Mount Pleasant, MI 8-Property Portfolio
Mount Pleasant, Big Rapids, Houghton Lake, MI
Overview
This is an exclusive opportunity to acquire an 8-property portfolio in Mount Pleasant–Big Rapids–Houghton Lake, MI. The portfolio consists of a 332,040 NRSF facility with 1,987 units and offers a plethora of unit sizes to fit a variety of client needs. 1. 1970 Commercial Drive, Mount Pleasant, MI 48858 2. 2060 Independence Drive, Mount Pleasant, MI 48858 3. 2399 East Remus Drive, Mount Pleasant, MI 48858 4. 4263 Corporate Drive, Mount Pleasant, MI 48858 5. 5059 East Remus Drive, Mount Pleasant, MI 48858 6. 5252 South Mission Road, Mount Pleasant, MI 48858 7. 833 Byron Avenue, Houghton Lake, MI 48629 8. 18755 Northland Drive, Big Rapids, MI 49307
Property Details
Highlights
- Eight-Facility Self-Storage Portfolio: 332,040 total NRSF across 1,987 units spanning eight facilities in the Mount Pleasant–Big Rapids–Houghton Lake, MI market.
- Blended Occupancy with Meaningful Upside: The portfolio is 57.2% occupied by NRSF, with several facilities well below stabilization and significant lease-up potential: 833 Byron Avenue-Houghton Lake (17.7% NRSF), 5252 S Mission Road (51.1% NRSF), 18755 Northland Drive-Big Rapids (56.1% NRSF), and 1970 Commercial Drive (56.7% NRSF).
- Value-Add Assets: Two of the eight facilities are running at 75%+ NRSF occupancy (2399 E Remus Drive at 85.8% and 5059 E Remus Road at 77.6%).
- In-Place Revenue Generation with Underwritten Growth: The portfolio generated approximately $1,499,284 in T-12 revenue, producing $1,008,584 in T-12 NOI. Underwriting projects NOI growing to $1,445,427 in Year 1 and reaching $2,084,916 by Year 3 as portfolio occupancy stabilizes to a projected 86.4%.
- Diversified Risk Profile: No single asset represents more than ~25.5% of portfolio NRSF (4263 Corporate Drive), with the remaining seven facilities spread across three distinct Michigan submarkets, reducing exposure to any one asset or market.
- Mount Pleasant Cluster: All Mount Pleasant properties are located within 7.5 miles of each other.
- Third-Party Management Option Available: CubeSmart has indicated willingness to manage the portfolio, offering a buyer institutional-caliber, third-party management with a proven self-storage operating platform.
Location
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.