Broker Opinion of Value ┃ Prepared For: Rosio Duarte
Ogden Self-Storage
316 Riley Ave Ogden, KS 66517
┃
Drew Gannon, CCIM 316.680.1108 dgannon@naimartens.com
Brogan Klein 316.352.7315 bklein@naimartens.com
Table of Contents
3
PROPERTY DESCRIPTION
6
FINANCIAL INFORMATION & MARKET SURVEY
OUR APPROACH
7
10
NAI MARTENS SELF STORAGE TRANSACTIONS
12 CREDENTIALS
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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Property Description
Property Description 316 Riley Ave, Ogden, KS 66517
Property Details
4,000 RBSF
36 Units
Occupancy
Land Size: 1.2 Acres Year Built: 2025
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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Financials
Property Financials
Current Income & Expenses
ANNUAL INCOME
CURRENT
BROKER ADJUSTED
NOTES
Potential Rent Income
$22,200
$22,200
Vacancy/Discounts
$0
$0
Total Effective Gross Income
$22,200
$22,200
ANNUAL EXPENSES
CURRENT
BROKER ADJUSTED
PER SF
% OF E.G.I.
NOTES
Real Estate Taxes
$2,677
$2,677
$0.86
12.1%
2025 County Appraised Value: $74,900
Insurance
$1,154
$1,154
$0.37
5.2%
Lawn and Snow Removal
$1,200
$1,200
$0.39
5.4%
Management
$0
$3,600
$0.00
0.0% Broker Adjusted Includes $300/month Management
Total Expenses
$5,031
$8,631
38.88%
Net Operating Income
$17,169
$13,569
Conclusion Based on current market conditions and recent transactions, my opinion of value for the entire subject property and all of its improvements total $150,000 - $160,000. I recommend a listing price at or close to $160,000. A $150,000 purchase price equates to a 9.05% cap rate, $48.39/SF and a 6.76 Gross Income Multiplier. In our analysis we have included the Current Financials, and a Broker Adjusted Financials column as well. Most buyers will need some type of local help for management and that will typically cost around $300 per month so we have included that cost in our Broker Adjusted Financials. The average expense ratio for self-storage facilities in Kansas totals approximately 40% for properties
Cap Rate Price/SF Sale Price GIM 9.05% $48.39 $150,000 6.76 8.75% $50.00 $155,000 6.98 8.48% $51.61 $160,000 7.21 Purchase Price Analysis
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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Financials
Self Storage Sale Comps
Current Income & Expenses
Property Name
Property Address
Date of Sale
Purchase Price
Price / SF
Cap Rate
Gross Income Multiplier
Wellsville I-35 Storage
711 Maple St
4/18/2025
$700,000
$38.25
8.73%
7.45
K&R Storage
206 E St Joseph St
7/31/2024
$575,000
$31.70
9.30%
7.01
Allen County Storage
2 Locations
10/8/2024
$665,000
$37.78
9.67%
6.94
Storage In Ark City
500 S G Street
IN CONTRACT
$330,000
$49.11
9.29%
7.45
Storage Depo - Ogden
401 Riley Ave & Oak St
IN CONTRACT
$475,000
$50.92
9.10%
6.70
AVERAGES
$41.55
9.22%
7.11
Self Storage Cap Rates - Kansas
NAI Martens closely monitors cap rate trends for self-storage facilities across Kansas. After several years of compression, with the market peaking in 2021, cap rates began to rise in late 2022 in response to increasing interest rates. Since 2023, rates have stabilized, particularly in Class B and Class C markets. Currently, Class B facilities are averaging cap rates in the 8.0% to 8.5% range, while Class C assets are trading around 9.0%.
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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Market Rent Survey
Ogden, KS Market Rent Survey
Distance from Subject
8x20 Containers
Property Name
Address
NRSF
Occupancy
5x10 6x10 10x10 10x12 10x15
10x20 10x24 10x25 10x30
3015 N 2nd St Ark City, KS 6910 306th Rd Ark City, KS 410 W Bryant Rd Ark City, KS
Dad’s Self Storage
5 miles
21,260
$49.00
$72.00
$82.00 $90.00
Packrat Mini Storage
2.2 miles
37,200
98% $52.00
$72.00
$87.00
$102.00
$120.00 $130.00
Locke High & Dri Stor-All
3.2 miles
20,800
95% $45.00
$60.00
$75.00
$85.00
$105.00
T & J Rentals
918 N F St Ark City, KS 1 mile
29,348
90% $45.00
$55.00
$65.00
$75.00
$85.00 $95.00
Space Center Mini Storage
26836 61st Rd Ark City, KS
4 miles
22,704
99%
$40.00
$70.00
$95.00
3124 N Summit Rd Ark City, KS 500 S G Street Ark City, KS
Simplicity Self Storage
3.2 miles
3,080
100% $45.00
Storage In Ark City
6,720
96% $50.00
$65.00
$85.00
$90.00
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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Our Approach
Direct Marketing This option would expand beyond the current “Active Buyers” utilizing our internal database consisting of over 500 prospects that currently own self-storage in Kansas/Midwest Region or have been actively pursuing self-storage properties in the market. Once our marketing material is completed and approved by the seller, we will begin direct marketing to our Active Buyers list. NAI Martens will directly contact the most likely buyers that have been actively searching for or have recent- ly purchased self-storage property. This typically includes 20 - 50 prospects, depending on the property. These are all prospects that we communicate with on a regular basis. Contact with these prospects will begin while we are creating marketing material for the property and prior to the full public marketing. All Buyers will be required to sign Non-Disclosure Agreements before we present them with any property rent rolls or financials. A Multi-Option Approach Based on the Seller’s preference we can market this property to Buyer’s off-market or list the property on the open market and listing sites. NAI Martens has created a database of self- storage Buyers that we have vetted and are constantly searching for self-storage opportunities in the market. Our database tracks Buyers acquisition criteria and we are able to quickly match Sellers with potential Buyers. These relationships and contacts provide different options for the methods in which we can market your property. Active Buyers
Self-storage owners throughout Kansas. Prospects in our database that have expressed interest in self-storage properties. Brokers throughout the Midwest that regularly work in the self-storage market. Owners of self-storage in surrounding states that are currently not in Kansas.
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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Our Approach
Public Marketing Public Marketing entails complete marketing of the prop- erty with the largest amount of reach through the following methods:
Prominent listing platforms: Crexi, LoopNet, List Self Storage
Individual property website: Includes the property’s brochure, photos, details and a vault for discretionary but easy access to documents such as the
Offering Memorandum.
E-mail sent out through a national commercial real estate e-blast service. This will be sent out to thousands of commercial investors,
brokers, developers, lenders, etc. across the country.
E-mail out to all Kansas commercial real estate brokers in our database
Sent out through the NAI Global Opportunity Broadcast System to all NAI brokers
E-mail out to all NAI Global Investment Brokers
Social Media
These options can be modified based on your preference. The Active Buyers and Direct Marketing ap- proaches typically produce offers acceptable to a seller from qualified buyers. If necessary we implement the Public Marketing approach. If a seller desires, we can implement the Public Marketing approach earlier in the process. A comprehensive Offering Memorandum containing all of the information a buyer will need to make an offer will be prepared by NAI Martens. NAI Martens will pay for drone photography of the property and all marketing costs associated with the listing.
www.naimartens.com FOR SALE -337-5787 316
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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Client Testimonials
” “ This company is great to work with! They’ve sold a couple of our self storage properties and we will continue to work with them in the future. Cynthia Thompson, Storage Depot
“
Drew was very professional and respectful in all of his dealings with my mother and me. He was quick to respond when we had questions and patient if we didn’t quite understand what was being asked for regarding documents for the properties. Drew was very willing to do the work needed to get our properties sold and was kind in his interactions with us. We would definitely use NAI Martens and Drew as our agent again. ” Joy Richert, Fairview Storage
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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NAI Martens Self Storage Transactions
Self-Storage Transactions
Allen County Storage - Iola & Gas, KS
ABC Storage, Liberal KS
Blackwell Mini Storage - Blackwell, OK
South City Storage - Arkansas City, KS
C&E Storage - Waukomis, OK
Donner-Springs Storage - Cuba, MO
The Storage Company - Ogden, KS
Premier Storage - Maize, KS
Mustang Storage - McPherson, KS
Storage Depot - Coffeyville, KS
A&A Storage - Park City, KS
Kingdom Storage - Wichita, KS
Tower Storage Portfolio - Leavenworth, KS
El Dorado Self Storage - El Dorado, KS
P. Allen Storage - Bellefontaine, OH
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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NAI Martens Self Storage Transactions
Self-Storage Transactions
All Storage Andover - Andover, KS
Creekside Mini Storage - Johnson City, TN
All Storage Derby - Derby, KS
Storage Depot - Alva, OK
Keep It Here Storage - Malvern, AR
Boss Mini Storage Portfolio - SE Kansas
Stuff N Store - Kingman, KS
Your Storage - El Dorado, KS
C&R Storage - Haysville, KS
A&B Storage - Haysville, KS
F&S U Stor It - Wichita, KS
Storage Depot - Augusta, KS
A&A Storage - Rose Hill, KS
BD Storage & Car Wash - Goddard, KS
RV/Boat Storage - Andover, KS
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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DREW GANNON, CCIM Commercial Advisor BACKGROUND & EXPERIENCE
SIGNIFICANT TRANSACTIONS All Storage of Andover & Derby – Andover & Derby, KS – 131,830 Net Rentable SF & 386 Units Kwiklock Storage Portfolio – Park City & Rose Hill, KS – 51,675 SF & 324 Units Premier Storage Maize – Maize, KS – 82,546 Net Rentable SF F&S U Stor It – Wichita, KS – 52,000 Net Rentable SF & 320 Units BD Storage & Car Wash – Goddard, KS – 186 Units & 4 Car Wash Bays RV/Boat Storage – Andover, KS – 97,476 Net Rentable SF Kingdom Storage – Wichita, KS – 53,586 Net Rentable SF & 324 Units Mustang Storage – McPherson, KS – 136,696 Net Rentable SF & 413 Units Blackwell Mini Storage – Blackwell, OK – 35,800 Net Rentable SF & 197 Units
Drew is a graduate of Wichita State University with a Bachelor’s Degree in Finance and an Emphasis in Real Estate. Drew is a Commercial Advisor with a specialization in self-storage and investment sales. Drew has been awarded three of the Wichita Business Journal’s “Deal of the Year” honors. In 2023, Drew became a partner in the NAI Martens firm. Drew has worked on a wide array of transaction throughout the United States, creating a robust network of owners, operators, vendors, and banking relationships. Taking a client-centric approach to assignments, Drew prides himself on walking the client through each step of the disposition process, ensuring a smooth and successful closing. Drew has cultivated a focused list of more than 500 active buyers for self-storage and utilized that information to handle self-storage transactions throughout the U.S.
EDUCATION RESUME Wichita State University • BBA, Finance - Real Estate Emphasis
2015-2019: Research Specialist, NAI Martens
PROFESSIONAL ACHIEVEMENTS 2021 Wichita Business Journal Deal of the Year: Goebel Duplexes ┃ 2021 Wichita Business Journal Deal of the Year: All Storage of Andover & Derby ┃ 2021 Costar Power Broker ┃ 2022 Wichita Real Producers 30 Under 30 ┃ 2023 Wichita Business Journal Emerging Leader ┃ 2023 Wichita Business Journal Deal of the Year: Brittany Shopping Center
2019-Present: Commercial Advisor, NAI Martens
2015: Appraisal Assistant, Martens Appraisal
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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Brogan Klein Commercial Advisor BACKGROUND & EXPERIENCE Brogan Klein is a Commercial Real Estate Advisor at NAI Martens, serving the Wichita, Kansas metropolitan area. With a background in real estate, marketing, and event photography, Brogan specializes in helping clients navigate commercial property transactions, including land acquisitions, investment opportunities, and development projects. Before stepping into his current advisory role, Brogan gained extensive experience in commercial real estate, working as a Commercial Real Estate Specialist and Assistant at NAI Martens. He also honed his expertise in property valuation as a Commercial Appraisal Assistant at Martens Appraisal. Brogan holds a Bachelor of Business Administration in Finance-Real Estate from Wichita State University and is a licensed real estate professional in Kansas. His analytical skills, market knowledge, and commitment to client success make him a valuable resource in the Kansas commercial real estate sector.
EDUCATION RESUME Wichita State University • BBA, Finance - Real Estate Emphasis Butler Community College - Associates Degree
2023 Martens Appraisal Commercial Appraisal Assistant
December 2024: NAI Martens Commercial Real Estate Specialist
January 2024: NAI Martens Commercial Real Estate Assistant
2025: NAI Martens Commercial Real Estate Advisor
2022: Martens Appraisal Commercial Appraisal Intern
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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CCIM Institute Commercial Real Estate’s Global Standard for Professional Achievement www.ccim.com
Individuals earn the CCIM Designation by: • Completing a rigorous program including an elite curriculum • Demonstrating a depth of proven experience and high deal volume • Exemplifying a commitment to ethics and deal-making • Maximize the return on your investment • Optimize the value of your real estate • Make better informed decisions • Develop a comprehensive commercial real estate strategy Above all, the CCIM Designation represents proven expertise in financial, market, user, and investment analysis, as well as negotiations. With this real-world education, CCIMs help you: • Minimize your risk
For 56 years, the CCIM Designation has remained the unparalleled standard for commercial real estate professionals, including appraisers, asset managers, brokers, developers, investors, lenders, and other allied professionals. CCIMs complete a rigorous program of advanced coursework and training in fi- nancial and market analysis and demonstrate extensive experience with high closed deal volume in the commercial real estate industry. The CCIM Designation Is the Pinnacle in Commercial Real Estate. Whether you’re looking to buy, sell, or develop real estate, a CCIM Designee is your strongest asset. When you hire a CCIM, you’re hiring the most advanced investment specialist anywhere — someone who will minimize your risk, maximize your ROI, and optimize the value of your real estate.
Naimartens.com | 316 262 2000 | 1330 E. Douglas Ave., Wichita, KS 67214
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FOR MORE INFORMATION, PLEASE CONTACT:
Drew Gannon, CCIM Commercial Advisor +1 316 680 1108 dgannon@naimartens.com
BROGAN KLEIN Commercial Advisor +1 316 352 7315 bklein@naimartens.com
NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.
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