Portland Storage Units Portfolio
For sale217 E Pearl St & 1000 N Wayne St, Portland, IN 47371
$2,100,000383 units44,180 SF
Self Storage$5,483/unit$48/SF1985/2013
Property type
Self Storage
Unit / Space count
383
Price
$2,100,000
Rentable area
44,180 SF
Year built
1985
Year renovated
2013
Lot size
3.32 Acres
Sold/status
On Market
Price per SF
$47.53
Property description
In Association with Scott Reid & ParaSell Inc. A Licensed Indiana Broker #RC51900187 Scott Reid Broker of Record - Indiana 949.942.6578 Broker@parasellinc.com Lic #: RB19001284
Property highlights
- Value-Add Self Storage Facilities Offered at Below Replacement Cost and Comprised of 383 Non-Climate Units Totaling 44,180 Net Rentable Square Feet
- Very Limited Competition in the Immediate Trade Area With Only Two Other Self Storage Facilities in the Market
- Low Saturation Rate of 6.5 SF/Capita for Self Storage Within Five Miles of the Pearl Street Location
- Opportunity to Increase Revenue Through Lease Up, Stabilization, and the Implementation of Existing Customer Rent Increases
- Recent Capital Improvements Include Numerous Door Repairs, Partition Repairs, Roof Maintenance, and Partial Paving of the Facilities
- Portland is Located in Eastern Indiana Approximately 75 Miles Northeast of Indianapolis and is the County Seat of Jay County Which is Home to 20,354 Residents
- Facility is an Excellent Candidate for Remote Management With Management Software Already and Local Employee Already in Place
- Opportunity to Increase Revenue Through Maximizing Fee Income and Tenant Insurance Sales
- Seller Willing to Entertain Seller Financing With a Carry in the Second Position