investment highlights
- ATTRACTIVE LAYOUT AND DESIGN // Well designed conversion project featuring four large, covered loading bays at the front of the facility with convenient elevator access. Large well-appointed institutional style leasing office with premium finishes as well as security monitor and retail display. High-end Janus system across the entirety of the store as well as two premium commercial elevators to service the second floor.
- STRONG STORAGE MARKET // The local trade area boasts high occupancy with an average physical occupancy in the mid 90s bolstered by just 2.64 square foot per capita. The Chicagoland area has benefited from limited new construction when compared to other top 50 MSAs making it one of the tightest storage markets in the country.
- AMENITIES AND FEATURES // Significant capital improvements have been invested into the existing building at the time of conversion featuring new rubber membrane roof and silver coat, insulation throughout, new top-line Carrier HVAC system, new elevators, premium motion sensor LED lighting, Janus system, new fire sup-pression, digital keypad access and premium high/sliding doors at the exterior and interior of the loading docks.
- EXPANSION POTENTIAL // The current developer recently delivered a 19 unit expansion to meet increasing demand for popular unit sizes. There is also the potential to further expand out the rear of the facility as well as acquire a 0.86 acre vacant surface parking lot directly across the street on S 55th Court.
- FAVORABLE DEMOS // Densely populated trade area with over 370,000 people and 131,000 households within three miles of the subject property.
property summary
Extra Space Storage (Managed) is a 1,012 unit, 87,582 net rentable square foot self-storage facility located in Cicero, Illinois. The property sits on approximately 1.90 acres of land and was initially constructed in 1914 and converted to self storage in 2017. The developer recently delivered 19 additional units in the interior of the main building that are available to lease. Major improvements to the building at the time of conversion include new rubber membrane roof and silver coat, insulation throughout, new fire suppression system, new top-line Carrier HVAC system and elevators to name a few.
Extra Space Storage (Managed) has many amenities including a large institutional style leasing office with security and retail display, 24/7 premium Rombus security system, four large drive-in loading bays with convenient access to two high end commercial elevators, large automatic sliding doors and upgraded LED lighting throughout. The entire facility is comprised of a premium Janus metal.
The facility is located in Cicero, less than a mile from Interstate 290 in the heavily traveled Roosevelt Road corridor. The three-mile trade area is a desirable mix of densely populated residential neighborhoods, light industrial and small businesses as well as retail and fast casual dining. Major brands in the immediate area include McDonald’s, Aldi, and Dunkin’ Donuts to name a few.
