Medina Mini Storage

39,260 NRSF | 156 Units | Medina, MN | Offering Price: $5,150,000 | Seller Financing Preferred

INVESTMENT OVERVIEW

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.

Facility Summary

Property Name Medina Mini Storage
Price: $5,150,000
Address: 4800 Rolling Hills Road, Medina, MN 55340
County: Hennepin
Total NRSF: 39,260
Total Units: 156
Drive-Up Units: 156
Unit Sizes: 50-800
Physical Occupancy: 97%
Economic Occupancy: 85%
Buildings: 5 Single Story Buildings

Investment Highlights

  • 97% physical occupancy, 85% economic occupancy, rates lower than the market.
  • Exceptional location and frontage visibility from vehicles driving east and west on Highway 55.
  • Managed remotely & owner-managed. Opportunity for new management style to help increase revenue opportunities.
  • Pristine condition, very well maintained, new buildings built in 2016 and 2018.
  • Exceptional median household income of over $160k. This income figure, per Esri, is expected to reach over $195k within 5 years, creating additional opportunities to push rates in the future.

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