Cushman & Wakefield’s Self Storage Advisory Group has been exclusively retained to offer for sale the Life Storage East Meadow Self-Storage Opportunity.

Take advantage of the unique opportunity to acquire a class-A, mid lease-up facility located in Long Island, NY. The facility was converted into storage in 2022, delivering with 1,403 units totaling 88,364 rentable square feet. The facility offers a convenient mix of 339 locker units, 77 climate-controlled first-floor units and 987 climate-controlled elevator accessible units. The 5 story self-storage facility is controlled under a ground lease with over 95 years remaining.

Located just outside of the NY boroughs, the facility is situated 25 minutes from the heart of Queens. Just across the Hempstead Turnpike is the well-known Eisenhower Park, a 930-acre public park featuring dozens of athletic fields, a world-class fitness center and 3 golf courses that are open to the public. The facility benefits from its direct frontage along Hempstead Turnpike and visibility from Merrick Ave, with a combined 62,582 average daily traffic passing the property. Also surrounding the facility are sprawling neighborhoods consisting of predominately single-family homes. The facility’s densely populated 3-mile trade area boasts a population of 215,862 residents and an above average median household income of over $111,300. East Meadow is home to a well-educated workforce, with many residents commuting into New York City. The city’s relative affordability to surrounding areas make it an attractive place for people to buy a home.

Take advantage of the unique opportunity to acquire a mid-lease-up facility in an affluent and densely populated suburb of New York City. New ownership will have the ability to increase revenue through leasing up the facility to stabilized occupancy and by bringing in-place rents up to market levels by passing through additional customer rate increases. Based on C&W’s projections, we expect that buyers will achieve double-digit IRR’s.