Cushman & Wakefield’s Self-Storage Advisory Group has been retained as exclusive advisors to offer for sale the Mini Storage Depot Grand Rapids, MI Self-Storage Opportunity

Take advantage of the unique opportunity to acquire this nearly stabilized, class-A self-storage facility located in Grand Rapids, Michigan. Situated on 3.1 acres, this 69,250 rentable square foot facility offers 163 climate-controlled first-floor units, 432 climate-controlled elevator accessible units, and 3 commercial spaces spread across two 3-story buildings. Built in 2018, the buildings modern design and 3-story stature make it visible from streets away providing excellent visibility. As of Feb. 29th 2024, the facility boasted 80% physical occupancy.

Located along Clancy Road, the facility resides in a densely populated 3-mile trade area that contains 126,813 residents with a median household income of $59,525. Low supply in the trade also benefits the facility, with significantly below average 3.01 rentable square feet/capita. Interstate Highway 196 and US Highway 31 provide excellent access to the facility, as both major roadways are under a mile away. There are currently 2 multifamily projects totaling 162 units under construction and 5 more projects totaling 784 units in various stages of planning within 1 mile of the facility.

As Michigan’s second largest city, Grand Rapids has attracted a younger population due to its affordability and strong economy. Known for manufacturing furniture, it is home to major companies such as Herman Miller, Steelcase, and Haworth, providing advanced manufacturing jobs to many younger skilled workers. With nearby colleges such as the University of Michigan and Michigan State University, Grand Rapids is poised to continue growing its well-educated workforce.

This investment presents the unique opportunity to acquire a well-established self-storage facility with a current net operating income of just over $395,000. The low supply/capta in the trade area and strong population position new ownership to increase revenue by raising the facility’s asking rents and bringing the current achieved rents up to market levels. Based on our projections, the in-place NOI is expected to increase by over $163,000 in the first 24 months of ownership, with a projected levered IRR on a 5-year hold to be in the mid teens.