Listing Portfolios

Self Storage Center Portfolio

Call for Offers - Due June 28, 2018
NRSF - 177,575

The Mele Group of Marcus & Millichap has been selected to exclusively market for sale the Self Storage Center Portfolio.

The Self Storage Center Portfolio consists of three self-storage facilities located in East Greenwich, Narragansett and Richmond, Rhode Island. Acquisition of this portfolio will provide an investor with an opportunity to obtain three cash-flowing facilities in affluent areas that all exceed both the state and national average household incomes and benefit from added seasonal population growth throughout the year. The facilities are 15 to 20 miles away from one another and allow for area branding because of their geographical location in the central and southern parts of the state.

Rhode Island, commonly called the Ocean State, is often defined by its vast surrounding waters, including the Narragansett Bay. In addition to the state’s thriving, permanent residential communities, tourism bolsters the population seasonally with boating and sailing enthusiasts. As a New England tourist destination, the state witnesses an influx in size of its resident population between the winter and summer seasons. The total tourism count is estimated at approximately 19 million tourists overall each year with the population increasing most significantly during the summer.

Investment Highlights:
- Unique Opportunity to Acquire Three, Cash-Flowing Self-Storage Facilities Located 15 to 20 Miles from One Another in Central and Southern Rhode Island, Allowing for a Prominent Branding Presence
- Minimal Competition in Each Facility’s Respective Market, Allowing the Sites to Serve as Key Storage Destinations
- Substantial Upside Through Continuing to Fill Vacancies as Signified by the Portfolio’s Current Physical Occupancy of 78.5 Percent and Economic Occupancy of 66.0 Percent
- East Greenwich Facility Recently Expanded, Acquiring the Adjacent Property to Offer Class A, Climate-Controlled Amenities, Which Reflects the Surrounding Market’s Demand for Storage and Has Room to Further Expand
- Conversion Potential at the Narragansett Location Through the Reallocation of Vacant Building Space into Climate-Controlled Storage
- Locations Encompass Solid Household Income Profiles with Average Household Incomes Far Exceeding the United States Average

  • East Greenwich East Greenwich
    5805 Post Road
    East Greenwich, Rhode Island
  • Narragansett Narragansett
    39 Walts Way
    Narragansett, Rhode Island
  • Richmond Richmond
    39 Stilson Road
    Richmond, Rhode Island