Self Storage Details

  • Purchase Method: Cash, New Loan
  • Number of Storage Units: 377
  • Acreage: 1 acre(s)
  • Square Footage: 68,880 sqft
  • Occupancy: 72%
  • Year Built: 1900
  • Cap Rate: 8.3%
  • Property ID: 678140
  • Posted On: Jun 16, 2016
  • Updated On: Jan 31, 2018

Property Description

815 Storage is one of Rockford's largest and its most centrally located self storage facility there just three minutes from the city center's waterfront.

815 Storage has 375 units with room to expand up to 75 more (smaller) units while not diminishing the current indoor "open storage" for boats, RV's and automobiles. For customer convenience, the three story property features two large parking lots and a loading dock altogether serviced by a freight elevator on over an acre of property that features two street corners for great signage visibility: certain building signs are read by traffic over a half mile away!

Uniquely, the entirely enclosed secure facility is a 70k gross sq.ft. former furniture factory now revitalized with all new electrical as well a restored roof and windows together with fire sprinkler "dry system" upgrade. The facility received brand new units installed from Janus Corporation in 2006.

Word of mouth (no advertising budget presently) secures approximately $11.9k average gross monthly income and for several years has marketed "first month always free" (with paid second month) and free use of a lock with Rockford's lowest price guarantee. This self storage offers local management a golden opportunity to effectuate more precipitous returns than this 8.5% Cap storage currently realizes. (best URL for search) together with phone number (815) STORAGE (786-7243) are included in sale.

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Financial Information (Actual)

Gross Income $137,580
Operating Expense $55,240
Net Operating Income $82,340
Expense Ratio 40.2 %
Debt Info