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

Take advantage of the unique opportunity to acquire a class-A facility located in the New York borough, Staten Island. The 5-story facility was completed in 2021, situated on a 1-acre lot along the Richmond Terrace roadway. The facility offers a convenient mix of 810 climate-controlled elevator units, 725 locker units, and 87 drive-up units totaling 105,687 rentable square feet. The facility features all of the latest technology and security features as well as a convenient covered loading area for seamless and secure storage. The facility is currently in the process of leasing up, achieving a physical occupancy of 62.6% as of 2/29/2024.

Situated along the northern edge of Staten Island, the facility is just across the Bayonne Bridge from New Jersey. The densely populated island is home to over 490,000, boosting demand for storage due to smaller average home size. The facility stands above the neighboring buildings, making it highly visible from a wide area as well as to traffic passing over the Bayonne Bridge. With excellent frontage along Richmond Terrace, the facility is highly visible to the combined 30,179 average daily traffic volume between the two roadways.

Just two miles down Richmond Terrace, a major development is planned for Staten Island’s waterfront, with over $400 MM being invested into the project. The major redevelopment will include new housing, revitalized commercial space, a new school and business development, estimated to create over 7,500 new jobs and have an economic impact of over $3.5 Billion.

Investors will have the opportunity to unlock significant value by completing the physical and economic lease up of this store. Investors will also benefit from strong T-12 and current market rents, with the ability to increase effective rents significantly over the next few years. The facility’s sticky tenant base provides support for successful ECRI implementation, with over 43% of the tenants staying longer than 1 year. This property qualified for the 25-year ICAP
tax abatement program, saving the property over $375k per annum in RET. Buyers are well-positioned to capture significant upside by stabilizing NOI by completing the lease up of this asset.