Grandstone Investment Sales is pleased to present Clio Spare Room Storage, a 298-unit, 58,300 net rentable square foot self-storage facility located at 10101 N. Saginaw Road in Clio, Michigan. The property benefits from excellent visibility and access along N. Saginaw Road, which carries approximately 9,744 vehicles per day, providing strong exposure and convenient access for customers throughout the surrounding trade area.
Situated on a 15.21-acre parcel in Genesee County, the property consists of drive-up, non-climate controlled storage units and outdoor parking spaces, offering investors the opportunity to acquire a self-storage asset with multiple income streams in a market with limited new supply.
The facility is currently operating at 91.55% physical occupancy and 84.90% economic occupancy, generating $533,597 in in-place Net Operating Income (NOI). At the asking price of $8,035,000, or $137.82 per rentable square foot, the offering represents a 6.64% going-in capitalization rate.
The property features a diversified unit mix consisting of 255 non-climate-controlled storage units, 41 uncovered parking spaces, and 2 commercial warehouse spaces that are leased through 2029, providing stable long-term income. The asset is further supported by a contractual parking lease with Manheim Michigan covering approximately 10 acres of the site. The lease generates $25,029 per month, or $300,348 annually, and provides a reliable source of recurring revenue that enhances cash flow stability and reduces reliance on storage rental income alone.
INVESTMENT
HIGHLIGHTS
- The Asset: Based on in-place income, the property is offered at a 6.64% capitalization rate and consists of 298 units including 255 storage units, 41 parking spaces, and 2 warehouse spaces, totaling 50,400 NRSF of self-storage and 7,900 SF of flex space (58,300 SF total) across 15.21 acres. The property is 91.55% physically occupied and 84.90% economically occupied, with historical occupancy consistently above 90%.
- Diversified Revenue Streams: The property benefits from a 10-acre contractual parking lease with Manheim generating over $300,000 annually, along with two commercial warehouse tenants generating an additional $62,920 annually. The Manheim lease is structured on an annual basis, while the commercial warehouse leases are in place through 2029, providing stable supplemental income.
- Strong Demographics & Visibility: Located along N. Saginaw Road with approximately 9,744 vehicles passing daily, the property benefits from strong visibility and accessibility within a 5-mile trade area serving 38,629 residents.
- Rental Upside: In-place rents remain below comparable market rates at approximately $0.78/SF versus market rents in the $0.85/SF range, providing additional upside through future rental rate growth.
Brian Brockman | Bang Realty-Michigan Inc | Tel: 513.898.1551 | Bor@bangrealty.com | License: 6502428679