AVAILABLE
East Peoria Self Storage Development
East Peoria, Illinois
Exclusively Listed By:
EquiCap Commercial
DEAL SUMMARY
Fully Entitled Self Storage Development Opportunity
List Price: $1,350,000
NRSF: 67,490
Units: 572
Acres: 5.67
INVESTMENT HIGHLIGHTS
PRIME LOCATION // Located in a well-traveled corridor in East Peoria visible to over 12,000+ vehicles per day.
STRONG DEMOS // The five-mile trade area boasts 91,571 people and 37,809 households. This includes
an average household income of over $72,000 per year, these factors further supporting future demand for self storage. Furthermore, the current rental rate per foot are strong, with climate controlled units averaging over $13/foot and non-climate controlled averaging $7/foot.
FAVORABLE SUPPLY INDEX // The three-mile supply index is 5.1 sq feet per capita, with only 4 competitors, and the five-mile supply index is 6.2 sq feet per capita, with only 14 competitors.
MARKET GROWTH // Peoria multiple residential developments underway, with a 233 luxury apartment complex being built in the East Peoria Levee District.
MULTIPLE ACCESS POINTS // The project is designed so the the two story climate control building does not need an elevator to access the units, they can be accessed via the drive up loading area on the side of the building. This allows the operation to charge the same rental rates for both levels.
INVESTMENT SUMMARY
East Peoria Self Storage is a self storage development opportunity, located at 3900 N Main St. East Peoria, IL. The 5.67-acre parcel benefits from prominent visibility and signage along Caterpillar Trl Hwy & Hwy 24, visible to 12,000+ cars per day.
The project will be fully entitled by the City of East Peoria and the parcel has already been cleaned up, so the buyer can start grading, etc. The development, as designed, envisions the construction of seven total buildings, with six of those buildings being single-story non-climate controlled drive-up and the seventh building being a two-story climate controlled building with loading access on both levels. The buildings will have just under 85,000 gross square feet and yield 67,490 net rentable square feet with 572 units. The two story climate controlled building will house the office and have 43,100 net rentable sqft with 447 units, and the 6 drive-up buildings will have 24,390 net rentable sqft with 125 units.
A new owner will have the ability to assume the current designs, or create their own site plan to be approved.
Estimated costs to complete the project, not including land costs, are ~$5,800,000.