4 Storage of Deer Park

4 Storage of Deer Park2019-11-11T14:39:37-05:00

Project Description

The Self Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale 4 Storage of Deer Park in Long Island, New York.

Call for Offers – Due Friday, November 22
NRSF – 58,500

541 Acorn Street
Deer Park, NY 11729

4 Storage of Deer Park is comprised of 58,500 rentable square feet on approximately 2.9 acres of land. The facility offers 184 climate-controlled units and 357 non-climate-controlled units for a total of 541 total units. The facility offers a modern structure and a spacious office. The property has recently undergone several capital improvements, including total asphalt paving, HVAC system improvements, a building conversion and solar energy attic fans operated by solar panels. To ensure a secure premise, the facility is equipped with 24-hour video surveillance and electronic gating. The subject has strong physical and economic occupancies of 87.5 percent and 94.1 percent, respectively. 4 Storage is well-maintained and offers a wide variety of options to accommodate this thriving suburb of Long Island, New York.

The facility is impeccably situated in a densely-populated residential corridor of Deer Park, New York; a major suburb of Long Island, New York. The site benefits from the surrounding population of over 103,000 individuals within three miles, in addition to an affluent median household income of $123,274 within this same radius. The subject offers direct frontage along Acorn Street, which sustains a traffic count of over 4,000 vehicles per day. The property is within a mile of County Road 2; a major roadway which sustains a traffic count of over 18,000 vehicles daily. Advantageously, there is a low supply and currently no self-storage projects planned or under construction within a three-mile radius. Long Island offers convenient access to New York City and is a critical division of the New York Metropolitan Area, which is the most populated MSA in the nation and one of the most desirable metro areas in the world.

4 Storage of Deer Park allows an investor the opportunity to acquire a stabilized asset with multiple upsides in the unofficial capital of the world. The property has forward-looking financials with cash-on-cash returns of 10.5 percent and 12.0 percent in years two and three, in addition to projected leveraged IRRs of 19.9 percent and 19.2 percent in years five and seven. Additionally, the purchaser will benefit from raising rents to meet the comparable average. Furthermore, the opportunity represents a significant advantage in obtaining a stabilized facility in one of New York City’s most populated and prosperous districts.

Investment Highlights:

  • Stabilized Asset Located in the New York Metro Area; the Most Populated MSA in the United States
  • Cash-On-Cash Returns of 10.5 Percent and 12.0 Percent in Years Two and Three
  • Leveraged IRR of 19.9 Percent in Year Five
  • Various Capital Improvements Including Total Asphalt Paving, HVAC Improvements and Solar Energy Fans
  • Over 103,000 Individuals Within Three Miles of the Site
  • Affluent Median Household Income Exceeding $123,000
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as 4 Storage of Deer Park.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.