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Self-Storage Facility

AAA Storage II

300 Sundown Rd, South Elgin, IL 60177

Listing Price: Request For Offer

Number of Units
388
Occupancy
83.4%
Rentable SF
72,850
Year Built
1995

Investment Overview

AAA Storage II is a 72,850 net-rentable square foot self-storage facility located in South Elgin, Illinois. This property is situated on approximately 7.13 acres of land and consists of eight drive-up non-climate-controlled buildings (59,850 NRSF), industrial/flex space (13,000 NRSF) and 28 outdoor parking spaces. Physical occupancy is at 96% as of May 1, 2022. Constructed in 1995 the property has many amenities, including controlled gate access, perimeter fencing, security lighting, 24/7 video surveillance throughout, paved driveways, rollup doors and a full-service on-site management office. Included in the offering is +/- 2.38 acres of adjacent vacant land at 1010 La Fox (Route 31). With +/- 240 feet of frontage on Route 31 this provides a purchaser the opportunity to add a new 3-story climate-controlled building with +/- 72,600 gross square feet. AAA Storage II is located in Kane County, Illinois, the fifth-most populated county in the state. The village of South Elgin, located 35 miles west of downtown Chicago , has an estimated population of 170,317 and 56,551 households in a five-mile radius of the subject property. The site has 10,400 vehicles per day on Illinois Route 31 and 4,700 vehicles per day on Sundown Road. The most common industries in Kane County are manufacturing, retail trade and health care and social services. The facility is located less than one mile from downtown South Elgin, 1.25 miles from South Elgin High School and 1.6 miles from Elgin Community College. As recent as October of 2021 the asking rates were below market averages from 15% for a 5x5 to 60% for a 10x30. Asking rates were increased effective November 1st, 2021, hence the decline in economic occupancy at the end of November 2021. Reference the chart on page 13 of the Offering Memorandum. Existing tenants that had not pre-paid for 6 to 12 months in advance were increased to the new asking rates effective Jan 1st, 2022. Senior citizens and tenants who pre-paid for 6 or 12 months received a 5 – 10% discount. As of April 30th, 2022, there were 172 pre-paid units below standard/asking rates that will sunset by October 2022. Reference the chart on page 14 of the Offering Memorandum. Subsequent of the rate increase the facility experienced very minimal move outs. Despite increasing street rates on November 1st, 2021, a rent survey conducted on May 9th revealed asking rates still below market averages ranging from 6.4% for a 10x10 to 38.7% for a 10x30. Reference page 18 of the Offering Memorandum. AAA Storage II provides an investor the opportunity to capitalize on an underperforming asset through continued rate increases to market levels, implementing tenant insurance and creating additional value via the climate-controlled expansion.

Investment Highlights

  • 72,850 Net-Rentable Square Feet
  • 388 Non-Climate-Controlled Units | 28 Outdoor Parking Spaces
  • 96% Physically Occupied
  • Expansion Opportunity on Vacant 2.38 Acres | 3-Story Building with +/- 72,600 Gross Square Feet
  • 10,400 Vehicles/Day on IL-31 | 4,700 Vehicles/Day on Sundown Road

Exclusively Listed By

  • Sean M. Delaney

    Senior Vice President Investments

    (630) 570-2267

    Email Sean

    License(s): IL: 475.141529, WI: 77902-94

    Chicago Oak Brook

Financing By

Self-Storage Facility

AAA Storage II

Listing Price: Request For Offer

Number of Units
388
Occupancy
83.4%
Rentable SF
72,850
Year Built
1995

Investment Highlights

  • 72,850 Net-Rentable Square Feet
  • 388 Non-Climate-Controlled Units | 28 Outdoor Parking Spaces
  • 96% Physically Occupied
  • Expansion Opportunity on Vacant 2.38 Acres | 3-Story Building with +/- 72,600 Gross Square Feet
  • 10,400 Vehicles/Day on IL-31 | 4,700 Vehicles/Day on Sundown Road

Investment Overview

AAA Storage II is a 72,850 net-rentable square foot self-storage facility located in South Elgin, Illinois. This property is situated on approximately 7.13 acres of land and consists of eight drive-up non-climate-controlled buildings (59,850 NRSF), industrial/flex space (13,000 NRSF) and 28 outdoor parking spaces. Physical occupancy is at 96% as of May 1, 2022. Constructed in 1995 the property has many amenities, including controlled gate access, perimeter fencing, security lighting, 24/7 video surveillance throughout, paved driveways, rollup doors and a full-service on-site management office. Included in the offering is +/- 2.38 acres of adjacent vacant land at 1010 La Fox (Route 31). With +/- 240 feet of frontage on Route 31 this provides a purchaser the opportunity to add a new 3-story climate-controlled building with +/- 72,600 gross square feet. AAA Storage II is located in Kane County, Illinois, the fifth-most populated county in the state. The village of South Elgin, located 35 miles west of downtown Chicago , has an estimated population of 170,317 and 56,551 households in a five-mile radius of the subject property. The site has 10,400 vehicles per day on Illinois Route 31 and 4,700 vehicles per day on Sundown Road. The most common industries in Kane County are manufacturing, retail trade and health care and social services. The facility is located less than one mile from downtown South Elgin, 1.25 miles from South Elgin High School and 1.6 miles from Elgin Community College. As recent as October of 2021 the asking rates were below market averages from 15% for a 5x5 to 60% for a 10x30. Asking rates were increased effective November 1st, 2021, hence the decline in economic occupancy at the end of November 2021. Reference the chart on page 13 of the Offering Memorandum. Existing tenants that had not pre-paid for 6 to 12 months in advance were increased to the new asking rates effective Jan 1st, 2022. Senior citizens and tenants who pre-paid for 6 or 12 months received a 5 – 10% discount. As of April 30th, 2022, there were 172 pre-paid units below standard/asking rates that will sunset by October 2022. Reference the chart on page 14 of the Offering Memorandum. Subsequent of the rate increase the facility experienced very minimal move outs. Despite increasing street rates on November 1st, 2021, a rent survey conducted on May 9th revealed asking rates still below market averages ranging from 6.4% for a 10x10 to 38.7% for a 10x30. Reference page 18 of the Offering Memorandum. AAA Storage II provides an investor the opportunity to capitalize on an underperforming asset through continued rate increases to market levels, implementing tenant insurance and creating additional value via the climate-controlled expansion.

Exclusively Listed By

  • Sean M. Delaney

    Senior Vice President Investments

    (630) 570-2267

    Email Sean

    License(s): IL: 475.141529, WI: 77902-94

    Chicago Oak Brook

Financing By

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