K&L Storage – Storage Unlimited

• This 89% occupied facility totals 37,040 NRSF across 209 units, including 168 non-climate-controlled storage units, 40 open and covered parking spaces, and one office unit.
• The property offers immediate operational upside through the lease-up of 23 vacant units, including the currently vacant office space, while square-foot occupancy remains approximately 91%.
• Defensible underwriting reflects a 7.16% Year 1 cap rate at the target pricing scenario, with an approximately 40% operating expense ratio.
• The pro forma assumes rents are adjusted to market in Year 1 and economic vacancy improves from 25% in Year 1 to 15% in Year 2 and 12% by Year 3.
• Additional revenue growth is projected through tenant insurance, administrative fees, and late fees, providing multiple avenues to increase net operating income.
• Well-located, operationally sound, and positioned for meaningful upside through lease-up, revenue management, and ancillary income growth.