Self-Storage Portfolio in Two
For Sale
Contact for pricing
380 S 7th Ave, Kankakee, IL
Two self-storage facilities with upside potential in Illinois and Indiana.
Property Size20,880 SF
Lot Size1.09 Acres
Price / SF$71.83
Days on Market493
Property Features for 380 S 7th Ave
General Information
Standard status
Active
Size
20,880 SF
Lot size
1.09 Acres
Property subtype
INDUSTRIAL
Listing Agency:
RIPCO Real Estate | Tampa
(732) 742-9250
Listed By:
Jack Kaiser · License #FL SL505393
(732) 742-9250
Source:
Moodyscre
Added: Apr 15, 2025
Changed: Aug 19
Last Checked: Aug 20 at 8:27AM
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 RIPCO Real Estate | Tampa
Investment Insights
Based on property information with market context.
This portfolio features two self-storage facilities located in Kankakee, Illinois, and Plymouth, Indiana, less than two hours apart. The properties are situated on approximately 1.90 acres and include a total of 111 units, offering approximately 20,880 square feet of net rentable space. The unit mix is diversified with drive-up self-storage options. Both sites are secured with perimeter fencing and gated entry, allowing for remote operation. The Kankakee facility is located in Northeast Illinois, about 60 miles south of Chicago, with convenient access to major highways, including SR 17 and I-45. The Plymouth, Indiana, facility is at the intersection of U.S. Route 30 and 31, providing accessibility for distribution, logistics, and transportation. There is potential to increase value by raising occupancy and rental rates.
Key Highlights
- Massive Upside Potential: Increase value through occupancy and rental rate increases.
- Strategic Self‑Storage Portfolio: Two properties in Kankakee, IL & Plymouth, IN.
- Centrally Located Facilities: Kankakee near SR 17 & I‑45; Plymouth at U.S. Route 30 & 31.
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
$134,254
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
8.95%
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%
$2,685,080
$2.7M
Cap Rate 7%
$1,917,914
$1.9M
Cap Rate 9%
$1,491,711
$1.5M
Market Conditions
NOI Build-Up for 20,880 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
$203.0K $9.72/SF
− Vacancy
−$11.2K −$0.53/SF
EGI
$191.8K $9.19/SF
− OpEx
−$57.5K −$2.76/SF
NOI
$134.3K $6.43/SF
Area
Kankakee County, IL
Vacancy
5.50%
Lease Rate
$9.72 /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%
$2,685,080
Cap Rate 7%
$1,917,914
Cap Rate 9%
$1,491,711
Alternative Uses
Best Use
Self Storage
$2.49M
$2.18M – $2.90M
NOI $174,269 @ 7.0% cap · market cap 11.62%
Second Best
Industrial
$1.92M
$1.68M – $2.24M
NOI $134,254 @ 7.0% cap · market cap 8.95%
Theoretical Best
Multifamily LT 5
$16.84M
$14.74M – $19.65M
NOI $1,179,122 @ 7.0% cap · market cap 78.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,514
Businesses Nearby
Explore this area
Business Placement
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 - Two self-storage facilities with upside potential in Illinois and Indiana.
Where is this self storage facility located?
The property is located at 380 S 7th Ave Kankakee, IL.
What is the asking price?
The asking price for this property is $1,499,727.
What are key features of this property?
This property features: Massive Upside Potential: Increase value through occupancy and rental rate increases.; Strategic Self‑Storage Portfolio: Two properties in Kankakee, IL & Plymouth, IN.; Centrally Located Facilities: Kankakee near SR 17 & I‑45; Plymouth at U.S. Route 30 & 31.
