Pearl River Self Storage Development
Located on West Hillside Avenue in the affluent community of Pearl River in Rockland County, the site benefits from high traffic and premium visibility, limited competition within the trade area, high barriers to entry, an excellent demographic profile, high rental rates within the market, convenient ingress and egress with approved traffic signal and favorable construction conditions.
Traffic counts on Route 304, which runs directly past the proposed facility, stand at 17,655 vehicles per day. A proposed traffic signal modification at 304 (N. Pearl St.) and Hillside Avenue will provide protected left turns in and out of the property. As of 2019, total population within three miles of the property was 62,852, growing at approximately .575 percent per year, with a median annual household income of $121,176, far surpassing the national average. Additionally, there is a robust population of 222,765 within five miles of the property. The existing supply within the trade area stands at 4.57 square feet per person. There are no other proposed self-storage projects in the development pipeline within three miles and there is only one other proposed facility within five miles. Average annual self-storage rental rates in the market are approximately $26.76 per square foot.
The proposed development plan is for two, two-story buildings, built to grade on both levels, eliminating the need for elevators and stairwells, resulting in higher building efficiency and lower cost. A combined gross building area of 160,900 square feet is projected to yield approximately 128,700 net rentable square feet of climate-controlled storage. The disposition IRR is projected above 20 percent with long-term yields exceeding nine percent. The successful buyer/developer will benefit from a facility that is ideally situated in an affluent market with high rental rates and minimal competition.
Please direct inquiries to Cushman & Wakefield Self Storage Advisory Group.