NYC MSA, Class-A, Lease-Up Self-Storage Opportunity – Staten Island, NY
2604 Richmond Terrace, Staten Island, NY 10303

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Price
Market Bid
NRSF
105,687
Staten Island, NY
Class A, Lease-Up
105,687 rentable square feet, class-A facility located in Staten Island, NY
The facility is situated along Richmond Terrace with over 30,000 vehicles driving past the store each day
Sticky tenant base with 43% of tenants staying over 1 year
This property qualified for the 25-year ICAP tax abatement program, saving the property over$375k per annum in RET
Significant mark-to-market potential on in-place rents
Investors are well-positioned to capture significant upside by stabilizing NOI by completing the lease up of this asset
Located just 2 miles from the subject facility is a $400 million redevelopment including new housing, revitalized commercial space, a new school, and business development which is expected to have an economic impact of over $3.5 Billion

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.

Staten Island, NY

  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as the Staten Island, NY Self-Storage opportunity.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.



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