Chester Heights Self Storage

Chester Heights Self Storage2019-09-09T13:58:18-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale Chester Heights Self Storage, located in the Philadelphia Metro Area.

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NRSF – 79,705

15 Stoney Bank Road
Glen Mills, PA 19342

Chester Heights Self Storage is comprised of 79,705 square feet on approximately 5.4 acres of land. The facility has been well-maintained and is comprised of 530 climate-controlled units, 182 drive-up units and one manager’s apartment for a total of 713 units. The subject has physical and economic occupancies of 89.3 percent and 80.0 percent, respectively, which are indicative of the high demand for self-storage within the region. The property offers digital video surveillance, gated access, keypad entry, on-site management and fencing to ensure secure self-storage.

Located at 15 Stoney Bank Road, the subject property allows for easy access from the signalized intersection across from Wawa on U.S. Highway 1. The facility is 0.1 miles from U.S. Highway 1, which sustains a traffic count of over 31,000 vehicles per day. Conchester Highway is approximately 2.6 miles from the site, with a traffic count in excess of 24,000 vehicles daily. The facility will benefit from a median household income of over $110,000 within three miles, which is reflected in the $17 per square foot rental rates. The facility is adjacent to Darlington Woods Condominiums and serves as the primary storage option within the immediate vicinity.

Chester Heights Self Storage offers multiple upsides in an affluent region of Glen Mills, Pennsylvania. The property is located in an area with an extremely low overall storage supply of 3.49 square feet per capita. The facility has solid, forward-looking financials with cash-on-cash returns of 11.4 percent and 12.2 percent in years one and two, in addition to leveraged IRRs of 15.7 percent and 16.5 percent in years five and seven. An investor can increase revenue through the installation of a truck rental program and raising the rental rates to meet the comparable average. Furthermore, the site could increase efficiency through the implementation of professional management. The subject represents a prime opportunity to acquire a stabilized asset in a strong market with a high demand for self-storage.

Investment Highlights:

  • Low Area Supply of 3.49 Square Feet Per Capita Paired with High Occupancies, Which is Indicative of the High Demand for Storage
  • Prime Opportunity to Acquire a Stabilized Asset in an Affluent Region of Glenn Mills, Pennsylvania
  • Three-Mile Median Household Income Exceeding$110,000, Far Surpassing the National Average
  • Average Household Income Exceeding $100,000 Within One Mile of the Subject Property
  • Increase Revenue Through Raising Rental Rates to the Comparable Average
  • Implement Professional Management for Increased Efficiency and Systematized Operations
  • 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 Chester Heights Self Storage.

    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.