Teaneck Self Storage represents a single-story, Class A storage asset in Teaneck, New Jersey currently in its final lease-up period. The facility, located at 123 West Tryon Avenue, offers 31,380 net rentable square feet consisting of 341 units and, as of the day of publication, the asset is 80.1% physically occupied. Teaneck Self Storage opened in December 2019 and is strategically located as the only self-storage facility in Teaneck, Bergen County.
This asset is still owned by the original developer who built the property as a warehouse in 1965 and later converted it to self-storage in 2019. In addition to the internal build out of self storage, ownership also installed a new roof membrane and new HVAC units. This asset will be delivered with 17 years remaining on the roof warranty. There is an opportunity for further expansion on the existing parcel. As of today, there are 50 parking spaces, none of which are being rented to prospective tenants. The majority of these spaces can either be used as vehicle/boat storage or as the foundation for Drop-In Units. Additionally, the rooftop of this building has been sought after by multiple solar companies who would lease the rooftop for a fee. This information can be found in the deal vault for further review. Other than the value-add CapX to expand the current square footage, Purchasers can expect little to no required dollars to be spent on deferred maintenance.
Teaneck is a thriving suburb within NYC’s MSA, located less than 4 miles from the George Washington Bridge and 5 Miles from Upper Manhattan. Formed in 1895, Teaneck is the second most populous township within Bergen County, which currently ranks as one of the wealthiest counties per capita in the Nation. As of the most recent Census Data, the median household income in Teaneck, NJ is $108,707. Within a 3-mile radius trade area of Teaneck Self Storage, there are approximately 195,000 individuals and 70,000 households.
Teaneck Self Storage allows prospective purchasers with the opportunity to invest in a new, Class A facility within its final phase of lease-up. With a location in a consistently high-growth market with substantial barriers of entry, a prospective purchaser can feel confident that their cash flow is protected for years to come. This opportunity is sweetened further by an opportunity for expansion, which provides a purchaser with an opportunity to truly capitalize on above-average returns in the short and long term.