The Mele Group of Marcus & Millichap has been selected to exclusively market for sale the ezStorage Portfolio of Baltimore, Maryland. Acquisition of the self-storage portfolio represents a rare opportunity to acquire three facilities, each with a long history of stabilized operations from the premier storage operator in the mid-Atlantic region. Conveniently located at a maximum distance of five miles from one another, this close proximity will benefit an investor with efficient management among the locations. The facilities all have little to no deferred maintenance, indicative of the superb quality of the sites. Each facility is ideally located on high-traffic thoroughfares with excellent visibility and accessibility from numerous major roadways serving as connectors throughout the city. The impeccably-situated facilities are all within high-density submarkets featuring superior demographic and housing profiles, and stable populations, with growth potential through the expansion capabilities available at the Pulaski Highway and North Point facilities.
The portfolio has 1,935 total units across 171,325 rentable square feet, comprised of exterior units, interior units and boat/RV parking spaces, along with a long-term, highly-reputable retail tenant at the North Point Road location. The offering has a current physical occupancy of 89.5 percent and an economic occupancy of 82.6 percent, further bolstered by the ability to expand at the two of the facilities. The expansion site plans signify the large square footage yields achieved by the construction of new, multistory buildings to meet each area’s storage demands. Expanding two of the sites would result in an estimated increase of 153,820 square feet. The facilities are each equipped with state-of-the-art security features to ensure the properties and their respective units are secured, including computerized entry, gated access, fully-alarmed units, comprehensive 24-hour video surveillance, perimeter-wide fencing and walls and on-site manager apartments.
Strategically located in the Mid-Atlantic region, Baltimore City is a dynamic urban center fueled by a diverse economy and is the nation’s largest independent city. Much of Baltimore has experienced a vast renewal with a strong emphasis on preserving the city’s historical destinations. The city is comprised of many large-scale neighborhoods, with the facilities having direct access to multiple communities and highways. Among these major highways are U.S. Highway 40/Pulaski Highway, Interstate 695, Interstate 895, and Interstate 95, which is one of Maryland’s most heavily-traveled thoroughfares. Referred to as Central Maryland, the Baltimore-Columbia-Towson Metropolitan Statistical Area ranks among the top 25 most populous MSAs in the country at an estimated 2.8 million individuals comprising this area.