Gopher State Storage – Forest Lake
Forest Lake, MN
Asking price
$4,900,000
Units
278
Cap rate
—
Price / unit
$17,626
About this property
Argus Self Storage Property Listings Listings Who We Are Find A Broker What We Do News & Research Market Monitor Presentations Industry News Closings Contact Listings Who We Are Find A Broker What We Do News & Research Market Monitor Presentations Industry News Closings Contact Gopher State Storage – Forest Lake Back to Results NEW Forest Lake, MN $4,900,000 Click Here to Request Offering Memorandum Gopher State Storage – Forest Lake sits on 15.5 acres along Highway 8 at the north end of Forest Lake, a lake-country community on the northern edge of the Twin Cities metro. Highway 8 is the main route connecting I-35 and the Twin Cities to the Chisago Lakes area and western Wisconsin. It carries more than 22,000 vehicles per day, and capacity improvements are planned between Forest Lake and Chisago City. The trade area is affluent and anchored by homeowners: about 33,000 residents live within five miles, with 75% owner-occupied housing. The region’s lakes and recreation also drive steady demand for boat, RV and vehicle storage. The facility has 278 units across 56,900 NRSF: 41,950 SF of drive-up storage, 8,950 SF of outdoor parking, and 6,000 SF of retail/flex space leased to 2 tenants. The original buildings date to 2005, and the newest were completed in 2020 and 2021. The property runs at 99% economic occupancy and 97% occupancy by square footage. A new owner steps into a stabilized asset with clear paths to grow through tenant protection programs, leasing the remaining parking spaces, or building more storage buildings. $4,900,000 View Executive Summary All fields are required. I am a Principal I am a Broker I accept the Disclaimer . Property Info $4,900,000 56,900 RSF 278 Units 97.1% Occupancy Contact Listing Broker Listing Broker Alex Ihrke Area Storage Advisors 612-394-7553 Email Listing Broker Nathan Gottlieb Area Storage Advisors 612-930-6614 Email Listing Broker Tom Flannigan Area Storage Advisors 612-790-3747 Email Stay Connected Contact Us 1-800-55-STORE Contact Us 5460 S. Quebec Street Suite 100 Greenwood Village, CO 80111 info@argus-realestate.com Join Argus Interested in becoming an Argus Broker Affiliate? Learn How © 2026 Argus Self Storage Advisors.
All details
Figures are transcribed from the source listing as published. “Source page last checked” is when our crawler last fetched that page — it is not a check of the financials and not confirmation from the broker.
| Asking price | $4,900,000 |
|---|---|
| Units | 278 |
| Price per unit | $17,626 |
| Occupancy | 97% |
| Building size | 56,900 sq ft |
| First seen by UnitListed | Oct 14, 2026 |
| Source page last checked | Oct 24, 2026 |
| Source last changed | Oct 14, 2026 |
Before you call the broker
7 things are not disclosed on this listing. These are the questions that would close the gap — specific to a storage facility, not a generic list.
Net operating income — not disclosed
What is the trailing twelve-month NOI, and what does it include and exclude?
The single number a lender will size debt against. Ask what is excluded — management fees and reserves are the usual omissions.
What period the financials cover — not disclosed
Are these figures trailing twelve months, last calendar year, or projected?
A projected stabilised NOI and a current operating NOI can differ by a third, and both get called "NOI".
Gross income and operating expenses — not disclosed
Can you share a trailing twelve-month profit and loss, with the expense lines itemised?
NOI alone hides whether income is high or expenses are being under-reported. The split is what you underwrite.
Reason for sale — not disclosed
Why is the owner selling, and how long have they held it?
Never published on a listing, always worth knowing. Retirement and a looming capital bill are very different situations.
Climate-controlled share — not disclosed
How many units are climate-controlled, and what is the rate premium?
Climate-controlled space earns more per square foot and costs more to run. The mix changes both sides of the model.
Expansion land and entitlements — not disclosed
Is there expansion land, and has anything been entitled or permitted?
Often the whole thesis in storage. Also the difference between a plan and a permit.
How it is managed today — not disclosed
Is this staffed, remotely managed or unmanned, and does a management contract transfer?
Decides whether the expense line you are shown survives the sale.
Asking price — disclosed
Currency of the asking price — disclosed
Unit mix and rent roll — disclosed
Physical vs economic occupancy — disclosed
What has changed
Every date below is when we observed a change, not when it happened. We first saw this listing on Oct 14, 2026; that is not the same as when it came to market, and we have no way to know the latter.
- Oct 14, 2026First seen by UnitListed
The asking price has not changed across any of our observations.
