Marcus and Millichap is pleased to present for sale Carbondale Self Storage, a 99 unit non-climate controlled storage facility on 1.1 acres in Carbondale, Illinois.
Surrounded by apartments and residential housing, Carbondale Self Storage is a short walk from the campus of Southern Illinois University with 2018 enrollment of 12,817 students and 7,352 employees. The facility has recently undergone extensive renovations including new roofs on both buildings, repairing or replacing broken doors, painting the exterior walls and some doors, installing security flood lights and adding new gravel to the driveways. The facility also includes a recently refurbished rental office with restroom. There is also a "manager's apartment" which has been rented to a college student for $450 per month for the past three years.
With a population of 25,902, Carbondale is the most populous city in Southern Illinois outside the St. Louis Metro-East region and the most populous city in the Carbondale-Marion-Herrin, Illinois Combined Statistical Area ("CSA"). The CSA has 126,575 residents, the sixth-most-populous CSA in Illinois. Sitting 96 miles south of St. Louis, Carbondale is the home of the main campus of Southern Illinois University, a public research university which enrolls students from all 50 states and over 100 countries. Additional industries in Carbondale include healthcare, retail and manufacturing. The average household income in Carbondale is $51,683 and the population in a 1-3-5 mile radius from Carbondale Self Storage is 12,779, 27,412 and 35,320.
Carbondale Self Storage is being offered at $450,000, $44.84 per square foot and current CAP Rate of 7.4%. After undergoing the renovations and leasing the property to almost 100%, the operations is primed for a rate increase. By increasing street rates to market and pushing rates on existing customers, the buyer will be able to achieve at least an 11% cash on cash return year one.