Current Use by Public Records
- Bremen U-Store-IT / Storage Facility
Property Details for 1143 North St
- Year built
- 1994
- Lot size
- 2.32 lot acres
- Property type
- Warehouses
- Property subtype
- Industrial properties
Description
This exceptional investment opportunity presents a well-established, 206-unit self-storage facility in Bremen, Indiana. The property, situated on 2.32 acres (including a separate 0.61-acre parcel), boasts 30,790 square feet of rentable space and currently enjoys a 97% occupancy rate. Built in 1994 and renovated in 2020, the single-story facility is zoned for light industrial use and offers significant potential for expansion. The adjacent 0.61-acre lot allows for the addition of 75-100 more units. An additional building, located offsite at 1455 W Plymouth St., is included in the sale with a 10-year land lease at $1 per year. The buyer will retain income from this building while managing its maintenance. The property's strong performance is reflected in its current 6.13% cap rate, projected to reach 7% by 2024. Strategically located near major towns including Nappanee, Plymouth, South Bend, Goshen, and Elkhart, this facility benefits from a high demand market. Annual property taxes are $13,840 (2023). The asking price is $3,500,000, translating to $113.67 per square foot. This is a turnkey operation with substantial upside potential for a savvy investor.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Bremen
- County
- Marshall
- State
- Indiana
- Longitude
- -86.1602
- Latitude
- 41.4474
