DEAL SUMMARY

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List Price:  $475,000

NRSF:        15,700

Units:         103

Acres:        1.35

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INVESTMENT HIGHLIGHTS

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NEW CONSTRUCTION // Approximately 7,600 net rentable square feet built as of 2024.

 

ATTRACTIVE PRICE PER SQUARE FOOT // Listed price is $30.25 per foot, well below replacement price per square foot.

 

LOW SUPPLY IN THE MARKET RADIUS // At 6.76 square feet per person in a 5-mile radius, Vincennes Self Storage is below national average of 7.83 square feet per person.

 

ROOM FOR PHYSICAL & ECONOMIC GROWTH //  The property offers room for expansion within the fenced and gated area. By continuing to develop physical and economic occupancy, the property is projected to reach over 20 percent cash on cash return in year two.

 

SUPPORTIVE MARKET FUNDAMENTALS // Within a 1-mile radius, the property is supported by 5,696 residents and 2,696 households, with projected population growth to 5,741 over the next five years. The immediate market also includes one identified housing development totaling 240 units, while the 1-mile trade area contains three self-storage facilities.

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INVESTMENT SUMMARY

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Vincennes Self Storage is located at 1210 Wheeler Street and 709 South 13th Street in Vincennes, Indiana, covering three parcels that total approximately 1.35 acres. The facility includes 103 non-climate-controlled storage units and one office/apartment space for a total of 15,700 net rentable square feet. As of September 2026, the property was 66 percent physically occupied with 56 percent economic occupancy.

 

There are 9 self-storage facilities identified within a 5-mile trade area of Vincennes Self Storage. The current storage supply of 6.76 square feet per capita is projected to remain relatively stable at 6.71 square feet per capita over the next five years. The surrounding five-mile trade area contains approximately 20,329 residents and 8,665 households, with median household income projected to increase from $62,542 to $68,718 over the same period.

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 employing over 700 in Vincennes. Healthcare and retail sectors also represent a solid portion of the Vincennes economy.

 

Vincennes Self Storage is listed at $475,000. With total net rentable square feet at 15,700, in-place listed price per square foot is $30.25. The current in-place NOI is approximately $33,757 with an in-place cap rate at 7.11 percent and in-place cash-on-cash return at 3.6 percent. By continuing to increase both physical and economic occupancy, an investor can realize an 11.36 percent cap rate and 20.6 percent cash-on-cash return in year two.