Boot Road Self Storage

Boot Road Self Storage2020-06-18T15:30:12-04:00

Project Description

The Self Storage Advisory Group of Cushman and Wakefield has been exclusively selected to offer for sale Boot Road Self Storage.

$7,950,000
NRSF – 61,919

200 King Rd
West Chester, PA 19380

Boot Road Self Storage is comprised of 61,919 rentable square feet on approximately 7.1 acres of land. The facility currently offers 287 climate-controlled units, 330 non-climate-controlled units and one spacious office for a total of 618 units. The facility underwent expansion in 2017, adding 20,000 net rentable square feet. To ensure a secure premise, the facility is equipped with video surveillance, keypad entry and gated access. The facility is well maintained and has a current physical occupancy of 74 percent with ample room for growth; the site is ideally situated in West Chester, Pennsylvania; one of the most desirable suburbs in the Philadelphia Metropolitan Area.

The subject property is ideally situated within an affluent corridor of West Chester and benefits from a excellent average household income exceeding $134,000 within three miles of the site. The facility offers premium ingress and egress from Boot Road, which sees traffic counts of over 13,000 vehicles daily. Additionally, the site offers visibility from Route 100, which supports over 37,000 vehicles per day. Within two miles of the facility are two, Class A multifamily developments under construction, which will total 752 units upon completion. West Chester is a rapidly expanding suburb of the Philadelphia MSA; the region has achieved an astounding growth rate of 4.1 percent annually since 2010. It is located just 35 miles from downtown Philadelphia, offering a quaint suburban environment for residents within this densely-populated metro area.

Boot Road Self Storage allows an investor the ability to acquire a Class A self-storage asset with multiple upsides, including forward-looking financials. The subject boasts excellent projected leveraged IRRs of 23.3 percent and 21.9 percent in years five and seven, in addition to cash-on-cash returns of 12.8 percent and 16.4 percent in years two and three. The facility can benefit from managerial improvements, along with a robust tenant insurance program and merchandise sales. Additionally, an investor can benefit by raising rental rates to meet the comparable average in this prosperous district of the Philadelphia MSA.

Investment Highlights:

  • Premium Storage Asset with Multiple Upsides in One of the Most Desirable Suburbs in the Philadelphia MSA
  • Affluent Region with a Household Income Exceeding $134,000
  • 752 Class A Multifamily Units Under Construction Within Two Miles of the Property
  • Convenient Access and Visibility from Route 100, a Major Thoroughfare with Over 37,000 Vehicles Daily
  • Cash-On-Cash Returns of 12.8 Percent and 16.4 Percent in Years Two and Three
  • Leveraged IRRs of 23.3 Percent and 21.9 Percent in Years Five and Seven
  • Implement Managerial Improvements and Raise Rental Rates to the Market Average for Additional Revenue
  • Well-Located in a Top 10 MSA; Chester County has Achieved a Robust Growth Rate of 4.1 Percent Since 2010