JUST LISTED
Mid-West Mini Storage
Stratford, Wisconsin
Exclusively Listed By:
EquiCap Commercial
DEAL SUMMARY
List Price: $3,500,000
NRSF: 59,360
Units: 237
Acres: 4.8
INVESTMENT HIGHLIGHTS
PRIME LOCATION // Located between Wausau and Marshfield, with over 5k vehicles per day. With two marquee signs right on Hwy 97.
MANAGEMENT OPPORTUNITY // The current ownership owns many businesses, which has not allowed them to give the attention to the operation that they intended. Because of this, there is opportunity for a new owner to further streamline the overall operation; by improving the marketing, automating the rental process, and utilizing the DaVinci lock system.
MARKETING OPPORTUNITY // Current ownership does not do any marketing, with it being a growing community, new ownership can add SEO, allowing to keep pushing the lease-up, while increasing rental rates.
INCOME OPPORTUNITY // The current ownership completed the expansion at the beginning of 2023. With the site only being at 67% physically occupied, a new owner can continue leasing up the facility, allowing them to maximize rental rates and the ancillary income.
INVESTMENT SUMMARY
The Stratford location sits on 4.801 acres and is improved with nine post frame steel covered self storage buildings that house 235 drive up units, totaling 56,240 NRSF, with phase 1 completed in 2012 and phase 2 completed in late 2022 / beginning of 2023. The tenth building is an office building, consisting of 3,120 NRSF with one long term tenant, and the site also has a billboard that is rented, which is located in the front of the property. The site is conveniently located off Hwy 97, visible to over 5,000 cars per day. The operation is currently still in lease up with phase 2 being completed this past 2023 year. The site also has LED lighting, security cameras offering 24 hour surveillance, as well as part of the parcel being part paved and gravel for the driveways.
The acquisition of Mid-West Mini Storage presents an excellent opportunity to acquire a well-located lease up operation with in place cash flow and the added potential for increased ancillary income. Furthermore, upside can be achieved through the deployment of an effective SEO advertising initiative to continue the lease up trend, capitalizing on raising rents on legacy tenants, consistently implementing late fees and admin fees, further pushing tenant insurance penetration, and enhancing operational efficiency through further automation.