The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale Avon Self-Storage in Hartford County, Connecticut.
The Subject represents an impeccably well-maintained storage facility comprised of 86,490 rentable square feet located at 190 Old Farms Road, Avon, Connecticut. The facility offers 413 climate-controlled units, 266 non-climate-controlled units for a total of 679 units. The single-story site offers a wide variety of ground level exterior drive-up, interior corridor and premium options to accommodate the affluent population in this district of Hartford, Connecticut. The subject has excellent physical occupancy of 97 percent which emphasizes the demand of storage within the trade area. To ensure secure storage, the property utilizes personalized keypad entry, monitored gate access, fencing and on-site management.
The subject property is impeccably located in the suburb of Avon, which is a desirable component of Hartford County. The facility benefits from a prosperous annual average household income exceeding $174,000 within three miles. Additionally, between the 2000 and 2010 Censuses there was a 1.2% annual growth, well surpassing the national average. The facility is located off Old Farms Road and offers prime visibility to those heading into or out of town. Avon Self Storage is located less than one mile south of Avon and Main Street which is the retail thoroughfare home to several national retailers, shopping centers, and restaurants drawing consistent traffic into the vicinity. Hartford County is a prominent district of the in Connecticut and New England as a whole and is ideally situated in North Central Connecticut with close proximity to Bradley International Airport and Springfield, Massachusetts.
The opportunity allows an investor the ability to acquire a stabilized storage asset with multiple upsides in a thriving location of the Hartford MSA. A buyer will benefit from limited competition within the immediate trade area; there is only 3.75 NRSF/Capita in the five-mile radius. The facility can further capitalize by raising rental rates on existing tenants to meet the comparable average, in turn raising the economic occupancy. The area’s limited supply and lucrative household income will justify rate increases. The facility’s premium location paired with excellent demographics and a strong demand for storage comprises a turn-key storage investment positioned for continued success for years to come.