3055 3rd Street S, Waite Park, MN 56387

Property Description

Investment opportunity in the St. Cloud metro. This Waite Park self-storage facility features 32 units across two buildings on 0.46 acres, built in 2002 with 6,900 rentable SF. The unit mix includes 10 (10x10), 6 (10x20), 8 (10x25), 6 (10x30), and 2 (10x50) units, covering a wide range of tenant needs. All units feature roll-up doors, steel construction, and concrete floors. The fully fenced property includes an electronic gate system with a control box upgraded in 2025, along with recent fence repairs and gate loop replacement ($10,250 in capital improvements completed by the seller). Currently 80.6% occupied with consistent rental income and a strong value-add profile. Rents on several unit sizes are below local market rates, creating meaningful upside through rent adjustments alone with no capital investment required. Two 10x50 units have moveable interior walls already on-site and can be split into smaller units, adding additional revenue and units. A property tax reassessment is in progress with potential savings. Low-overhead, owner-operated model with all tenants paying via credit card. Ideal for a self-managing investor looking for cash flow and upside in a growing central Minnesota market.