Grandstone is pleased to present Stor-It & More, a self-storage facility in Kokomo, Indiana, offering a unique investment opportunity. The facility consists of four locations across the city, featuring 371 non-climate controlled units, one cargo container, and one retail space, totaling 67,296 net rentable square feet. Additional amenities include an on-site apartment, 43 outdoor parking spaces, and Penske truck rentals. The property also offers .9 acres of land along North St, providing significant potential for future expansion. Kokomo’s market is experiencing robust growth, with a population of 60,973 people within a 5-mile radius and an expanding economy driven by key industries such as advanced manufacturing and clean energy. Notably, the recent announcement of Starplus Energy, a joint venture between Stellantis and Samsung SDI, securing a $7.54 billion loan to build two lithium-ion battery plants in Kokomo will create thousands of jobs, further boosting local demand for residential, commercial, and storage space. The facility’s strategic location, combined with the area’s strong economic outlook and development potential, makes this a compelling investment opportunity with ample room for growth and long-term profitability.
INVESTMENT
HIGHLIGHTS
- STRATEGIC LOCATION: Stor-It & More is centrally located within Kokomo, Indiana, offering excellent visibility and accessibility. Its proximity to major highways and key city areas enhances its appeal for both residential and commercial customers, making it a highly convenient self-storage solution.
- EXTENSIVE FACILITY: The property spans 67,296 net rentable square feet (NRSF) and includes 371 non-climate-controlled units, one cargo container, and a retail space. The facility also offers 43 outdoor parking spaces, an on-site apartment, and Penske truck rentals, providing a comprehensive, customer-friendly storage solution.
- STRONG LOCAL DEMOGRAPHICS: Situated within a growing market, Stor-It & More is located in an area with a population of 60,973 within a 5-mile radius. Kokomo’s economic expansion and increasing job opportunities are driving demand for storage solutions in the region, positioning the facility to capture a substantial share of the market.
- WELL MAINTAINED: 3 new roofs in 2023 (1 at 1900, 2 at Rank parkway). New Paint at 1801 North St, 1941 North St, and 1050 Rank Pkwy in 2022 and 2023.
- LOW MARKET SATURATION: The self-storage market in Kokomo is relatively underserved, with the 3-mile radius surrounding Stor-It & More having only 6.91 NRSF per capita. The city of Kokomo has also placed a strict ordinance on new storage developments, adding barriers to entry for new developments.
- EXCEPTIONAL GROWTH OPPORTUNITIES: Kokomo is experiencing substantial economic growth, driven by major projects such as Starplus Energy’s $7.54 billion investment in lithium-ion battery plants. This influx of new jobs and industries is expected to significantly increase demand for both residential and commercial storage solutions, creating an ideal environment for expansion and revenue growth.
- EXPANSION POTENTIAL: The facility includes .9 acres of undeveloped land along North St, providing the opportunity for further development. 1941 North St also has ~3800 SF of industrial flex space currently not in use. As Kokomo’s population and business activity continue to grow, this additional land allows for potential expansion of storage units or other services to meet the rising demand.
Broker of record: BRIAN BROCKMAN | Bang Realty Inc | bor@bangrealty.com | License: RB14037939
