On behalf of ownership, Cushman & Wakefield is pleased to offer for sale, the soon to open REIT managed self-storage facility in District Heights, Maryland. It is anticipated that the sale will close upon or after receipt of the Certificate of Occupancy from Prince Georges County. Currently, C of O is projected in February 2021. Located at 7618 Marlboro Pike, the 3.21 acre, new ground-up development is comprised of 81,529 rentable square feet among 900 units, all climate controlled. Units range from 25 to 300 square feet on three levels and are served by two freight rated elevators, while a state of the art management office is located on the ground level. The facility will include full video surveillance, electronic keypad ingress and egress, individually alarmed units, and free ice cream! One of the fastest-growing sub-markets within the fastest growing county in the Washington, DC MSA, convenient to Joint Base Andrews, National Harbor, and Washington, DC, District Heights is located just inside the Capital Beltway, Interstate 495. The facility benefits from premium visibility on Marlboro Pike and Forestville Rd., both high traffic corridors with combined vehicle counts of 53,901. The trade area demographic profile is excellent with above-average density and accelerating growth. Median household income within a three-mile ring is $72,712 among a population of 77,927 with a population growth rate of 1% annually; up from .6% between 2010 and 2020. The five-mile population is 254,676. The property is currently under tax reassessment, with a 10-year abatement in place, as of certificate of occupancy. The abatement schedule is flat for years one through five at 80% abatement, decreasing 1,000 basis points (10%) each year in years five through ten. The successful purchaser will benefit from reduced taxes, reliable lease-up at high rental rates, above-average market growth, and continued long term appreciation in major market class A assets.
- Brand new, Class A construction with state of the art finishes and security
- Will be delivered on or after Certificate of Occupancy allowing a Buyer the opportunity to capitalize on superior returns upon stabilization
- Located within the Capital Beltway with convenient access to Pennsylvania Avenue which has traffic counts exceeding 64,000 vehicles daily
- Surrounded by excellent demographics in an extremely high growth county surrounding Washington, D.C.
- Over 70,000 residents within a Three-Mile Radius and 250,000 within Five Miles