Cushman & Wakefield has been selected to exclusively market the sale of East Bay Self Storage in East Providence, RI.
This offering presents prospective purchasers with the opportunity to acquire a fully stabilized asset within the Providence MSA. East Bay 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 99.9% physically occupied.
East Bay Self Storage is located at 3346 Pawtucket Avenue, with convenient and direct access to Pawtucket Ave. This is the only asset within a 1.25-mile radius. The population within the three-mile trade area is 80,000+ with an average household income of $78,960. Within the trade area, there is currently only 3.65 NRSF/capita with one project planned. The facility is comprised of 40,310 net rentable square feet among three, two-story climate-controlled buildings with exterior drive-up units around the perimeter and a limited number of vehicle parking spots. There is a solar array on the roofs of two buildings, which reduces on-site utility costs.
Amenities include a wide variety of climate and drive-up units, full perimeter fencing, onsite office, electronic keypad-controlled gate and doors, and video surveillance. The successful purchaser will acquire high-quality, stabilized asset in a market with low supply, leading to substantial pricing power. Rate adjustments, tenant insurance penetration, and ancillary revenue streams will provide superior returns in the immediate and longer-term.