$8,000,000 | Extra Space Storage (managed) | 44,688 SF | Chicago, IL

Colliers is pleased to exclusively offer to qualified investors the opportunity to purchase an investment grade climate-controlled self-storage conversion located at 4343 South Ashland Avenue in Chicago, Illinois.  

Extra Space Storage (managed) is a high-quality conversion located on Ashland Avenue, a major four-lane north-south thoroughfare in Chicago.  This facility is a three-story climate-controlled brick building that offers tenants 44,688 rentable square feet and 524 units, ranging in size from 5’x 5’ to 10’x 30’.  The asset features a convenient multi-vehicle covered loading area.  

This facility sits on the southwest side of Chicago in the historic neighborhood of Back of the Yards, named due to its proximity to the Union Stock Yards.   Since the closure of the stockyards in the early 1970s, the neighborhood has seen significant residential and commercial development.  According to Yardi, the current saturation within a 5-mile radius is estimated at 3.92 square feet per person, of which just 2.67 square feet is climate-controlled.  The 5-mile population is estimated at an incredible 851,543 individuals; with the 3-mile population exceeding 321,976 individuals.  There are 379,203 housing units within 5 miles of Ashland Self Storage, 62% of which are renter-occupied.

Extra Space Storage offers its tenants superior amenities, including a spacious management office, numerous 24-hour video surveillance cameras, fully covered multi-vehicle loading area, coded access control system, centrally located elevator, and led lighting throughout.

The asking price of $8,000,000 is $179.02 psf and equates to a stabilized 9.00% cap rate.  This asset benefits from the institutional quality of construction and the prime location along a major north / south thoroughfare.  The lack of supply in the immediate trade area should allow this Extra Space Storage managed facility to become a rate leader in the market.