Listed by JDS Real Estate Services, Inc.
Unpriced
Mid-States Storage
Details
APN 01-0010-00287-000, 01-0010-00381-000
Property Type Self Storage
Sub Type Self Storage
Square Footage 56,180
Net Rentable (SqFt) 56,180
Units 362
Occupancy 82%
Tenancy Multi
Pro-Forma NOI $379,981
Year Built 2001
Buildings 11
Stories 1
Acreage 5.090
Zoning Commercial
Self Storage | 362 Units
Marketing description
Mid-States Storage is a well-positioned 56,180 NRSF (362 units) self-storage facility in Fargo, ND. Built in 2001, it currently operates at 82% physical and 76% economic occupancy, offering stable in-place cash flow with significant upside potential.
The property benefits from exceptionally low local supply—just 3.82 SF per capita within one mile and 6.85 SF within three miles—with zero planned self-storage developments within a five-mile radius.
With in-place rents roughly 29% below market, there is a clear path for revenue growth. Stabilizing rates at $0.99/SF and adding 15,000 NRSF of climate-controlled storage is projected to grow NOI from $178,122 to $379,981.
Investment highlights
- Exceptional Revenue Growth Potential
- Exceptional Revenue Growth, With Opportunity To Raise in Place Rents by 29% To Reach Market Rates
- Low Nearby Supply & High Barriers to Entry
- Very Low Supply Nearby, With 3.82 Square Feet Per Capita in the One Mile, and 6.85 Square Feet Per Capita in the Three Mile. Additionally, Barriers to Entry Are High
- Strong Demographic & Income Growth
- Great Income Growth of 2.08% in the One Mile to 1.82% Annually in the Three Mile, As Well as Population Growth of 0.40% in the One Mile to 0.82% Annually in the Three Mile
- Significant Expansion Opportunity
- Ability To Add 15,000 NRSF of Climate Controlled Storage, Justified by Low Supply in Surrounding Area
- No Future Competing Development Planned
- No Future Development Underway or Planned in the Five-Mile Radius
Listing Contacts
Listed by JDS Real Estate Services, Inc.
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