Self-Storage Development Site
815 North 11th Street : Springfield, IL 62702
Sangamon County, Illinois
Land Description
RI Marketplace Online Auction July 22-24, 2024.
Register to Bid on Marketplace.
Investment Highlights
Incredibly low competitive saturation- below 3.0 within the 1, 3, and 5 mile radii, respectively.
The property is already zoned for self-storage which continues to be a great investment in the context of the current economy - Demand for units is growing, existing facilities are largely at max occupancy, and new deliveries can't keep up with increase in demand.
The HHI here is above national average for the five mile radius, but below for the 1 and 3 mile radii - Fits an ideal tenant profile.
Stable population levels - Springfield population is down 0.75% vs. LY, but only down 1% in the last 20 years.
As the focal point of the State's government, Springfield sees more population turn-over as a result of election wins/losses. As a result, demand for Springfield storage should exceed typical per capita levels.
Offering Summary
Newmark, in conjunction with Real Insight Marketplace, present for sale 815 N. 11th Street, Springfield, IL 62702. The property sits just blocks away from the State capital, ideally positioned between the downtown commercial district and a single family residential neighborhood. The site is divided by public alleyways, which we are in the final steps of acquiring from the city. When complete this will be a four acre, contiguous, parcel. The site has consistently played an important role in the community as well. 815 N. 11th provided rare job opportunities for women when held by the International Shoe Company. The site was also home to charitable deeds for both Good Will and Youth Fair Chance.
Scott Bowers, Auctioneer
