4 Storage of Deer Park is comprised of 58,500 rentable square feet on approximately 2.9 acres of land. The facility offers 184 climate-controlled units and 357 non-climate-controlled units for a total of 541 total units. The facility offers a modern structure and a spacious office. The property has recently undergone several capital improvements, including total asphalt paving, HVAC system improvements, a building conversion and solar energy attic fans operated by solar panels. To ensure a secure premise, the facility is equipped with 24-hour video surveillance and electronic gating. The subject has strong physical and economic occupancies of 87.5 percent and 94.1 percent, respectively. 4 Storage is well-maintained and offers a wide variety of options to accommodate this thriving suburb of Long Island, New York.
The facility is impeccably situated in a densely-populated residential corridor of Deer Park, New York; a major suburb of Long Island, New York. The site benefits from the surrounding population of over 103,000 individuals within three miles, in addition to an affluent median household income of $123,274 within this same radius. The subject offers direct frontage along Acorn Street, which sustains a traffic count of over 4,000 vehicles per day. The property is within a mile of County Road 2; a major roadway which sustains a traffic count of over 18,000 vehicles daily. Advantageously, there is a low supply and currently no self-storage projects planned or under construction within a three-mile radius. Long Island offers convenient access to New York City and is a critical division of the New York Metropolitan Area, which is the most populated MSA in the nation and one of the most desirable metro areas in the world.
4 Storage of Deer Park allows an investor the opportunity to acquire a stabilized asset with multiple upsides in the unofficial capital of the world. The property has forward-looking financials with cash-on-cash returns of 10.5 percent and 12.0 percent in years two and three, in addition to projected leveraged IRRs of 19.9 percent and 19.2 percent in years five and seven. Additionally, the purchaser will benefit from raising rents to meet the comparable average. Furthermore, the opportunity represents a significant advantage in obtaining a stabilized facility in one of New York City’s most populated and prosperous districts.