The subject property represents a well-maintained storage facility comprised of 66,527 rentable square feet on approximately 3.41 acres of land. The facility offers 694 climate-controlled units, 22 drive-up units and 15 rental parking spaces for a total of 731 units. The site offers 24/7 access and a wide variety of units to accommodate this desirable component of the Chicago Metro Area. Management recently invested $500,000 for completely new roofing. The property includes premium signage on adjacent land which is leased for $825 per month; this land is owned by a local church. Additionally, there were six new HVAC units installed when the property was converted. The facility has a current physical occupancy of 82 percent as of August 2020. To ensure secure storage, the property utilizes 24-hour video surveillance, electronic gating and coded access to the units.
The subject property is impeccably located in the heart of Evanston, Illinois; a critical component of the Chicago Metropolitan Area. This desirable suburb is a major residential alternative to the downtown Chicago area; there are over 221,000 individuals within three miles of the subject property. The facility has direct frontage along Greenwood Street and offers premium access to Dempster Street, which witnesses traffic counts of over 28,000 vehicles daily. Additionally, the facility is approximately three miles from Interstate 94, witnessing a robust traffic count exceeding 167,000 vehicles daily. Advantageously, there are over 85,000 households within three miles of the property with an average income exceeding $115,000 annually, far surpassing the national average. Evanston is just minutes from the heart of Chicago; the area is home to several prominent resources and institutions, including Northwestern University. Northwestern University is widely regarded as a top-15 university and consists of over 25,000 faculty and students.
The subject property represents an excellent opportunity to acquire a class A storage asset in a premium location with multiple upsides. An investor can capitalize on $500,000 in capital improvements implemented by current management through increased advertising and digital marketing. The competitive landscape boasts only 5.11 NSRF/person within a three-mile radius. There is additional upside through implementing a robust tenant insurance program and truck rental program in this densely populated division of the Chicago Metro Area. The subject’s excellent proximity to all of Chicago’s resources, paired with state-of-the-art construction in a heavily populated region comprise an ideal storage investment positioned for consistent success and ample growth over the next several years.
- Class A Storage Asset in a Densely-Populated Division of the Chicago Metro Area
- Over 221,000 Individuals Within Three Miles of the Property
- Brand New Roofing Recently Installed, Totaling $500,000 in Capital Improvements
- Wide Variety of Premium Climate-Controlled Units, Boat/RV Parking and 22 Drive-Up Units with 24/7 Access
- 5.11 NRSF Per Person Within a Three-Mile Radius
- Strong Three-Mile Household Income Exceeding $115,000 Annually
- Excellent Proximity to Dempster Street and Interstate 94, Boasting Traffic Counts of Over 28,000 and 167,000 Vehicles Per Day
- Minutes from the Heart of Downtown Chicago and Northwestern University