Marcus & Millichap is pleased to present the sale of 711 Johnston Street (the Property) in Akron, Ohio. The Property presents an investor the opportunity to acquire a fully entitled self-storage conversion with 503 climate-controlled units and 70 exterior drive-up units.
Originally constructed in the 1920s, the 97,480 gross square foot, 4-story warehouse played a significant role in Akron's tire industry, notably associated with the Schrader Valve, a component still utilized in vehicle and bicycle tires today. The proposed project envisions a 63,535 rentable square foot facility comprising 503 climate-controlled units and 70 exterior drive-up units. Strategically positioned with excellent visibility along both Johnston Street and Ohio Highway 8, the site benefits from traffic counts exceeding 115,000 vehicles per day. The development has secured $1,750,000 in historic tax credits which can be sold to an investor for $1,250,000 equity upon project completion or retained by the developer. The local self-storage market is under-supplied, offering only 4.41 net rentable square feet per capita within a 3-mile radius, with market studies indicating over 600,000 square feet of unmet demand.
Akron, Ohio, is a mid-sized city in Northeast Ohio, known for its industrial heritage, healthcare sector, and growing innovation economy. The area boasts dense demographics, with a 3-mile population of 104,806 and approximately 217,920 residents within a 5-mile radius.