Cushman & Wakefield is pleased to offer for sale, the soon to be completed Pearl River, New York 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. Pearl River Self Storage is ideally positioned capitalize on this new normal.

The asset, located at 59 Hillside Avenue, provides 126,313 Net Rentable Square Feet among 1420 units in a dynamic and wealthy submarket within Rockland County, NY. The facility is strategically located with visible frontage along Route 304, directly north of the Pearl River Train Station, which is  used daily by local commuters into NYC. Ingress and egress to the site is facilitated by a newly constructed traffic signal at the corner of Route 304 and W  Hillside Avenue.

Barriers to enter this market are immense, illustrated by the fact that approvals for this by-right site took nearly 10 years to obtain, requiring the Appellate Court of New York ruling in favor of the ground owner. There are currently no competitors within a 2.25 mile radius, nor are any planned, or under construction within a 4 mile radius. Total population within a three-mile ring is 64,988 with median household income of $123,970. Total storage supply within the 5 mile trade area  is far below average at 2.58 NRSF/capita. 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.