Self-Storage Facility

ADAMS U-STORE-IT

515 W Lafayette St, Olney, IL 62450

Listing Price: $750,000

Cap Rate
7.64%
Number of Units
181
Occupancy
87.80%
Gross SF
23,050
Rentable SF
23,050
Price/Rentable SF
$32.54
Year Built
1994

Investment Overview

The Williams Storage Group of Marcus and Millichap is honored to present for sale Adams U Store It located at 515 West Lafayette Street in Olney, Illinois and Adams University Storage at 1210 Wheeler Street and 709 South 13th Street in Vincennes, Indiana. The two storage facilities total 180 non-climate controlled units and one 500 square foot studio apartment within 22,650 total rentable square feet covering approximately 2.53 acres.
Adams U Store It in Olney, Illinois offers a secure property protected by perimeter fencing, an access gate (installed 2015), security lighting and 10 Lorex brand security cameras. Amenities at the Olney location include barbed-wire fencing and gravel drives. This property includes approximately .5 acres cleared ground available for expansion. Adams U Store It is located in a commercial district of Olney and borders a new construction Dollar General (to open September 2020). Average household income is $59,405 in a 1 mile radius and $66,310 in a 3 mile radius. As of August 2020, the Olney location was 98% occupied.
Located in the Southeastern corner of Illinois, Olney is the county seat of Richland County. Olneys population is approximately 9,900. Olney is home to Wal-Mart Food Distribution Center #6059, which currently employees over 300. Additionally, one of the most prolific bicycle suppliers in the world, Pacific Cycle, with corporate offices in Olney, employees over 200. Portions of the city of Olney and Richland County are part of an Enterprise Zone which offers tax incentives. The Olney Adams property is included in the Enterprise Zone map.
Adams University Self Storage in Vincennes, Indiana covers two properties located 1 block from each other. The 1210 Wheeler site is completely gated and fenced and includes 63 units over 1.2 acres. This property also offers approximately .5 acres cleared ground available for expansion. The 709 South 13th Street location includes a studio apartment and 27 non-climate units. Average household income is $46,041 in a 1 mile radius and $52,575 in a 3 mile radius. As of August 2020, the Vincennes storage facility was 95% occupied.
Located 35 miles west of Olney, Vincennes, Indiana, is a city rich in history. As the county seat of Knox County, Vincennes is also home of Vincennes University. With total enrollment of approximately 5,000, Vincennes University, established 1801, is the oldest college in Indiana. Futaba Indiana of America is a Toyota parts manufacturing plant which employees over 700 in Vincennes.
Healthcare and retail sectors also represent a solid portion of the Vincennes economy. Listed for $750,000, the Adams Portfolio is a well-maintained portfolio that offers an investor the ability to acquire a highlyoccupied, income producing asset. This portfolio includes value-add opportunities through existing and street rent increases and through introducing additional income streams.

Investment Highlights

  • 23,050 Total Square Feet
  • 14.74% Cash-on-Cash Year One I 8.44% Cap Rate Year One
  • Both Facilities Include Fenced and Gated Sites with Room for Expansion
  • Below Market Rents

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    License(s): IL: 471.011175

    Illinois

Self-Storage Facility

ADAMS U-STORE-IT

Listing Price: $750,000

Cap Rate
7.64%
Number of Units
181
Occupancy
87.80%
Gross SF
23,050
Rentable SF
23,050
Price/Rentable SF
$32.54
Year Built
1994

Investment Highlights

  • 23,050 Total Square Feet
  • 14.74% Cash-on-Cash Year One I 8.44% Cap Rate Year One
  • Both Facilities Include Fenced and Gated Sites with Room for Expansion
  • Below Market Rents

Investment Overview

The Williams Storage Group of Marcus and Millichap is honored to present for sale Adams U Store It located at 515 West Lafayette Street in Olney, Illinois and Adams University Storage at 1210 Wheeler Street and 709 South 13th Street in Vincennes, Indiana. The two storage facilities total 180 non-climate controlled units and one 500 square foot studio apartment within 22,650 total rentable square feet covering approximately 2.53 acres.
Adams U Store It in Olney, Illinois offers a secure property protected by perimeter fencing, an access gate (installed 2015), security lighting and 10 Lorex brand security cameras. Amenities at the Olney location include barbed-wire fencing and gravel drives. This property includes approximately .5 acres cleared ground available for expansion. Adams U Store It is located in a commercial district of Olney and borders a new construction Dollar General (to open September 2020). Average household income is $59,405 in a 1 mile radius and $66,310 in a 3 mile radius. As of August 2020, the Olney location was 98% occupied.
Located in the Southeastern corner of Illinois, Olney is the county seat of Richland County. Olneys population is approximately 9,900. Olney is home to Wal-Mart Food Distribution Center #6059, which currently employees over 300. Additionally, one of the most prolific bicycle suppliers in the world, Pacific Cycle, with corporate offices in Olney, employees over 200. Portions of the city of Olney and Richland County are part of an Enterprise Zone which offers tax incentives. The Olney Adams property is included in the Enterprise Zone map.
Adams University Self Storage in Vincennes, Indiana covers two properties located 1 block from each other. The 1210 Wheeler site is completely gated and fenced and includes 63 units over 1.2 acres. This property also offers approximately .5 acres cleared ground available for expansion. The 709 South 13th Street location includes a studio apartment and 27 non-climate units. Average household income is $46,041 in a 1 mile radius and $52,575 in a 3 mile radius. As of August 2020, the Vincennes storage facility was 95% occupied.
Located 35 miles west of Olney, Vincennes, Indiana, is a city rich in history. As the county seat of Knox County, Vincennes is also home of Vincennes University. With total enrollment of approximately 5,000, Vincennes University, established 1801, is the oldest college in Indiana. Futaba Indiana of America is a Toyota parts manufacturing plant which employees over 700 in Vincennes.
Healthcare and retail sectors also represent a solid portion of the Vincennes economy. Listed for $750,000, the Adams Portfolio is a well-maintained portfolio that offers an investor the ability to acquire a highlyoccupied, income producing asset. This portfolio includes value-add opportunities through existing and street rent increases and through introducing additional income streams.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    License(s): IL: 471.011175

    Illinois

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