Self-Storage Facility with Manager
For Sale
$2,700,000
1101 W Norris Dr, Ottawa, IL 61350
Secured storage property with automated entry, on-site management space, and a range of unit sizes.
Property Size27,310 SF
Days on Market12
Property Features for 1101 W Norris Dr
General Information
Standard status
Active
Size
27,310 SF
Total Parking Spaces
51
Property subtype
Commercial
Net Operating Income
$174,406
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Self-Storage Units
173
Building Details
Building Size
27,310 SF
Year Built
2000
Listing Agency:
(872) 260-6631
Listed By:
Rob Cook · License #475171700 (IL)
(872) 260-6631
Source:
Matthews
Added: Aug 19
Changed: Aug 30
Last Checked: Aug 30 at 12:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rob Cook
Investment Insights
Based on property information with market context.
This self-storage facility, built in 2000, includes 173 storage units and 51 parking spaces. The property offers multiple unit sizes, a secured layout with an automated entry gate, and an on-site manager’s office with an apartment.
Located along US HWY 6 at 1101 W Norris Dr in Ottawa, Illinois, the facility provides direct access to the highway. Starved Rock State Park is approximately a 15-minute drive away, adding a recognizable regional destination to the surrounding context.
Located along US HWY 6 at 1101 W Norris Dr in Ottawa, Illinois, the facility provides direct access to the highway. Starved Rock State Park is approximately a 15-minute drive away, adding a recognizable regional destination to the surrounding context.
Key Highlights
- 173 storage units across a range of unit sizes
- 51 parking spaces included
- Secured property with automated entry gate
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$237,204
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,744,080
$4.7M
Cap Rate 7%
$3,388,629
$3.4M
Cap Rate 9%
$2,635,600
$2.6M
Market Conditions
NOI Build-Up for 27,310 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$360.5K $13.20/SF
− Vacancy
−$21.6K −$0.79/SF
EGI
$338.9K $12.41/SF
− OpEx
−$101.7K −$3.72/SF
NOI
$237.2K $8.69/SF
Area
LaSalle, IL
La Salle County, LA
Vacancy
6.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,744,080
Cap Rate 7%
$3,388,629
Cap Rate 9%
$2,635,600
Alternative Uses
Best Use
Self Storage
$3.39M
$2.97M – $3.95M
NOI $237,204 @ 7.0% cap · market cap 8.79%
Second Best
Warehouse
$3.05M
$2.67M – $3.55M
NOI $213,225 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$6.84M
$5.98M – $7.97M
NOI $478,471 @ 7.0% cap · market cap 17.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 61350, IL
23,997
Population
10,853
Households
2.2
Avg Household Size
43
Median Age
22%
College-Educated
93%
High-School Grad
152.5 sq mi
ZIP Area
157
Density / Sq Mi
$77,562
Median Household Income
$43,042
Median Earnings
$940
Median Rent
$157,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Secured storage property with automated entry, on-site management space, and a range of unit sizes.
Where is this self storage facility located?
The property is located at 1101 W Norris Dr Ottawa, IL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 173 storage units across a range of unit sizes; 51 parking spaces included; Secured property with automated entry gate
