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  • Sold
Source Source - Iowa City, IA - #1
Source Source - Iowa City, IA - #2
Source Source - Iowa City, IA - #3
Source Source - Iowa City, IA - #4
Source Source - Iowa City, IA - #5
Source Source - Iowa City, IA - #6

The Colliers Self Storage Group is pleased to exclusively offer to qualified investors the opportunity to purchase a self-storage conversion located at 2308 Heinz Road in Iowa City, Iowa at Certificate of Occupancy.  Storage Source is a two-story conversion of a building that was formerly occupied by the University of Iowa.  This property has great access from both Highway 6 E (13,700 AADT) and S Scott Blvd (7,700 AADT).


This Storage Source facility consists of 67,750 RSF and 660 units housed within a two-story building on approximately 3 acres.  This conversion is on track for a mid-February completion, in plenty of time for the prime leasing season.  This facility will be operated as a completely automated facility, utilizing technology such as the Noke Smart Entry System.  The management office provides tenants with model unit sizes to aid in choosing the appropriate unit, and rentals will be completed through a tablet-based reservations software.  Other amenities for this location include multiple loading areas, an elevator, LED motion activated lights in most units, and state of the art security.  Additionally, the seller has a contract in place to have a 124.7 KW roof mount solar system installed as soon as weather permits.


According to Radius, the current saturation of self-storage within a 5-mile radius is significantly under-supplied at just 3.7 SF / capita.  Even more compelling is there is just .5 SF / capita of climate-controlled units within a 5-mile radius.  There are no additional developments currently identified by Radius within the 5-mile radius, accelerating the stabilization timeframe for Storage Source.  The surrounding area has excellent demographics with a population density of over 82,543 residents within a five-mile radius.  This population is forecast to grow by 1.3% annually for each of the next 4 years.  


This investment provides the purchaser with a quality 100% climate-controlled conversion in a tremendously under-supplied corridor of Iowa City.  While the developer intends to operate the facility unmanned, the potential revenue from this facility fully supports converting this into a traditionally manned location with 3rd party management.  This facility’s first-class amenities should propel occupancy and command premium rental rates in this trade area.


 


Rick Schaefer with NAI Ruhl Commercial is licensed in the state of Iowa and is working in cooperation with the Colliers Self Storage Group.

  • 06/24/2022
  • SOLD