The subject offering represents an excellent opportunity for a prospective buyer to enter a market with significant barriers to entry. The three-story storage facility spans 88,703 rentable square feet and sits on approximately 2.4 acres of land. It features 771 fully climate-controlled units and 69 drive-up units ranging in size from 25 square feet to 300 square feet. Having opened in the second quarter of 2021, the facility has achieved a physical occupancy of 74 percent and an economic occupancy of 64 percent, indicating successful lease-up at favorable rental rates.
Strategically located in Norwood, New Jersey, this property is a thriving and vital part of Bergen County. It serves as an attractive residential option for individuals seeking an alternative to the New York City Metro Area. The immediate three-mile radius around the facility boasts a population of over 45,000 people, with a median household annual income exceeding $157,000. Additionally, the facility offers convenient access to Broadway, with a daily traffic count of 8,851 vehicles, and Livingston Street, with a daily traffic count of 13,492 vehicles.
This offering provides an investor with the opportunity to acquire a storage asset that is nearly stabilized and primed for growth in a prime location. There are multiple avenues for increasing returns, including further improving physical and economic occupancies and generating additional income through ancillary streams. Furthermore, there is potential upside in raising rental rates. With an established presence in Norwood, this turn-key facility offers a cash-flowing investment that is well-positioned for continued growth in the years to come.