Climate-Controlled Self Storage
For Sale
$6,000,000
402 S 5th St st jos, St Joseph, MO 64501
The property was converted to storage use in 2023 and operates under CubeSmart management.
Property Size69,770 SF
Price / SF$85
Days on Market38
Property Features for 402 S 5th St st jos
General Information
Standard status
Active
Size
69,770 SF
Property subtype
Self-Storage Facility
Occupancy
33%
Additional Details
Asking Price
$6,000,000
Self-Storage Units
702
Amenities
Seller Financing Available
69,770 SF of Climate Control Storage
Under Supplied Market (4.93 SF/Person in 3-mile radius)
Significant Upside in Rents and Occupancy
Strong Population (42k in 3-Miles / 76k in 5-Miles)
Priced Below Replacement Cost
Building Details
Building Size
69,770 SF
Year Built
1924
Year Renovated
2023
Units
702
Listing Agency:
Marcus & Millichap
(843) 952-2228
Listed By:
Cameron Bradford · License #License(s): SC: 124321, NC: LC865
(843) 952-2228
Source:
Marcusmillichap
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 1:04PM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This self-storage facility contains 702 climate-controlled units across 69,770 rentable square feet. The improvements date to 1924 and were converted for self-storage use in 2023. CubeSmart provides professional third-party management, while current physical occupancy is 33.6%.
The property is located at 402 S 5th St in St. Joseph, Missouri. Its surrounding trade area includes more than 42,000 residents within three miles and approximately 76,700 residents within five miles. Within the three-mile area, available storage supply measures 4.93 square feet per capita. Online rental rates for the climate-controlled units are approximately 42% to 46% below competing facilities.
The property is located at 402 S 5th St in St. Joseph, Missouri. Its surrounding trade area includes more than 42,000 residents within three miles and approximately 76,700 residents within five miles. Within the three-mile area, available storage supply measures 4.93 square feet per capita. Online rental rates for the climate-controlled units are approximately 42% to 46% below competing facilities.
Key Highlights
- 702 climate‑controlled storage units
- 69,770 rentable square feet
- Converted to self‑storage use in 2023
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
$284,249
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
4.74%
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%
$5,684,980
$5.7M
Cap Rate 7%
$4,060,700
$4.1M
Cap Rate 9%
$3,158,322
$3.2M
Market Conditions
NOI Build-Up for 69,770 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
$351.6K $5.04/SF
− Vacancy
−$17.2K −$0.25/SF
EGI
$334.4K $4.79/SF
− OpEx
−$50.2K −$0.72/SF
NOI
$284.2K $4.07/SF
Area
Buchanan County, MO
Vacancy
4.90%
Lease Rate
$5.04 /SF/Yr
Expense Ratio
15.00%
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%
$5,684,980
Cap Rate 7%
$4,060,700
Cap Rate 9%
$3,158,322
Alternative Uses
Best Use
Self Storage
$8.41M
$7.36M – $9.81M
NOI $588,647 @ 7.0% cap · market cap 9.81%
Second Best
Warehouse
$4.06M
$3.55M – $4.74M
NOI $284,249 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$21.05M
$18.42M – $24.56M
NOI $1,473,542 @ 7.0% cap · market cap 24.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
978
Businesses Nearby
Explore this area
Business Placement
Demographics for 64501, MO
11,020
Population
5,598
Households
2
Avg Household Size
36
Median Age
18%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
2,978
Density / Sq Mi
$41,615
Median Household Income
$29,276
Median Earnings
$823
Median Rent
$97,400
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 - The property was converted to storage use in 2023 and operates under CubeSmart management.
Where is this self storage facility located?
The property is located at 402 S 5th St st jos St Joseph, MO.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 702 climate‑controlled storage units; 69,770 rentable square feet; Converted to self‑storage use in 2023
