EquiCap Facilitates IN Self-Storage Asset
- May 03, 2018
EquiCap Commercial has arranged the sale of a 28,100-net-rentable-square-foot self storage facility in Crown Point, Ind. EquiCap’s Self Storage Advisory Group represented the seller, a private owner and sourced the buyer in the deal.
Located at 700 Madison St., Crown Point Self Storage is situated near Interstate 65, approximately 50 miles from Chicago. Roughly 73,000 people live within a five-mile radius, and the average household income is around $63,400, according to Yardi Matrix. The Crown Point facility was built in 1998 and was upgraded with a new building in 2016. The property occupies 2.8 acres and offers 239 units, ranging in size from 25 to 200 square feet. Characteristics of the facility include climate control, gate, drive-up access, parking and RV parking and security camera. Additional services include 24-hour access and truck rental options.
“We received multiple offers on this listing in a short timeframe, due to the fact that this opportunity included a new building added in 2016, which is 100 percent leased and has more room to expand, in a very strong self-storage market. Beyond physical expansion, rents are currently below market rates, so there is additional revenue opportunity too,” said Jesse Luke, managing partner at EquiCap Commercial, in prepared statements.
Image courtesy of EquiCap Commercial