3721 Colfax St - Area U Lock 17,372 SF Specialty Building Offered at $2,200,000 in Gary, IN 46408

Area U Lock in Gary, IN presents a compelling investment opportunity in a market with significant growth potential. Situated at 3721 North Colfax Street, Gary, IN, this facility offers 17,372 net rentable square feet (NRSF) across 114 self-storage units. Built in 2021, the property is currently operating at 78% physical occupancy and 62% economic occupancy, with room for improvement. The surrounding area within a 5-mile radius is home to 169,273 residents, with a storage supply of 5.47 SF per capita, indicating a strong demand for storage solutions. The facility benefits from its strategic location adjacent to Menards and near major traffic corridors, including East Ridge Road (23,250 vehicles per day) and West Ridge Road (26,350 vehicles per day), ensuring high visibility and accessibility for potential customers. The median household income within this radius is $63,435, supporting demand from households seeking quality storage options. The market conditions in Gary, characterized by a dense population and an undersupplied trade area, create an attractive environment for long-term investment. With limited new storage development in the pipeline, this facility stands out as a highly attractive acquisition. The opportunity to enhance occupancy rates and implement strategic management practices presents a clear path to increasing revenue and reducing operating expenses. This facility represents a rare opportunity to acquire a near-stable property in a market with barriers to entry. With minimal near-term capital expenditures required, Area U Lock offers significant upside potential for investors looking to capitalize on its existing operational efficiencies and growing regional demand