Castle Storage

$3,000,000 | 23,549 NRSF | 224 Units | Michigan City, IN

Under Contract

Call for Offers:

March 3, 5:00 PM

INVESTMENT OVERVIEW

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.

Facility Summary

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

Investment Highlights

  • 23,549 NRSF + 12,550 Possible Expansion Opportunity
  • 95% Physically Occupied, 93% Economically Occupied
  • Low supply of climate-controlled units within the trade area
  • Owner Managed, room for rate growth to bring up to market
  • Fully Stabilized climate-controlled facility