Investment Overview

Marcus & Millichap is pleased to exclusively present 1760 State Street in Racine, Wisconsin. This self-storage conversion opportunity is situated on a fenced 1.27 acre lot with an existing two-story industrial building with basement (approximately 60,000 RBA). The building features one exterior loading dock, one drive-in bay, wet sprinkler systems, full utilities, one elevator, signage and 16-foot ceilings. The current layout allows for a logical climate-controlled self-storage conversion and optimizes the in-place infrastructure. The site could allow for approximately 40,046 rentable square feet of climate-controlled storage in approximately 400 units, depending on the final unit mix. The property is located in a bustling area with many surrounding schools, residential communities, retailers and other places of interest. The site has high visibility, seeing over 12,000 vehicles per day on State Street and over 24,000 vehicles per day at the intersection of State and Spring Streets. This offering allows investors a climate-controlled self-storage conversion opportunity in an undersupplied area with only 2.38 square feet per capita of storage in a three-mile radius. The existing structure and amenities promote this as an ideal storage conversion site. The reported 2022 five-mile population was 122,724 with an average household income of $76,275. Racine is approximately 22 miles south of Milwaukee and about 60 miles north of Chicago. The city is headquarters of several large corporations, including S.C. Johnson & Son, Dremel Corporation, Reliance Controls Corporation, Case Construction Equipment and others.