Extra Space Storage (Managed) – Chicago

Property Location

3940 E 106th Street
Chicago, IL 60617

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investment highlights

  • STRONG LEASE UP // Since opening in late 2019 the property has exceeded lease up projections tracking 3.65 percent physical lease up per month. The property is nearing stabilization at 90 percent allowing the next investor to push rates and drive significant revenue growth in the first year of ownership.
  • ADVANTAGEOUS REAL ESTATE TAX TREATMENT // The property secured beneficial tax treatment under Cook county’s 7B program allowing the next investor to capitalize on reduced real estate taxes over the next 12 years.
  • HIGH BARRIERS TO ENTRY // Located in a dense residential neighborhood with zero competitors in the three-mile trade area. Most of competition just outside the three-mile ring boasts high 90’s occupancy and rates in the $1.75 to $1.85 range.
  • SUBSTANTIAL CAPITAL IMPROVEMENTS TO CRITICAL COMPONENTS // The existing building was upgraded with a brand new TPO roof, new HVAC system, new fire suppression system, new elevator and lift as well as significant tuckpointing.
  • EXCELLENT LOCATION // Prime infill location with visibility from two major thoroughfares in I-90 as well as S Indianapolis Avenue. Major  retailers within the one mile trade area include Walmart and Aldi to name a few.

Broker Information

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

Adam Schlosser

Senior Vice President

Phone: 303.328.2044
Email: aschlosser@marcusmillichap.com
License: CO FA100050407

Steven Weinstock

Broker of Record

Phone: 630.570.2200
Email: steven.weinstock@marcusmillichap.com
License: 471.011175

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Contact The LeClaire-Schlosser Group