3980 Turner Ave
Plano, IL 60545
Store More on Route 34 · Spécialité Propriété À vendre · 62 300 pi²

** All offers are due Friday, November 2, 2018, no later than 5:00pm CST. ** The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Store More on Route 34, located in Plano, Illinois. Strategically situated along Route 34, Store More features exceptional upside with strong demographic and financial projections in an area poised for significant growth. Acquisition of the opportunity provides a qualified investor with a cash-flowing, self-storage asset featuring professional and a wide variety of amenities to meet the area’s needs for quality storage. This is paired with an attractive current capitalization rate of 6.09 percent and a proforma capitalization rate of 9.79 percent. Furthermore, the opportunity has projected leveraged IRRs of 27.0 percent and 25.6 percent in years five and seven, respectively, and a cash-on-cash return in year two of 14.4 percent. With a high physical occupancy and rental rates above the market’s average, the facility advantageously has a pad in place for future expansion and space available for additional buildings and parking as the surrounding vicinity’s population swells at a high rate. Initially constructed in 2003 and expanded in 2017, the facility resides on 8.59 acres, comprised of 49,500 rentable square feet among nine buildings. The facility advantageously offers climate-controlled storage over the market’s competitors, with the property’s 395 total units consisting of 17 climate-controlled units, 97 boat/RV parking spaces and 280 drive-up units with wide aisles for convenient drive-up access. An investor can offer additional storage through expanding upon the pad presently constructed on the site, further justified through a current physical occupancy of 88.3 percent and an economic occupancy of 69.8 percent. The facility also benefits from additional streams of revenue through being a highly-reputed U-Haul Neighborhood Dealer with truck rentals, and from a tenant insurance program. To ensure security for the premises, the property is equipped with fencing, keypad access, superior lighting for secure 24/7 access, electronic gate entry and comprehensive video surveillance. The facility is located at 3980 Turner Road, residing just south of U.S. Highway 34/Walter Payton Memorial Highway (Route 34) at a 0.1-mile distance and west of State Highway 47 at a 2.8-mile distance; these two thoroughfares witness traffic counts of over 17,000 and 20,000 vehicles daily. The facility is also the closest to a growing number of residential communities, including Lakewood Springs and Fox Hill and resulting in an overall five-mile population of 35,561 individuals among 12,319 households. The five-year population growth is projected to flourish at a high rate of 1.35 percent annually from 2018 to 2023.