Cushman & Wakefield’s Self Storage Advisory Group has been retained to offer for sale, the Extra Space Storage Haven Street, MD Self-Storage Opportunity.

This investment provides the unique opportunity to acquire a recently built, class-A self-storage facility in the desirable Canton neighborhood of Baltimore, MD. The 77,003 rentable square foot facility includes 103 climate-controlled first-floor units and 720 climate-controlled elevator accessible units, totaling 823 units across 6 stories. The facility also features a covered loading bay, offering further convenience to tenants. Since its completion in 2019, the facility has achieved an excellent lease-up and is currently at a physical occupancy of 87%. New ownership will have the ability to install solar panels on the roof at no cost, generating an additional $20,000 of revenue annually upon completion. There are also currently plans in place for an additional 54 drop-in units to be added.

Located in the desirable Canton neighborhood, the facility benefits from easy access to Interstate 95 which is only a half-mile away. The facility’s densely populated 3-mile trade area is home to 157,800 residents, with over 37% of those being renters. The strong renter base is set to expand with an influx of new multifamily development taking place. Within 1-mile of the facility, there are currently 1,782 units in various stages of planning, compounding the 1,317 units that have been built since the start of 2020.

This increase in residential development is set to meet the demand of the facility’s affluent 1-mile trade area, which holds an excellent median household income of $105,687. Adjacent to the facility is the Canton Crossing Shopping Center development, driving heavy foot traffic by the property and attracting new residents to the neighborhood. The retail hub’s first phase was completed in 2014, attracting major retailers including Target, Athleta, Ulta Beauty, J. Crew and numerous other stores and restaurants.

Take advantage of the unique opportunity to acquire this nearly stabilized facility in a rapidly growing neighborhood of Canton. Investors will have the opportunity to increase revenue through multiple avenues. The facility’s sticky tenant base provides support for successful ECRI implementation, with over 50% of tenants staying longer than 1.5 years. The ability to install solar panels at no cost will provide an additional $20,000 in annual revenue. The opportunity will also come with permits for a 4,775 rentable square foot expansion. Based on C&W’s projections, the levered returns are expected to be in the mid to high teens on a 5-year hold.