MORE SPACE STORAGE

9518 South 120th St in Papillion, NELee & Associates is pleased to present More Space Storage, a 416-unit, 96,810-square-foot self-storage facility situated on 8.05 acres in Papillion, Nebraska, offered at $7,250,000. Constructed in two phases in 2020 and 2023, the Property represents one of the newest and highest-quality self-storage assets in the Omaha metropolitan area. The facility generated $541,950 in total revenue and $411,079 in net operating income during 2025, representing a 75.7% operating margin. Physical occupancy improved from approximately 68% in early 2024 to 90.1% as of February 2026, demonstrating strong and sustained demand in the Papillion/La Vista trade area. Stabilized NOI of $456,985 reflects a conservative forward operating case that incorporates a modest 5% blended rate increase, normalization of below-market concessions, and implementation of standard ancillary revenue programs. Investment Thesis: New Construction, Institutional-Quality Asset. Built in 2020 and 2023, the facility offers decades of remaining useful life with minimal deferred maintenance. Modern drive-up access, climate-controlled units, digital video surveillance, and 24-hour tenant access position the asset for premium pricing and strong tenant retention. Embedded Revenue Upside Without Meaningful Lease-Up Risk. The Property is 90%+ physically occupied. The primary value-creation opportunity is rate optimization, not speculative occupancy gains. The 123 10x16 garage units, representing 30% of the facility, average $76.64/month versus a $100 listed rate, equating to more than $30,000 annually in recoverable revenue. Additional upside exists through implementation of a tenant protection plan ($22,734 annually), systematic late-fee collection ($8,000 annually), and further rate increases supported by competitive market pricing. Strong Market Fundamentals. Papillion and Sarpy County represent one of the fastest-growing submarkets in the Omaha-Council Bluffs MSA. Private equity capital is actively acquiring self-storage assets in the region, with multiple confirmed transactions in 2024 and 2025 at sub-6% cap rates on trailing income. SITE DESCRIPTION The Property is situated on two contiguous parcels totaling 8.05 acres in Papillion, Nebraska. The original 2.28-acre parcel accommodates the Phase 1 buildings constructed in 2020, including the attached 1,750-square-foot office. The 5.77-acre expansion parcel supports the Phase 2 buildings delivered in 2023. The site benefits from direct access and strong visibility along South 120th Street, a primary north-south arterial connecting Papillion to the greater Omaha metropolitan area. The facility layout provides efficient drive-up access for all garage and outdoor units, with paved drive aisles capable of accommodating truck and trailer maneuverability.