15325 W Baker Rd - East Gate Storage 138,639 SF Specialty Building Offered at $3,750,000 in Manhattan, IL 60442

East Gate Storage is a turn-key boat and RV storage facility located in Manhattan, Illinois, offering investors the opportunity to acquire a cash-flowing asset with significant occupancy and revenue growth potential. Situated on approximately 11 acres, the property encompasses 114,148 rentable square feet across 646 storage spaces and benefits from an established operating platform, on-site management residence, and limited competitive supply within the surrounding market.
Currently operating at approximately 65% physical occupancy and 56.8% economic occupancy, the facility provides a clear path to value creation through lease-up and rental rate optimization. Projections indicate stabilization by Year 2, with average rental rates increasing from approximately $0.58 per square foot to a stabilized rate of $0.62 per square foot, representing approximately 6.1% rental growth.
The property's market position is strengthened by favorable supply dynamics and high barriers to entry. No known future storage developments are underway or planned within a five-mile radius, while competing facilities offering similar boat and RV storage options remain limited. These conditions support continued occupancy growth and pricing power within the trade area.
East Gate Storage also benefits from strong local demographics. Average household incomes are approximately $160,000 within a one-mile radius and $143,000 within a three-mile radius, reflecting an affluent customer base with the discretionary income typically associated with recreational vehicle and boat ownership. Convenient access to Highway 52 further enhances the property's appeal by providing customers with efficient retrieval and storage access as they travel throughout the region.
Operationally, the facility includes an on-site manager residence, owner-managed operations, and a security system consisting of approximately 20 surveillance cameras and keypad-controlled overhead doors. The combination of existing cash flow, occupancy upside, limited competition, and attractive demographics positions East Gate Storage as a compelling investment opportunity within the specialized vehicle storage sector.