AAAA-1 Self-Storage Opportunity

AAAA-1 Self-Storage Opportunity2021-10-20T14:19:41-04:00

Project Description

Cushman & Wakefield has been selected to exclusively market the sale of AAAA-1 Self Storage in Norwich, CT.

UNDER AGREEMENT

Price: $5,640,000

Total Size – 35,160 NRSF

Cushman & Wakefield has been selected to exclusively market the sale of AAAA-1 Self Storage in Norwich, CT.

This offering presents prospective purchasers with the opportunity to acquire a fully stabilized asset with multiple upside opportunities. AAAA-1 Self Storage, as with all the other assets in the trade area, boasts excellent historical physical occupancy. As of the date of publication, the asset is 100% physically occupied.

AAAA-1 Self Storage is located at 21 Terminal Way, with convenient access to Norwich, CT. The population within the five-mile trade area is 54,000+ with an average household income of $78,393. Within the trade area, there is currently only 3.13 NRSF/capita with one small project planned. The facility is comprised of one, four-story building totaling 35,160 net rentable square feet of storage. The units offer a convenient mix of climate-controlled, heated, and non-climate options.

The successful purchaser will acquire a high-quality, stabilized asset in a market with remarkably low levels of competition. Rate adjustments, tenant insurance penetration, and ancillary revenue streams will provide superior returns in the immediate and longer-term. The confluence of minimal competition, with near 100% occupancy amongst the competitive set leads a prospect owner to have near unlimited pricing power for years to come.

INVESTMENT HIGHLIGHTS

  • High Occupancy Stabilized Asset
  • Below market rents
  • Remarkably low levels of competition
  • Opportunity to implement professional management