Castle Storage consists of 224 indoor climate-controlled units equating to 23,549 NRSF. In addition to the existing storage, there is a site plan awaiting city approval for an additional 12,500 square feet of storage at the back of the facility. Alternatively, a new owner could strategically use the empty room to provide parking especially since there is a low supply in the trade area.
The property is located in Michigan City, Indiana which is currently undergoing a strategic economic plan (initiated in 2018) to incentivize development in different opportunity zones for investors. The facility offers automatic security cameras, large bays for loading and unloading for tenants, LED indoor lighting, and motion sensor alarm system for after-hours security. Current ownership has incorporated a 10% rate boost on all in-place tenants to start 2022, so a new investor will be able to enjoy strong revenue growth this year and beyond.
This facility is owner-managed and currently achieves 95% physical occupancy and is 90% economically occupied. The property is currently fully stabilized and capitalizes on ancillary income sources which provides a turn-key opportunity to a new investor. Additionally, a new owner would be able to work on rate management as the current rates are not up to street pricing.
Property Name: Castle Storage
Address: 2600 Franklin Street, Michigan City, IN 46360
County: LaPorte County
Total Land Area: 1.67 Acres +/-
Total NRSF: 23,549
Total Units: 224
Unit Sizes: 15-300 SF
Physical Occupancy: 95.3%
Economic Occupancy: 93.1%
Buildings: 1 Building + Potential Expansion Opportunity