CubeSmart Self Storage (Managed)

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Deal Highlights

  • Class A Self-Storage Facility in the New York City Metro Area with the Opportunity to Implement Additional Self-Storage Units
  • Approximately 61,750 NRSF of Conversion and Expansion Potential Available Across the Warehouse and Second Office Components of the Site, Significantly Increasing Revenue Upon Lease-Up
  • Capitalizing Upon the Full Expansion and Conversion Capabilities Yields 96,517 NRSF in Total for the Facility
  • Adding Storage Results in a Projected NOI Gain of Over $1.8 Million for the Newly-Converted and Expanded Areas
  • 99 Percent Physically Occupied, Justifying the Need for Self Storage Within the Immediate Area
  • Ability to Raise the Facility’s Economic Occupancy
  • Low Supply of Self Storage at Only 3.27 Net Rentable Square Feet per Person in a Five-Mile Radius
  • No New Planned Facilities in a 4.9-Mile Vicinity
  • Average Median Income at Approximately $131,000 in a Five-Mile Radius
  • Highly-Favorable Traffic Counts Along Palisades Interstate Parkway of Over 55,000 Vehicles Daily

Address

115 Rt 303, Tappan, NY, 10983

Price

TBD by Market

Pro Forma NOI

$1,345,634

Net Rentable Square Feet
74,767 NRSF
Lot Size

8.5

Unit Count
365
Year Built
2018
Status

Active

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