Store It Up Self Storage - Bloomington, IN
$17,470,000 | 90,910 SF | Store It Up Self Storage | Bloomington, IN
Marketing description
Colliers is pleased to present Store It Up Self Storage, a newly constructed, institutional-quality self storage facility located at 2450 S Curry Pike in Bloomington, Indiana. Delivered in November 2024, the property sits on approximately 7.49 acres and features a three-story, climate-controlled building as well as four single-story drive-up buildings totaling 764 units and approximately 90,910 rentable square feet.
Since opening, the facility has demonstrated strong lease-up velocity, achieving approximately 52.8% physical occupancy within the first 19 months of operation. The asset was initially managed by CubeSmart until October 2025 before transitioning to in-house management under the Store It Up Self Storage brand, creating an opportunity to further optimize operations, enhance revenue management, and drive performance as the property approaches stabilization.
The property is strategically positioned at the signalized intersection of Curry Pike and Bloomfield Road, offering excellent visibility and accessibility with combined traffic counts exceeding 28,000 vehicles per day. The surrounding trade area includes approximately 33,319 residents within three miles and 96,769 residents within five miles. Demand fundamentals are supported by a renter population of approximately 56% and average household incomes of approximately $78,331 within three miles and $83,737 within five miles.
Store It Up Self Storage was purpose-built to meet modern tenant expectations and offers a comprehensive amenity package, including two covered loading areas, two elevators, and complimentary hand carts. Security features include a full perimeter fence with a swing gate, 20 security cameras, motion-activated LED lighting, and a keypad access control system throughout the property, supporting both tenant convenience and operational efficiency. The site also includes additional land that can accommodate future expansion, providing future upside through continued growth as market conditions warrant.
Current in-place rental rates provide meaningful mark-to-market upside relative to the competitive set. Climate-controlled 10x10 units are priced approximately 40% below competitor street rates and approximately 15% below web rates, while 10x15 climate-controlled units are approximately 50% below street rates and approximately 35% below web rates. Non-climate 10x10 units are approximately 25% below competitor street rates, demonstrating a consistent discount to market across key unit types and a clear path for rental rate growth as occupancy stabilizes.
Store It Up Self Storage is being offered at an asking price of $17,470,000, or approximately $192 per rentable square foot. The asset has a projected stabilized NOI of approximately $1.66 million, equating to a 9.5% yield by Year 3. Underwritten returns indicate a projected leveraged IRR of approximately 24% over a seven-year hold, driven by continued lease-up, rental rate growth to market, and operating efficiencies. The combination of high-quality construction, strong initial absorption, and multiple revenue growth options make the asset a compelling opportunity for both near-term value creation and long-term income growth.
Investment highlights
• Class A, Newly Delivered Asset with Best-in-Class Design – Recently completed (November 2024) institutional-quality facility featuring 90,910 RSF across 764 units with a modern mix of climate-controlled and drive-up product.
• Rapid Lease-Up Validates Strong Market Demand – Achieved ~53% physical occupancy within 19 months of opening, demonstrating immediate traction with significant remaining lease-up runway.
• Significant Embedded Rate Upside – In-place rents are materially below market, with key climate-controlled units priced up to 40%–50% below competitor street rates, creating a clear mark-to-market opportunity.
• High-Visibility, Signalized Corner Location – Positioned at the intersection of Curry Pike and Bloomfield Road with exposure to 28,000+ vehicles per day, supported by a renter-heavy (~56%) and growing trade area.
• High-Yielding Lease-Up Opportunity with Expansion Potential – Offered at $17.47M ($192/SF), the asset is projected to stabilize at ~$1.66M NOI (9.5% yield) with ~24% leveraged IRR, with additional upside from lease-up, rate growth, and excess land for future expansion.
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