Recently Expanded Self-Storage Opportunity – Indianapolis, IN
2255 S Raceway Rd, Indianapolis, IN 46231
The first phase of construction took place in 2009, with subsequent additions in 2011, 2012, and 2019. In 2024, the facility underwent an additional expansion, adding 275 climate-controlled units and 24 non–climate-controlled units, for an additional 34,750 NRSF. Today, the property—situated on six acres—offers 71,356 rentable square feet across 552 units. With the recent expansion, the property is currently 69.4% occupied. New owners can capitalize on immediate upside through stabilization and aligning rental rates with the market.
The Indianapolis MSA is home to over 2.6 million residents and is the 27th-largest MSA in the U.S. Since 2020, the Indianapolis metro population has grown by 2.2%, more than double the national growth rate. It is home to Fortune 500 companies such as Eli Lilly, Elevance Health, and Corteva. In a recent CNBC article, Indiana ranked No. 9 in “America’s Top States for Business 2025.”
Bolstered by Hobbs Station, a 125-acre mixed-use development, Plainfield is among the most active cities in the Indianapolis MSA. Phase 1 of this development began in 2024 and will bring 300 apartments, 30,000 square feet of street-level retail, and 98 single-family homes. The project is expected to bring in 2,000 residents, create 1,200 construction jobs, and generate 1,500 permanent jobs. At full build-out, Hobbs Station is planned to feature up to 240 single-family homes, 650 multifamily units, 90 senior living residences, 70,000 square feet of commercial space, 500,000 square feet dedicated to logistics, and 200,000 square feet of office space.
This offering represents an opportunity to acquire a recently expanded property with institutional-grade management in place, in an affluent suburb of Indianapolis. With opportunities to increase both occupancy and rent per occupied square foot, the property is poised for near-term growth and sustained long-term stability.