-up self-storage and RV/boat parking facility located at 217 Haseltine Road in Springfield, MO. The property comprises 289 units (215 drive-up units and 74 uncovered RV/boat parking spaces) totaling 33,760 net rentable square feet, and is currently 89.3% physically occupied (88.99% economically occupied), generating in-place NOI of $217,294. Best West is offered at $3,030,000, or $89.75 per rentable square foot, reflecting a 7.17% going-in capitalization rate that the underwriting escalates to a 7.83% Year 1 cap rate. In addition, the property has 3 leased billboards.
A 27-unit block of currently offline space represents meaningful reactivation upside that is not underwritten in the in-place NOI, providing a clear path to incremental income for a new owner. Modeled on a five-year hold at 70% loan-to-value, the underwriting projects a 20.6% levered IRR and a 2.28x equity multiple. Located within the Springfield, MO MSA (Greene County), the asset benefits from steady secondary-market demand for self-storage and RV/boat parking.
INVESTMENT
HIGHLIGHTS
- 289 UNITS / 33,760 NRSF
Class C single-story drive-up non-climate self-storage with 215 storage units and 74 uncovered RV/boat parking spaces at 217 Haseltine Road, Springfield, MO. The property is currently 89.3% physically occupied. - $3,030,000 ASKING PRICE
$89.75/NRSF — priced on approximately $217,294 of in-place NOI, providing a 7.17% going-in cap rate with Year-1 NOI projected to increase to approximately $237,236. - 7.17% IN-PLACE CAP RATE
7.83% Year-1 cap, increasing to 8.93% by Year 5 as NOI is modeled from approximately $217K today to $270K by Year 5. - 88.99% ECONOMIC OCCUPANCY
Strong stabilized occupancy with in-place rents supporting consistent current cash flow.
- 36,217 VEHICLES PER DAY — I-44
Highly visible location adjacent to I-44, with approximately 36,217 vehicles passing the property daily. - 630 MULTIFAMILY UNITS PLANNED WITHIN 3 MILES
Approximately 630 units are identified in the 3-mile development pipeline, expanding to 1,078 units within 5 miles and 1,835 units within 10 miles. - 73,725 RESIDENTS WITHIN 5 MILES
The surrounding trade area includes approximately 73.7K residents, with continued projected population and household growth.
Broker of record: BRIAN BROCKMAN | Bang Realty – Missouri Inc. | Bor@bangrealty.com | License: 2017032771