Prairie Street Storage

Prairie Street Storage is a quality asset with value-add upside positioned in Bethalto, Illinois. Spanning 39,700 NRSF among 327 units, this facility recently doubled in size and is in expansion lease-up, currently sitting at 62.39% physical occupancy. Located a mere quarter mile south of busy Bethalto Dr. – seeing nearly 13,000 vehicles per day – this property is situated amongst many residential developments and neighbors directly with two subdivisions and an apartment complex.

The unit mix features attractive sizes to capitalize on rents at a price per square foot basis. The property boasts 251 drive-up units and 47 climate-controlled units ranging from 50 square feet to 300 square feet with an additional 29 RV/boat parking spaces. Fully fenced-in and featuring a keypad gate entrance, customers can enjoy 24-hour access to their belongings. There is also an approximately 1,000 square foot on-site office with a kitchenette and bathroom. The additional land on the back of the parcel, currently used for RV parking, can be easily transformed into more storage or utilized as a lot for truck rentals.

Value addition components are prevalent with implementation of management software, tenant insurance, administration fees, merchandise sales, and accepting of credit cards. Although in lease-up on the 134-unit expansion, Prairie Street Storage was previously fully stabilized, running at an average 91% physical occupancy prior to the addition. With the ability to control the lease-up trajectory, a new operator has the opportunity to enter at a favorable year 3 stabilized cap rate and increase revenue from day one.