Listing Portfolios

Fort Knox Self-Storage Portfolio

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NRSF - 165,013

The Fort Knox Self-Storage Portfolio is comprised of four, quality self-storage assets located in New York, New Jersey and Pennsylvania markets. Three of the properties are conveniently located less than 10 minutes from each other in Port Jervis, New York; Matamoras, Pennsylvania and Montague, New Jersey, with the Middletown, New York location at an estimated 18 miles from other three facilities. The Port Jervis and Matamoras locations are about one-mile from one another, which provides an investor an opportunity to improve returns through management efficiencies between the two locations.

The offering features substantial advantages upon acquisition, including a rare, double-digit pro forma capitalization rate at the end of year two of 10.68 percent. This attractive capitalization rate is paired with years five and seven leveraged IRRs of 46.5 percent and 39.5 percent and excellent cash-on-cash returns in years one and two of 14.9 percent and 24.5 percent, respectively. The portfolio totals 165,013 rentable square feet. It consists of 867 units, 648 are climate controlled and 170 are non-climate controlled, in addition to 34 parking spaces, 13 warehouse spaces, one office space and one vacant space for expansion at the Middletown facility.

Across the portfolio, the physical occupancy is 49.1 percent and economic occupancy is 56.5 percent as of June 2017, which also factors in the Middletown facility's 32,080 rentable square feet of vacant expansion space. Excluding the Middletown location, the portfolio's physical occupancy is currently at 80.6 percent. Returns can be significantly increased by expanding at the Middletown and Montague locations to offer additional climate-controlled storage, these significant value-add opportunities would drastically increase the portfolio size. The portfolio also includes an annex with drive-up units at the Port Jervis location to meet the demand for storage in the area. Each of the properties has visibility and signage from the main roadways and maintain steady occupancies as the premier storage facilities in their markets.

  • Middletown Middletown
    9-29 Canal Street
    Middletown, NY
  • Port Jervis Port Jervis
    52 Jersey Ave #54
    Port Jervis, NY
  • Montague Montague
    280 Clove Road
    Montague Township, NJ
  • Matamoras Matamoras
    405 5th Street
    Matamoras, PA