On behalf of ownership, Cushman & Wakefield is pleased to offer for sale, All City Self-Storage, Philadelphia. Located at 5500 Sansom St., Philadelphia, PA., the property consists of a main three-story above grade temperature controlled building with and one below grade cellar which was converted to self-storage use in 2005. The 1.1 acre parcel also accommodates a paved parking area that may be partially monetized by a new owner. Within the storage building, there are 742 units comprising 53,783 rentable square feet. Amenities include a fully contactless office environment, full perimeter fencing, and electronic video surveillance. With limited supply and competition within the trade area and high de facto barriers to entry*, the buyer will benefit from residential density and continued gentrification of the surrounding neighborhoods. Current population within one mile and three miles of the facility stands at 76,764 and 386,268 respectively, with supply at 1.8 and 1.9 square feet per person. There are no new facilities planned within the trade area. Adding to the rental income, are four cellular station leases for rooftop antennae. All four are long-term leases, providing a stable income for ownership. Recent capital investments by the lessees for 5G service upgrades demonstrate their commitment to the site. Significant value-add opportunity exists in revenue management and ancillary revenue streams. Operating without professional management, rental rates are well below market, physical occupancy stands at 89% and Economic Occupancy is a paltry 68%. There is currently no Tenant Insurance Income or late fee structure. There is even further opportunity for additional revenue growth should a purchaser decide to complete the remaining interior build-out and/or monetize the 2 separate gated lots on-site with rented parking revenue or drive-up, drop-in units. The successful buyer will acquire a facility performing well, with high occupancy and high opportunity to dramatically increase cash flow, in an undersupplied market. Superior cash on cash returns will be realized with average performance enhancements, providing further upside with greater efficiency. Reserve is $13,250,000. Offer deadline will be announced.
• Below Market Rental Rates
• Opportunity for Expansion
• Over 75,000 Residents within One Mile and 380,000 Residents within Three Miles
• Total Supply of 1.9 NRSF/Person within 3 Miles | No New Supply Planed, Approved, or Under Construction within the Trade Area | De Facto Barriers to Entry
• Stable Cell Tower Income
• Ideally Located within Philadelphia, PA which is the Nation’s Sixth Largest Metropolitan Area and Seventh Largest City