Cushman & Wakefield has been selected to exclusively market the sale of the soon to open New Rochelle Self-Storage.
This offering presents the rare opportunity to obtain a newly constructed Class A, facility within the suburban New York City MSA. Recent changes in migration trends have highlighted the suburbanization of many major markets around the USA, with city dwellers moving from the urban core and relocating their families to the less dense surrounding communities. This migration is especially clear in New York City. A successful purchaser has an opportunity to acquire New Rochelle Self Storage and capitalize on this new normal. The asset, located at 54 Nardozzi Pl., provides 96,693 Net Rentable Square Feet among 1120 units in one of the nation’s most dynamic and wealthy sub-markets. The facility is strategically located directly adjacent, and with direct visibility to Interstate-95, on a retail corridor shared by Costco Wholesale, Costco Gas, Home Depot, and LA Fitness, among others. Total population within a three-mile ring is 236,976 with median household income of $68,706. Total storage supply within the trade area is below average at 4.28 NRSF/capita, with high barriers to entry. The Certificate of Occupancy is scheduled November 2022.
The successful purchaser will benefit from superior returns upon lease up with continued upward pressure on rental rates in an undersupplied, highly dynamic market.