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Self-Storage Facility

$1 Auction – 97K SF | Self-Storage Entitled | $1.75M Federal Historic Tax Credits

705-711 Johnston St, Akron, OH 44306

Starting Bid: $1

Gross SF
97,480
Rentable SF
97,480
Year Built
1921
Auction Type
Absolute
Auction Start Date
May 19, 2025
Auction End Date
May 21, 2025

Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2447/

Marcus & Millichap and RI Marketplace are pleased to present the sale of 711 Johnston Street (the Property) in Akron, Ohio. The Property presents an investor the opportunity to acquire a fully entitled self-storage conversion with 503 climate-controlled units and 70 exterior drive-up units.

Originally constructed in the 1920s, the 97,480 gross square foot, 4-story warehouse played a significant role in Akron's tire industry, notably associated with the Schrader Valve, a component still utilized in vehicle and bicycle tires today. The proposed project envisions a 63,535 rentable square foot facility comprising 503 climate-controlled units and 70 exterior drive-up units. Strategically positioned with excellent visibility along both Johnston Street and Ohio Highway 8, the site benefits from traffic counts exceeding 115,000 vehicles per day. The development has secured $1,750,000 in historic tax credits which can be sold to an investor for $1,250,000 equity upon project completion or retained by the developer. The local self-storage market is under-supplied, offering only 4.41 net rentable square feet per capita within a 3-mile radius, with market studies indicating over 600,000 square feet of unmet demand.

Akron, Ohio, is a mid-sized city in Northeast Ohio, known for its industrial heritage, healthcare sector, and growing innovation economy. The area boasts dense demographics, with a 3-mile population of 104,806 and approximately 217,920 residents within a 5-mile radius.

Investment Highlights

  • ABSOLUTE $1 AUCTION | ± 97K SF | Self-Storage Entitled | $1.75M Federal Historic Tax Credits | AUCTION MAY 19-21, 2025
  • Fully Entitled and Permitted Self-Storage Conversion Development Opportunity
  • Proposed 63,535 Rentable SF w/ 503 Climate-Controlled Units | 70 Exterior Drive-Up Units
  • Excellent Visibility along both Johnston Street and Ohio Highway 8 with Traffic Counts over 115K VPD
  • $1.75M in Historic Tax Credits Awarded | Tax Credits can be Sold to Investor for $1.25M Equity or Kept by Developer
  • Under-Supplied Self-Storage Market | Only 4.41 Net Rentable SF Per Capita within 3-Mile Radius | Market Studies Indicate over 600,000 SF of Unmet Demand
  • Dense Demographics with 3-Mile Population of ±104,806 and 5-Mile Population of ±217,920
  • Absolute $1 Auction - NO RESERVE

Exclusively Listed By

Auction Advisors

Broker of Record

  • Michael L. Glass

    Executive Managing Director / Chief Revenue Officer

    (614) 360-9800

    License(s) OH: BRK.2007005898

    Ohio

Self-Storage Facility

$1 Auction – 97K SF | Self-Storage Entitled | $1.75M Federal Historic Tax Credits

Starting Bid: $1

Gross SF
97,480
Rentable SF
97,480
Year Built
1921
Auction Type
Absolute
Auction Start Date
May 19, 2025
Auction End Date
May 21, 2025

Investment Highlights

  • ABSOLUTE $1 AUCTION | ± 97K SF | Self-Storage Entitled | $1.75M Federal Historic Tax Credits | AUCTION MAY 19-21, 2025
  • Fully Entitled and Permitted Self-Storage Conversion Development Opportunity
  • Proposed 63,535 Rentable SF w/ 503 Climate-Controlled Units | 70 Exterior Drive-Up Units
  • Excellent Visibility along both Johnston Street and Ohio Highway 8 with Traffic Counts over 115K VPD
  • $1.75M in Historic Tax Credits Awarded | Tax Credits can be Sold to Investor for $1.25M Equity or Kept by Developer
  • Under-Supplied Self-Storage Market | Only 4.41 Net Rentable SF Per Capita within 3-Mile Radius | Market Studies Indicate over 600,000 SF of Unmet Demand
  • Dense Demographics with 3-Mile Population of ±104,806 and 5-Mile Population of ±217,920
  • Absolute $1 Auction - NO RESERVE

Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2447/ Marcus & Millichap and RI Marketplace are pleased to present the sale of 711 Johnston Street (the Property) in Akron, Ohio. The Property presents an investor the opportunity to acquire a fully entitled self-storage conversion with 503 climate-controlled units and 70 exterior drive-up units. Originally constructed in the 1920s, the 97,480 gross square foot, 4-story warehouse played a significant role in Akron's tire industry, notably associated with the Schrader Valve, a component still utilized in vehicle and bicycle tires today. The proposed project envisions a 63,535 rentable square foot facility comprising 503 climate-controlled units and 70 exterior drive-up units. Strategically positioned with excellent visibility along both Johnston Street and Ohio Highway 8, the site benefits from traffic counts exceeding 115,000 vehicles per day. The development has secured $1,750,000 in historic tax credits which can be sold to an investor for $1,250,000 equity upon project completion or retained by the developer. The local self-storage market is under-supplied, offering only 4.41 net rentable square feet per capita within a 3-mile radius, with market studies indicating over 600,000 square feet of unmet demand. Akron, Ohio, is a mid-sized city in Northeast Ohio, known for its industrial heritage, healthcare sector, and growing innovation economy. The area boasts dense demographics, with a 3-mile population of 104,806 and approximately 217,920 residents within a 5-mile radius.

Exclusively Listed By

Auction Advisors

Broker of Record

  • Michael L. Glass

    Executive Managing Director / Chief Revenue Officer

    (614) 360-9800

    License(s): OH: BRK.2007005898

    Ohio

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