The Mele Group of Marcus & Millichap has been selected to exclusively market for sale the Store & Lock Self-Storage New Jersey Portfolio. Acquisition of the self-storage portfolio demonstrates a unique opportunity to acquire two pristinely-maintained facilities in the Lakewood Township of Ocean County, New Jersey. The portfolio provides multiple upsides through increasing rental rates to meet the market average, in addition to raising management efficiencies by operating the two facilities in conjunction with one another. Each location features strong visibility and updated amenities with several housing developments and predominantly renter-occupied communities within close proximity. Overall, the subjects are situated within half a mile of each other and serve as the only self-storage facilities in a three-mile radius.
Of the two self-storage facilities, the portfolio has 790 total units across 99,396 net rentable square feet; each facility consists of standard, ground-level units. The well-maintained properties are secured with computerized video surveillance, gated access and optimal lighting. The subjects feature wide aisles, drive-up loading areas and tenant insurance programs for an additional stream of revenue. Both facilities are located 0.5 miles away from one another along the same roadway, but operate from two separate offices. This opportunity allows for a new investor to consolidate management to further benefit operations and cash flow. Furthermore, the facilities offer 24-hour access, moving supplies and outdoor storage for cars, boats, and RVs.
The facilities are ideally situated in a dense residential corridor with a multitude of resources and points of interest. The subjects are adjacent to an active housing development and within 1.5 miles of the Enclave at the Fairways residential corridor, the Eagle Ridge Golf Club and Allstate. The properties also offer convenient access to several heavily-frequented thoroughfares within the region. Both properties are approximately six miles from the Garden State Parkway, which sustains a robust traffic count of over 115,000 vehicles per day. Highway 70 is approximately three miles from the facilities, demonstrating a traffic count in excess of 30,000 vehicles daily. River Avenue witnesses a traffic count of over 27,000 vehicles per day and is situated approximately one mile from the Store & Lock New Jersey Self-Storage Portfolio.
The Lakewood Township is a desirable suburban destination situated in Ocean County, New Jersey. According to the U.S. Census Bureau, Lakewood is the fastest-growing town in the state, and the overall region continues to flourish as a key component of central New Jersey. Ocean County is one of the fastest-growing counties in New Jersey due to its central location, prime livability and natural amenities.
- Opportunity to Increase Efficiencies and Reduce Management Costs by Operating the Two Facilities with One Leasing Office
- An Investor Can Increase Revenue by Raising Rental Rates to the Market’s Competitor Averages
- Projected Population Growth of 1.05 Percent Annually from 2018 to 2023
- Portfolio-Wide Physical Occupancy of 82.1 Percent, Respectively
- Portfolio is Across from Multiple Residential Developments and is Within 1.5 Miles of Several Dense Residential Communities, Demonstrating the Need for Self-Storage in the Area as Population Grows
- Situated in the Lakewood Township of Ocean County, New Jersey; Which is a Component of the New York Metropolitan Area and One of the Fastest-Growing Counties in New Jersey