Route 48 Storage 2453 IN-48 Rd 11,572 SF 100% Leased Industrial Building Shelburn, IN 47879 $300,000 ($25.92/SF) 3.84% Cap Rate

There are currently 60 storage units in this drive-up facility, consisting of a mix of 10x10 and 10x20 units. The property also includes a pole barn with city water, a furnace, and a bathroom, currently occupied by a long-term tenant.
Well-maintained facility with an on-site maintenance man who is willing to continue with the new owners. Located on IN State Hwy 48, which has daily traffic of approximately 3,500 vehicles per day (VPD).
The property includes two additional acres, which can be utilized for camper/boat storage or to add more storage units.
The facility currently operates on ESS software and has a website, but no digital marketing campaigns have been conducted.
The facility is currently only 25% occupied, including the pole barn with a long-standing tenant. This represents a value-add opportunity for potential investors.
Current ownership has not implemented any price increases and has fallen behind on collections. This presents an opportunity for the next owner to optimize pricing and improve collections.
The current ownership group has a background in mobile home parks and lacks experience in self-storage. They are now seeking to divest this non-core asset.
Since this facility is currently underperforming, it is being priced on a per-square-foot basis. This presents an excellent opportunity for those experienced in the storage asset class, particularly with infill scenarios.
MR. LANDMAN, LLC is a licensed real estate company in the State of Indiana under IN LIC#RC52000015. Jonathan Fisher is a licensed managing broker in the State of Indiana under IN LIC#RB18000549.
One of the owners of STORAGE 48 is a licensed real estate broker in the State of Indiana.
LOCATION:
Shelburn is a town in Curry Township, Sullivan County, in the U.S. state of Indiana. The population was 1,252 at the 2010 census. It is part of the Terre Haute Metropolitan Statistical Area.
Shelburn has an unemployment rate of 5.0%. The US average is 6.0%.
Shelburn has seen the job market decrease by -6.1% over the last year. Future job growth over the next ten years is predicted to be 25.6%, which is lower than the US average of 33.5%.
The Sales Tax Rate for Shelburn is 7.0%. The US average is 7.3%. The Income Tax Rate for Shelburn is 3.5%. The US average is 4.6%.
The Median household income of a Shelburn resident is $39,327 a year.
Shelburn violent crime is 19.2. (The US average is 22.7)
Shelburn property crime is 38.8. (The US average is 35.4)
The cost of living in Shelburn, IN is quite reasonable. The median household income is slightly above the national average, and the overall cost of goods and services is relatively low. Housing costs are comparable to those of other Midwest cities, with an average list price for a home being approximately $140,000. Overall, living in Shelburn is a great value compared to other areas in Indiana.
Sullivan County is a county in the U.S. state of Indiana, and determined by the US Census Bureau to include the mean center of U.S. population in 1940. As of 2020, the population was 20,758. The county seat (and the county's only incorporated city) is Sullivan. Sullivan County is included in the Terre Haute, Indiana, metropolitan statistical area.
The Terre Haute Metropolitan Statistical Area, also known as the Wabash Valley, is the 227th largest Metropolitan Statistical Area in the United States. Centering on the city of Terre Haute, Indiana, it was originally formed by the United States Census Bureau in 1950 and consisted of Vigo County. As surrounding counties saw an increase in their population densities and the number of their residents employed within Vigo County, they met Census criteria to be added to the MSA. Four Indiana counties are now a part of this MSA.