$1 Auction – 97K SF | Self-Storage Entitled | $1.75M Federal Historic Tax Credits

Highlights:

• Fully Entitled and Permitted Self-Storage Conversion Development Opportunity
• Proposed 63,535 Rentable SF w/ 503 Climate-Controlled Units | 70 Exterior Drive-Up Units
• Excellent Visibility along both Johnston Street and Ohio Highway 8 with Traffic Counts over 115K VPD
• $1.75M in Historic Tax Credits Awarded | Tax Credits can be Sold to Investor for $1.25M Equity or Kept by Developer
• Under-Supplied Self-Storage Market | Only 4.41 Net Rentable SF Per Capita within 3-Mile Radius | Market Studies Indicate over 600,000 SF of Unmet Demand
• Dense Demographics with 3-Mile Population of ±104,806 and 5-Mile Population of ±217,920

Description:

RI Marketplace Online Auction May 19-21, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2447/1-auction-97k-sf-self-storage-entitled-1.75m-federal-historic-tax-credits?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=industrial_2447

Marcus & Millichap and RI Marketplace are 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.

Thomas Seaman
Auctioneer
License: 2007000016

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