Cushman & Wakefield has been selected to exclusively market the sale of Anchor Self Storage in Hope Valley, RI. This offering presents prospective purchasers with the opportunity to acquire a fully stabilized asset with multiple upside opportunities. Anchor Self Storage, as with all the other assets in the trade area, boasts excellent historical physical occupancy. As of the date of publication, the asset is 97% physically occupied.
Anchor Self Storage is located at 1115 Main Street, with convenient access to Hope Valley and Wyoming Townships. The population within the greater trade area is made up of second homeowners with an average household income of $92,767. The facility is comprised of six, single-story buildings totaling 39,200 net rentable square feet of storage along with 15 parking spaces for Boats or RV’s. The units offer a convenient mix of drive-up and interior corridor options. The newest phase was constructed in 2018, which added 15,800 net rentable square feet of climate-controlled units. Competition is extremely limited – This is one of only two assets and the only offering of climate-controlled units within an +8.5-mile radius.
In addition to the storage revenue produced, there are 3 additional sources of revenue on-site. A 3-bedroom, 2-bathroom home is leased for $1,500/mo by a long-term tenant, there is a stand-alone office space leased by a local tenant, and the on-site manager runs a FedEx print & ship location. In total, these revenue streams approximately produce an additional $32k of income.
The successful purchaser will acquire a high-quality, stabilized asset in a market with remarkably low levels of competition. Rate adjustments, tenant insurance penetration, and ancillary revenue streams will provide superior returns in the immediate and longer-term. The confluence of minimal competition, with near 100% occupancy amongst the competitive set leads a prospect owner to have near unlimited pricing power for years to come.