The Lock Up Self Storage – Chicago

Property Location

615 South Wabash Ave
Chicago, IL 60605

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investment highlights

  • HIGH OCCUPANCY TRADE AREA // Average occupancy across all six comparable properties in the one mile trade area is 93 percent.
  • IRREPLACEABLE LOCATION // Located in the heart of downtown Chicago with a daytime population of over 645,000 people. The only location across comparable properties with a drive-thru feature.
  • SUPERIOR DESIGN // Towering 21 stories on the downtown Chicago skyline, the facility has excellent signage and visibility featuring a large off-street pull through loading area.
  • UPSIDE POTENTIAL // The facility has had three different management companies over the past four years and is well below the competition in terms of rates and occupancy allowing for substantial gains in top line revenue. In addition, the 21st floor can built out to include an additional 2,290 square feet of storage.
  • MAJOR RENOVATIONS // Since being converted in 2016, the building has undergone major renovations to include an updated TPO roof, heating systems with increased insulation on the upper floors, fire suppression, high speed elevators, and exterior repairs (tuck pointing).

property description

The LeClaire-Schlosser Group of Marcus & Millichap is proud to present a rare opportunity to acquire a 21-story, institutional quality self-storage conversion located in the heart of Downtown Chicago. Converted in 2016 from a parking garage, The Lock Up Self Storage currently spans 93,546 net rentable square feet comprised of 1,380 units. Travelodge Hotel, located adjacent to the facility, is renting the second floor of the facility on a five year lease with three years remaining. Travelodge has eight, five year extension options with rent escalations every two years. The top floor of the building is partially built out with the potential to add an additional 2,290 net rentable square feet of self storage.

The facility features high-end amenities including the only pull through loading area and indoor off-street parking area for new and existing customers in the trade area. There is a large well appointed leasing office with retail and security monitor displays located on the ground level conveniently accessible from Wabash Street. Furthermore, the facility also offers a loading area with 14 foot clearance on the side of the property for larger vehicles. The property features excellent visibility in both directions on Wabash Street as well as 20 stories high on the north side of the building.

At the time of the conversion, the property underwent major renovations including exterior brickwork repairs, fire suppression and heating system upgrades, and new flooring throughout. Two new high-speed elevators were installed that are capable of climbing one floor per second with security features limiting tenant access to only their respective floor. Most recently, the roof was renovated in 2020 along with insulation installed on the top floors.

Situated in a densely populated urban area of the South Loop, there are approximately 156,429 households within a three-mile radius of the property with an average household income of $137,215. The daytime population within the same three mile radius is approximately 923,439.

There are four colleges located within a one mile radius of the property including Columbia College Chicago, Roosevelt University, DePaul University Loop Campus, and the Art Institute of Chicago. The facility is located on Wabash Avenue just one block west of Michigan Avenue and two blocks west of Chicago’s famous Buckingham Fountain. The property is located along the “Wabash Arts Corridor”, a well-known area where artists from around the world are chosen to paint large murals on the sides of buildings.

With over 2.7 million people, Chicago is the third most populous city in the United States. With an annual Gross Domestic Product of $524 Billion, Chicago is consistently ranked among the top 10 wealthiest cities in the world.

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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