Medina Mini Storage offers 156 climate-controlled & drive-up units totaling 39,260 NRSF. The property was originally built in 1995 and later constructed to add an additional 4 buildings (3 in 2016 and the last in 2018), which sit on over 17 acres of land. Located off Highway 55, the property receives a high level of visibility from the 15,900 vehicles per day that pass by this specific location.
The facility is currently at 97% physical occupancy and rental rates have not been adjusted for many years. At 85% economic occupancy, and with asking rates lower than the 3- & 5-mile market average, a new investor will improve income immensely by pushing in-place rates, alongside new move-in rates. Many units in the newer buildings contain electricity outlets, which if considered premium, should add even more room to the income potential.
The property has been managed remotely for many years, is owner-operated, and in mint condition, having been extremely well kept since inception. The roofs at the property are equipped with solar panels, achieving an additional $9,000 in income, annually. The low supply of self-storage surrounding the subject property paired with the exceptional household income figures in a 3- mile radius provides an advantageous value-add opportunity for a new investor/operator.
|Property Name||Medina Mini Storage|
|Address:||4800 Rolling Hills Road, Medina, MN 55340|
|Buildings:||5 Single Story Buildings|