DEAL SUMMARY

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List Price:   Determined by Market

NRSF:         92,595

Units:          667​

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INVESTMENT HIGHLIGHTS

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STRATEGIC LOCATION // Located at 101 and 102 Lacy Ln in Hopkinsville, Kentucky, the property is positioned 2.5 miles south of downtown along key commuter routes serving the areas major manufacturing employers. The property also offers convenient access to multiple routes connecting Hopkinsville to the larger Clarksville, Tennessee market.

 

SUBSTANTIAL INCOME GROWTH POTENTIAL // The property presents a significant opportunity to implement a modern revenue-management strategy. Ownership has never increased rental rates for existing customers since opening the doors in 1986. Based on current asking rates, the existing customer base represents approximately $84,564 of potential income annually. Additionally, ownership has not implemented a tenant insurance program.

 

OPERATIONS SCALE // The property comprises 667 storage units totaling 92,595 net rentable square feet, offering both conventional and climate-controlled storage, providing the investor a meaningful operating platform to improve revenue performance without physical expansion.

 

SECURITY AND ACCESS // The property is fully fenced and gated and features 23 Hikvision and Hanwha camera system supported by a hybrid NVR/DVR. The recently installed QuikStor keypad entry access further enhances site security.

 

STRONG TRAFFIC COUNTS // The property benefits from excellent traffic exposure, with approximately 17,650 vehicles per day along Penbroke Rd and a robust 24,300 vehicles on the nearby Pennyrile Parkway, per the KYTC traffic counts.

 

INVESTMENT SUMMARY

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Equicap Commercial, in partnership with ParaSell Inc, is pleased to offer Parkway Self Storage, an established self-storage property located at 101 Lacy Ln and 102 Lacy Ln in Hopkinsville, Kentucky, 42244 in Christian County.

 

Parkway Self Storage is comprised of 667 units and 92,595 net rentable square feet including both drive-up and climate-controlled storage. Initially built with three buildings in 1986, the current facility has been built in phases with the most recent climate control building completed in 2002. The property boasts modern amenities such as a leasing office with apartment, secure gated access, a robust camera system, asphalt drive aisles and LED lighting throughout.

 

Current occupancy is 89% by unit and 92% by area allowing for select asking rate adjustments on units with little or no comparable in the market, specifically climate control units. Moreover, current ownership has historically operated without a formal Existing Customer Rent Increase (ECRI) program, creating an approximate 20% gap in physical versus economic occupancy. Other potential income gains include implementing a tenant insurance program – these two operational adjustments alone will generate a potential $149,396 annually to top line revenue.

 

Parkway Self Storage is well positioned along Pembroke Rd, a major thoroughfare within the greater Hopkinsville area, and is the 2nd largest facility in town providing immediate scale and pricing power within the market. Traffic counts are robust with approximately 17,650 vehicles per day on Pembroke and another 24,300 vehicles per day on the nearby Pennyrile Parkway, according to KYTC traffic counts. The prominent monument sign provides excellent visibility supporting walk in traffic and helping to keep marketing costs low.

 

With a current adjusted NOI of $300,563 with a projected year one cap rate of 7.12%, Parkway Self Storage provides a unique opportunity for the investor to buy an established, well occupied facility below replacement cost and implement modern operational practices resulting in a 10.04% return on proforma.

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