About 1524 Spring Lake Road
This is a 0.41 acre storage facility located just eight minutes away from downtown Quincy, IL. Quincy is home to Quincy University and a variety of restaurants and shops. Across the street from the site is Spring Lake Country Club, which strives to stay busy year-round by offering a variety of activities throughout the year. Between the traffic heading down to Quincy and the traffic to Spring Lake Country Club, this is a busy site. The storage facility is 77% occupied. The complex consists of two buildings with 41 units combined. The total square footage of these units is 7,398 square feet. The facility is directly across US Route 52 with average daily vehicle counts of nearly 3,800 vehicles per day. The seller is not aware of the exact ages. The buildings are considered to be in solid shape. The roads are gravel and are in good shape. This is a non-climate controlled facility. Drive up friendly. No high docks. No exterior fencing. No security cameras. No room for expansion unless the neighboring lot is purchased (and this is a possibility). Currently not utilizing storage software. A quick market study will show you that the current rental rates are probably below market value for the majority of the units in this complex, so this has a strong value-add component going forward as well (reference page six of this offering memorandum for rates/sq ft). Contact the listing agent for a copy of the Quincy self-storage survey that was completed in late March. Average household income in this vicinity is approximately $80,000 annually. The sellers inherited this storage complex when they purchased the surrounding mobile home park. They have put literally zero effort into renting this out outside of a sign in front of the facility. It was 100% vacant when then purchased the park five years ago. They will not entertain seller financing offers.
