Portland Storage Units Portfolio
For sale217 E Pearl St & 1000 N Wayne St, Portland, IN 47371
Unit / Space count
383
Price
$2,100,000
Lot size
3.32 acres
Property description
Portland Storage Units presents an attractive opportunity to acquire a two-property self-storage portfolio in Portland, Indiana, the county seat of Jay County. The portfolio consists of two conveniently located facilities offering a diverse mix of traditional drive-up storage units, serving the storage needs of local residents and businesses. With limited competition in the immediate trade area and a regional economy supported by manufacturing, agriculture, healthcare, and small businesses, the properties are well-positioned to serve ongoing demand for personal and commercial storage. The portfolio offers significant value-add potential through occupancy growth, rental rate optimization, and increased ancillary revenue from tenant insurance and fee programs. Recent capital improvements, existing management software, and an established local employee provide a foundation for efficient operations, with the potential for remote management. Offered below replacement cost, the properties present an appealing opportunity for investors to enhance operating performance, stabilize revenue, and capture additional value in an underserved small-market self-storage environment. Seller financing may also be available, providing potential flexibility in structuring an acquisition.
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
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