Overview

Cedar Creek Capital™ is pleased to present Storelocal Storage® - Ames, located at 315 S. 16th St. in Ames, IA. This property is located at one of the major shopping centers in Ames, Iowa, neighboring many major retailers such as Best Buy, Costco, Rally House, Home Goods, Ulta, and more. We aim to increase occupancy and stabilize the property through our technology and data-driven operations. As we near stabilization (underwritten to 85%), we aim to drive revenue from the current in-place rent of $.58/SF to $1.06/SF through properly implemented ECRI’s (existing customer rental increases). This increase simply represents a return to asking rates (current market in-place rates for first floor and elevator accessed climate controlled spaces are $1.39/SF and $1.26/SF, respectively) This facility was brought to our team off-market through friends of the company. Despite formally being managed by a well-known REIT, this facility has excellent value-add potential.