Elk River, MN
$5,200,000
Offers Due: Thursday, September 3, 2026
Otsego Mini Storage is a 54,670 net rentable square foot, 335-unit drive-up self storage facility situated on 5.48 acres in one of the fastest-growing communities in the Twin Cities metro. Built in phases in 2004, 2017, and 2019, the facility has operated at consistently high occupancy while serving a trade area with limited competing supply. The site is fully paved in concrete and asphalt, completely enclosed by perimeter fencing with a gated access system, and protected by corner bollards and on-site camera coverage. Careful site grading delivers excellent drainage across the property; a meaningful advantage in a Minnesota climate.
The location anchors the investment thesis. Otsego’s population has reached 25,454 and is growing at 3.79% annually (over 26% increase since the 2020 census) with a median household income of $119,927, and approximately 280 new home permits issued in 2025 alone. A Costco Wholesale is currently under construction in the city, joining an established retail node along the MN-101 corridor that carries roughly 52,000 vehicles per day. That combination of rooftops, retail traffic, and household income creates a strong demand profile for self-storage operators. The facility has been mom-and-pop managed throughout its life, with no online rental capability, a dated web presence, and no revenue management program in place. For an operator with modern systems, the gap between current performance and market performance is the opportunity.
