Overview
Executive Summary
Syndicate Real Estate Development is offering a private placement opportunity in a 130,000 SF, 280-unit boat and RV self-storage development at 920 N Atherton Road in Independence, Missouri. The project sits adjacent to Syndicate's existing Extra Space Storage facility — the fastest-leasing self-storage development in the Midwest, stabilized in 18 months versus a projected 36–48.
The Opportunity
Independence is the fourth-largest city in the KC metro with 121,000+ residents and a municipal ordinance (14-501-09-H) that effectively bans parking boats, RVs, or trailers over 15 feet in residential driveways. With an estimated 12,000 potential customers and zero competing projects in the pipeline, the demand is structural and the supply constraint is confirmed by the city's economic development office.
The Asset
The site is fully asphalted, curbed, guttered, lit, and fenced — construction risk is limited to vertical improvements. A Guaranteed Maximum Price contract with Hullmark Construction shifts cost overrun risk away from investors. The unit mix includes enclosed garages, covered canopies, and open paved stalls averaging 437 SF per unit across 7.59 acres. Extra Space Storage will manage the facility.
The Returns
Total capitalization is $6.05M against a stabilized value of $8.72M per third-party feasibility study (6.75% cap rate). Investor equity is $2.65M with a 75/25 profit split in favor of investors. The strategy is to stabilize and refinance in Year 3, returning approximately 98–111% of invested equity while investors retain full ownership and continue participating in cash flow and appreciation through a Year 10 hold or sale.
Investment Highlights
Proven Demand, Not a Bet on the Market
The adjacent Extra Space facility stabilized in 18 months versus a 36–48 month projection and is now full with no boat or RV product. Day-one demand is overflow from a proven, operating asset next door.
Structural Supply Constraint
City ordinance 14-501-09-H bans parking boats, RVs, or trailers over 15 feet in residential driveways. Owners pay fines or rent storage. The city confirms zero competing projects in the pipeline.
Low Construction Risk
The site is already asphalted, curbed, guttered, lit, and fenced — construction is vertical improvements only. A Guaranteed Maximum Price contract with Hullmark Construction transfers cost overrun risk away from the partnership.
Conservative Underwriting with Meaningful Downside Protection
Industry-Leading Management
Extra Space Storage — 3,700+ properties, 11-time winner of Inside Self-Storage's "Best Third-Party Management" award — drove Syndicate's adjacent facility to record lease-up performance and will manage this asset.
Attractive Basis Relative to Stabilized Value
Total capitalization of $6.05M against a third-party stabilized value of $8.72M represents a 44% value creation spread at a 6.75% cap rate — built into the basis at close.
Modest Market Penetration Required
With ~12,000 potential customers in the trade area and 280 units, the project needs just 2.4% market capture to stabilize.
Photo Gallery
