Cushman & Wakefield’s Self-Storage Advisory Group has been exclusively retained to arrange the sale of two stabilized self-storage properties in Westerly, Rhode Island.

This Portfolio presents a unique opportunity to acquire two well-maintained self-storage facilities in Westerly, Rhode Island. The facilities, located at 74 Airport Road and 234 Post Road, offer a combined 100,391 square feet of rentable space across 835 units. Both properties have strong occupancy rates and are strategically located in desirable areas where the population swells upwards nearly 20% during summer months due to seasonal tourism.

The 74 Airport Road facility, built in 2004, is situated in a neighborhood with a population of 22,172 and a median household income of $79,144. As of July 2024, the 52,626 square foot facility was 92.9% occupied with $20.35 in-place rents.

The 234 Post Road facility, built in 1998, is located in a neighborhood with a population of 10,605 and a median household income of $98,147. As of July 2024, the 47,765 square foot facility was 91.5% occupied with $22.56 in-place rents.

Both properties benefit from their strategic locations and strong demand for self-storage space in the Westerly area, particularly during the peak summer season. Additionally, these properties are located approximately 2.5 miles apart, providing potential operational synergies and minimizing the need for duplicate staff or services. Furthermore, the limited competition in the Westerly self-storage market, especially from REITs, gives investors a significant operating leverage at these sites. This lack of competition allows for more flexibility in pricing and operations, potentially leading to higher returns.

Westerly, Rhode Island, is a vibrant coastal town with a growing population and a diverse economy. The town’s strong job market and attractive lifestyle make it a desirable place to live and work, especially during the summer months when tourism is at its peak.

The Portfolio is an excellent investment opportunity for buyers seeking highly stable cash-flowing assets. Investors will benefit from acquiring two well-maintained properties in a desirable location, with potential for value appreciation.