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NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”) has been engaged to extend to qualified investors the opportunity to acquire the 100% fee simple interest in 1205 Franklin Street in Oakland, California (the “Property”). The Property is a 90% leased, 50,517 square-foot, mixed-use self storage building recently redeveloped to institutional quality and standards.

Investment Highlights

Limited Competition with High Barriers to Entry

1205 Franklin is the only self storage facility located in Oakland’s CBD and the only property among its primary competitors that offers climate controlled storage units, creating a unique competitive advantage. Current ownership expanded the Property’s rentable area by approximately 20% with the addition of 243 locker units which are currently over 95% occupied. Supply in the surrounding area is limited with approximately 5.4 square feet of self storage space per person within a three-mile radius of the Property. New self storage development in the surrounding area is extremely difficult due to the lack of available potential development sites. Further, zoning guidelines and other municipal development hurdles will prevent new self storage competitors from being delivered to the market.

 

Dense Urban Market with Growing, Affluent Population

There are over 253,000 residents with an average annual household income of over $118,000 within a three-mile radius of the Property. The population is projected to grow at a rate of 1.36% per year and household income is projected to grow at a rate of 2.21% per year over the next five years. The population and income growth will result in strong demand from an affluent customer base with disposable income. This dynamic will drive continued storage demand.

 

Redevelopment Opportunity

Zoning at 1205 Franklin allows for the opportunity to redevelop the site into an office or multi-family tower, featuring up to 297,000 SF of office or 405,000 SF (±250 units) of residential.

 

Surrounded by New Residential Development

Residential development is extremely active in the surrounding area to accommodate the ongoing population growth with over 22,000 units currently in the multifamily development pipeline.

 

Upside with Rate Optimization for Self Storage Space

The self storage space is nearly stabilized with an economic occupancy of 86% and a physical occupancy of 97%. A new owner has the opportunity to maximize revenue by optimizing “street rates” and implementing a program of strategic rate increases to in-place tenants, many of which are paying below market rent and have expiring concessions. Investors will also have the opportunity to potentially convert existing office and retail space to additional storage use.

Last Updated Date: 24 Feb 2021
David Dokko
David Dokko
Senior Director, Capital Markets
License details
CA-01960806
Brian Somoza
Brian Somoza
Managing Director, Capital Markets
License details
CA-01510519

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Last Updated Date: 24 Feb 2021

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