For Sale
$4,200,000

1947 Lyford RdRockford, IL 61107

High-Yield Self Storage Facility

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional self-storage facility in Rockford, Illinois, presents a compelling investment opportunity. The property, located at 1947 N Lyford Rd, boasts 51,898 square feet of net rentable space across nine buildings, comprising 209 units. Built in 1966 with significant renovations completed in 2023, the property features a mixed-use zoning (CG) designation, allowing for diverse income streams. Currently operating with a 7.20% cap rate and a NOI of $301,179, the asking price is $4,200,000 ($82.03/sq ft). The 7.36-acre lot offers significant expansion potential, with permits already approved for four additional buildings. This presents a substantial upside for future growth. The property benefits from its location near a newly constructed Hard Rock Casino and serves a densely populated area (approximately 41,000 within a 3-mile radius) with currently undersupplied self-storage options (saturation below 8.7%). Further upside potential exists through rental increases, as current rents are 41% below market rates. The property includes three small offices and a workshop, adding to its versatility. Parking is provided at a ratio of 0.28 spaces per 1,000 square feet. The APN is 12-13-151-007

Highlights

  • Self-storage facility with 209 units totaling 51,898 net rentable square feet, built in 1966 with recent renovations (2023).
  • Undersupplied market: High population density (approx. 41,000 within 3 miles) and low market saturation (below 8.7%).
  • Significant rental upside: Current rents are 41% below market rates.
  • Expansion potential: Approved permits for four additional buildings on a 7.36-acre lot.
  • Seller financing option available for sale prices exceeding $5.5 million.
  • Prime location: One mile from the newly opened Hard Rock Casino.

Property Details for 1947 Lyford Rd

Property type
Mixed-use properties, Self storage facilities
Square Feet
51,898 SF
Year Built/Renovated
1966/2023
Buildings
9
Lot Size (sq. ft)
320,602 SF
Units
209

Location Insight

City
Rockford
County
Winnebago
State
Illinois
Latitude
42.2918623
Longitude
-88.9591775
1947 Lyford Rd, Rockford, Illinois

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1947 Lyford Rd
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