Investment Overview

Marcus & Millichap is pleased to exclusively present the Extra Space Storage (Managed) site located at 851 Marietta Street in South Bend, Indiana. Opened in April 2023, this institutional quality asset has seen strong lease-up trends with current physical occupancy at 85.4 percent. The site provides 343 total units across 40,129 rentable square feet. The unit mix is comprised of both climate and non-climate-controlled units and additional outdoor RV/boat spaces. Situated on 3.25 acres with visibility and convenient access from SR 933 (approximately 17,845 vehicles per day), this property has state-of-the-art amenities and security features. The site is fenced and gated with PTI Security Systems keypad, video surveillance system, wide-drive aisles, a covered loading bay and has an on-site rental/management office. Located less than three miles from the University of Notre Dame and surrounded by other places of commerce, this property is situated in an undersupplied area with no climate-controlled storage competition in a one-mile radius and only 3.25 total square feet per capita of storage in the three-mile radius. The surrounding demographics are strong with an estimated three-mile population of 96,465 and a five-mile population of 173,194 and 29,669 renter occupied housing units in the five-mile population. This offering provides investors with an opportunity to acquire a newer, well operated and constructed, third-party managed site in an area with limited supply and strong demand. South Bend, Indiana is roughly 100 miles east of Chicago and 200 miles southwest of Detroit and is the most populous city in the South Bend metro. The University of Notre Dame is the region’s largest employer. Other key drivers of the area’s economy include agriculture and food, advanced manufacturing, distribution and logistics, as well as life sciences and technology.