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Broker Contact Info
Meir Perlmuter
614.360.9813
Meir.Perlmuter@marcusmillichap.com
Opportunity
The Market
Investment
Map
Marcus & Millichap is pleased to offer for sale Heartland Storage located in Cedar Lake, Indiana. This property was built in 1995, expanded in 2019 and 2022, and features 34 climate-controlled units and 824 non-climate units totaling 148,010 net rentable square feet. 31,500 square feet were brought online July 2022 and there are six additional acres for expansion. This is a stabilized and cash-flowing facility that benefits from an affluent and growing surrounding population. Heartland Storage sits on 25.59 acres of land and is located about 35 miles south-east of Chicago, Illinois.
See marketing package for demographics.
• Cedar Lake, Indiana Self Storage Five Property Portfolio
• 148,010 Net Rentable Square Feet; 34 Climate-Controlled Units, 824 Non-Climate Units
• 31,500 Net Rentable Square Feet Delivered in July 2022
• Stabilized Facility – 91.11 Percent Physical Occupancy
• Six Percent Exit Cap Rate After Seven Years Represents an IRR of 35.40 Percent
• Affluent Area – Average Household Income of $98,298 of People Living Within a Five-Mile Radius
• Occupancy Historically Near 100 Percent
• According to Costar, as of March 2021, south Lake County, IN, Ranked Second Among all Submarkets in the US for Rent Growth Over the Past Rear
• Additional Six Acres Zoned for Storage Boat/RV or Self Storage
• Population has Increased by 53 Percent Since the Year 2000 Within a Five Mile Radius
