$8,850,000 | Ashland Self Storage | Chicago, IL

Description

The Colliers Self Storage Group is pleased to exclusively offer to qualified investors the opportunity to purchase an investment grade climate-controlled self-storage conversion located at 4343 South Ashland Avenue in Chicago, Illinois.

Ashland Self Storage is a high-quality conversion located on Ashland Avenue, a major four-lane north-south thoroughfare in Chicago.  This facility is a three-story climate-controlled brick building.  Ashland Self Storage will offer tenants 44,696 rentable square feet and 533 units, ranging in size from 5’x 5’ to 10’x 30’.  The asset will feature a convenient multi-vehicle-covered loading area.

This facility sits on the southwest side of Chicago in the historic neighborhood of Back of the Yards, named due to its proximity to the Union Stock Yards.   Since the closure of the stockyards in the early 1970s, the neighborhood has seen significant residential and commercial development.  According to Yardi, the current saturation within a 5-mile radius is estimated at 3.92 square feet per person, of which just 2.67 square feet is climate-controlled.  The 5-mile population is estimated at an incredible 851,543 individuals; with the 3-mile population exceeding 321,976 individuals.  There are 379,203 housing units within 5 miles of Ashland Self Storage, 62% of which are renter-occupied.

Ashland Self Storage will offer its tenants superior amenities, including spacious management office, numerous 24-hour video surveillance cameras, fully covered multi-vehicle loading area, coded access control system, centrally located elevator, and led lighting throughout.

The asking price of $8,850,000 is $198 psf, equating to a stabilized 7.25% cap rate.  This asset benefits from the institutional quality of construction and the prime location along a major north / south thoroughfare.  The lack of supply in the immediate trade area should allow Ashland Self Storage to become a rate leader in the market.