DEAL SUMMARY

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List Price:  $745,000

NRSF:        11,000  

Units:          92

Acres:        1.2

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INVESTMENT HIGHLIGHTS

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STRATEGIC OLNEY LOCATION // Located in a commercial district, Olney Self Storage sits directly adjacent to the Dollar General. Traffic counts at that location are approximately 2,000 cars daily.

 

ROOM FOR EXPANSION // The property is fenced and gated and includes approximately 0.5 acres of raw undeveloped land for physical expansion.

 

DIVERSIFIED UNIT MIX // The facility consists of 92 non-climate-controlled, drive-up units ranging from 5' x 5' to 10' x 20', offering a variety of storage options.

 

ESTABLISHED OPERATING ASSET // The property was originally constructed in 1995 and features metal construction, a metal roof, gravel drive aisles, and manually operated entry gates.

 

STRONG CURRENT OCCUPANCY // The property has 75 occupied units out of 92 total units, representing 81.5% physical unit occupancy, with 9,600 occupied square feet representing 87.3% occupancy by rentable square footage.

 

ESTABLISHED MARKET FUNDAMENTALS // The surrounding market includes five identified self-storage facilities within the 1-, 3-, and 5-mile trade areas, with 3.66 square feet of storage supply per capita within five miles and projected supply of 3.69 square feet per capita over the next five years.

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INVESTMENT SUMMARY

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Olney Self Storage is an established self-storage asset located at 515 West Lafayette Street in Olney, Illinois. This facility includes 92 non-climate storage units totaling 11,000 net rentable square feet with unit sizes ranging from 5' x 10' to 10' x 20'. As of September 30, 2026, Olney Self Storage was 82 percent physically occupied with 91 percent economic occupancy.

 

Protected by perimeter fencing and an access gate, Olney Self Storage also includes security lighting and security cameras.  Amenities at Olney Self Storage include barbed-wire fencing and gravel drives. The parcel at this site totals 1.20 acres with approximately .5 acres of that total available for physical expansion.

 

There are five identified storage facilities within a five-mile radius of Olney Self Storage with approximately 3.66 square feet of storage supply per capita. The surrounding five-mile market currently has a population of approximately 10,500, with median household income of approximately $61,148 and projected median household income of approximately $64,567 over the next five years.

 

Located in the Southeastern corner of Illinois, Olney is the county seat of Richland County. Olney’s population is approximately 9,900. Olney is home to Wal-Mart Food Distribution Center #6059 and Pacific Cycle, headquartered in Olney, is one of the most prolific bicycle suppliers in the world. Portions of the city of Olney and Richland County are part of an Enterprise Zone which offers tax incentives. Olney Self Storage is included in the Enterprise Zone map.

 

Listed for $745,000, the in-place NOI is $57,462, in-place cap rate at 7.71 percent and in-place cash-on-cash return of 6 perfect.  By increasing street rates to reflect the current economic occupancy, Olney Self Storage proforma cap rate is projected at 8.52 percent with 9.2 cash-on-cash return.