JUST LISTED
Mid-West Mini Storage - Granite Heights
Wausau, Wisconsin
Exclusively Listed By:
EquiCap Commercial
DEAL SUMMARY
List Price: $450,000
NRSF: 9,792
Units: 40
Acres: 1.112
INVESTMENT HIGHLIGHTS
PRIME LOCATION // Located just off Wisconsin River Rd with vehicle counts exceeding 2,000 per day.
MANAGEMENT OPPORTUNITY // The current ownership just put some processes in place when acquiring the site last year. A new owner can 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 stabilize the physical and economic occupancy for the site.
INCOME OPPORTUNITY // The current ownership just purchased the facility at the beginning of last year, and after closing they worked on cleaning out all the the non-paying tenants. Currently the site has 0% delinquency on payments. This will allow a new owner to keep the focus on getting the asset fully stabilized. Plus, while working on stabilizing the asset, the current ownership is willing to cover some of the non-rented units for a period of time.
INVESTMENT SUMMARY
The Wausau location sits on 1.112 acres and is improved with three post frame steel covered self storage buildings that house 40 drive up units, totaling 9,792 NRSF. The site is conveniently located off Wisconsin River Rd, visible to over 2,000 cars per day. The operation is currently still in re-lease up, as the ownership moved out several non-paying customers when they acquired the asset. The site also has LED lighting and gravel for the driveways.
Wausau, nestled in central Wisconsin, presents a market characterized by dynamic shifts and diversification. Historically tied to the paper industry, the city has proactively broadened its economic horizons. Healthcare stands out as a robust sector, bolstered by the presence of Aspirus Wausau Hospital, contributing to both employment and comprehensive medical services. The education landscape is marked by institutions like the University of Wisconsin-Marathon County and Northcentral Technical College, shaping a skilled workforce and fostering intellectual growth.
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. Lastly, the current ownership is willing to cover a portion of the non-rented units with a credit, to help while leasing up.