$21,420,000 | 221,298 SF | Box Self Storage Portfolio | Kansas

Colliers is pleased to offer the exclusive opportunity to acquire a high quality stabilized self-storage portfolio in the Manhattan, Kansas MSA. This portfolio features 4 single-story self-storage facilities, two being 1/10th of a mile apart in Junction City and the other two being 2.8 miles apart in Manhattan.  These assets offer a total of 221,298 rentable square feet across 1,114 units.  This portfolio offers a diversified revenue stream, ranging from non-climate, climate controlled, surface parking, office space, warehouse space, shop space and ground leases to retail tenants.  This portfolio provides tremendous in-place cashflow while also providing significant upside potential through future expansion and better revenue management techniques.  This portfolio has an asking price of $21,420,000, which equates to a stabilized 8.03% cap rate and just $96.79 PSF.

Junction City
The Junction City portion of the portfolio consists of a primary facility and an annex located across the street.  These locations offer a total of 543 units and 85,440 square feet.   The current physical occupancy is 85%, and both locations offer expansion potential for the future owner.  According to Radius, the 5-mile saturation is 9.2 sf per capita, with less than 1 foot per capita of climate-controlled storage.  The Junction City assets service a heavily military demographic, given the proximity to Fort Riley.  These locations benefit from direct exposure along Interstate 70 at the US Highway 77 off-ramp.  The allocated asking price of $8,050,000 equates to just $94.22 psf and a stabilized cap rate of 7.25%.

1838 Old Hwy 40 Location: Opened between 2001 and 2005, this property includes thirteen single-story buildings and ten boxwell units.  Located on 5.32 acres, it offers an on-site management office with 1 bedroom resident manager’s apartment, numerous video security cameras, asphalt drive aisles, sliding gate access control, and abundant security lighting. 

2721 Gateway Ct Location: Developed between 2008 and 2010, this property includes five single-story drive-up buildings. Situated on 2.6 acres, it offers multiple video security cameras, sliding gate access control, concrete drive aisles, and superior security lighting throughout. 

Manhattan
The Manhattan portion of the portfolio consists of a primary facility and an annex located 2.8 miles to the north.  These locations offer a total of 571 units and 135,858 square feet.   The current physical occupancy is 81.3%, and both locations offer expansion potential for the future owner.  According to Radius, the 5-mile saturation is 7.2 sf per capita, with just .7 of a foot per capita of climate-controlled storage.  The Manhattan assets service a heavily student demographic, given the proximity to Kansas State University.  These locations benefit from their positioning along heavily travelled roads in the primary retail corridor.  The allocated asking price of $13,370,000 equates to just $98.41 psf and a stabilized cap rate of 8.50%.

486 McCall Rd Location: Phase built between 2002 and 2005,  this location has a total of eight structures and provides a vast array of revenue streams, including self storage, lease revenue from a car wash, office space, as well as a billboard.  This location 4.44 acres, it features an on-site management office, wide asphalt drive aisles, multiple video cameras, and security lighting throughout. 

2620 Tuttle Creek Blvd Location: Phase built between 1994 and 2015, this mixed use facility includes seven self-storage buildings,  an office building, and three warehouse spaces.  This location offers tremendous upside through potential expansion opportunities as well as better utilization of the existing warehouse space.  Situated on 9