Final Stage Lease-Up Self-Storage - South Bend, IN
Offers Due 6/4 | Final Stage Lease-Up Self-Storage Opportunity - South Bend, IN
Marketing description
The Cushman & Wakefield Self-Storage Advisory Group is pleased to exclusively present for sale this Extra Space (managed) property in South Bend, Indiana.
This final stage lease-up opened in 2023 and features 40,229 NRSF including 20,000+ NRSF of climate-controlled main storage and 19,000+ NRSF of drive-up non-climate-controlled storage. The property also offers 17 surface parking spaces. The site is fully fenced with two gated entrances for non-climate-controlled tenants and a covered loading bay for climate-controlled tenants. Additional property amenities include wide drive aisles, on-site leasing office, PTI Systems keypad, and ample surveillance cameras. Since installing Extra Space management in 2024, occupancy has been rapidly growing and today sits at 90% occupied. Rental income has increased by $14,000 compared to March 2025 and effective rents are still 15% - 20% below market at just $1.06 per square foot.
Located in South Bend, the county seat of St. Joseph County and home to the University of Notre Dame, the property benefits from a diverse and stable economic base driven by education, healthcare, and manufacturing. Major employers include the University of Notre Dame, Four Winds Casino, Honeywell, and Beacon Medical Group. The immediate trade area is supported by a population exceeding 97,000 within a three-mile radius, while supply remains constrained at just 3.87 square feet per capita, well below both the Indiana average (5.35) and the national average (6.36).
Extra Space (managed) South Bend represents a compelling investment opportunity to acquire a well-occupied late-stage lease-up property with institution management. New ownership can enhance revenue through ancillary income such as truck rentals or converting the surface parking spaces into additional drive-up storage units. With strong in-place occupancy, below market effective rents, and favorable long-term fundamentals this offering is well positioned to deliver near-term upside and durable cash flow, making it an attractive addition to any self-storage portfolio.
Investment highlights
- Late-Stage Lease-Up with Strong Momentum - Recently delivered in 2023, the property has rapidly stabilized to 90% occupancy under institutional management, offering continued lease-up upside with reduced execution risk.
- Institutional-Grade Management in Place- Professionally managed by Extra Space Storage since 2024, ensuring best-in-class operations, pricing strategies, and tenant acquisition.
- Demonstrated Revenue Growth - Rental income has increased by $14,000 compared to March 2025, reflecting improving occupancy and operational performance.
- Compelling Risk-Adjusted Return Profile - Based on current in-place operations and remaining upside, the opportunity supports a targeted low-20% levered IRR through stabilization and revenue optimization.
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