|Number of units||925|
1) 30 SEA CLIFF AVENUE GLEN COVE, NY 11542
2)141 US 206 HILLSBOROUGH, NJ 08844
3) 145 CORLISS STREET PROVIDENCE, RI 02904
OFFERING PRICE: Unpriced
RENTABLE SQUARE FEET: 250,455 RSF
NUMBER OF UNITS: 2,687 Units
OCCUPANCY: Economic – 50.2% | Physical – 63.1%
OFFER DEADLINE: May 12, 2022
COVETED HIGH BARRIER TO ENTRY MARKETS
Each property within the Portfolio benefits from a strategic high-barrier-to-entry location with low existing square-foot-per-capita competition ratios and extremely limited threats of new development. Positioned within the heart of Providence, Rhode Island and the Manhattan-adjacent submarkets of Hillsborough, New Jersey and Glen Cove, New York, the Portfolio is sheltered from new supply not only due to a lack of developable sites, but also because of strict zoning guidelines and other municipal hurtles which restrict the development of new competitive storage properties.
IRREPLACEABLE LOCATIONS WITHIN DENSE, AFFLUENT TRADE AREAS
Each of the three properties were thoughtfully developed within highly affluent and densely populated areas, with an average 3-mile trade area averaging more than 109,000 people with an average household income exceeding $113,000. The 5-mile trade area for the properties averages more than 220,000 people with an average household income of over $132,000.
EXISTING CASH FLOW WITH MEANINGFUL UPSIDE
With an average economic occupancy of 51.7%, the Portfolio offers strong day-1 cash flow with very significant opportunity for additional revenue growth over the near term through continued lease-up and rental rate optimization.
HIGHLY LIMITED SURROUNDING COMPETITION
The properties are strategically positioned with an average supply per capita ratio of less than 4.1 within three miles. The trade area of each property is highly supply constrained with significant household density and affluence, leading to excellent customer demand and strong upward rental rate pressure.
NEWLY BUILT BEST-IN-CLASS FACILITIES
Each property within the Portfolio benefits from highly functional, Class A design and amenities. The properties feature premier construction quality, functionality, visibility, security, convenience, and have been institutionally owned and managed with a long-term hold in mind.
PRIME ROADWAY FRONTAGE
Each property within the Portfolio is advantageously positioned with outstanding frontage along the major roadway within the market, with unmatched visibility to thousands upon thousands of vehicles each day. This has created strong brand recognition for each store within the Portfolio and continues to drive additional lease-up velocity.