East Harlem Self Storage Opportunity

East Harlem Self Storage Opportunity2020-07-22T09:59:16-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale East Harlem Self Storage Opportunity.

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NRSF – 31,131

166 E. 124th Street
New York, NY

The East Harlem Self Storage Opportunity is comprised of a Class A storage asset in Manhattan, New York; which is one of New York City’s most prominent boroughs. The facility offers 982 premium climate-controlled units ranging from 25 square feet to 150 square feet with a wide variety of options to meet the significant demand for storage within New York City. The subject property is beginning a lease-up phase after completing state-of-the-art construction in early 2020 and is poised for significant growth in one of the most densely populated metropolitan areas in the world. The facility is currently on a 49-year ground lease, including 50 years of options with a reset after the 49th year. The site utilizes premium video surveillance and keypad entry to ensure secure self-storage, while offering elevator access for consumer convenience. The subjects new, class A construction paired with a location in one of the most coveted districts in New York City comprises a once-in-a-lifetime investment opportunity.

Impeccably situated in a dominating market of New York City, the facility will benefit from prime frontage along East 124th Avenue, witnessing over 8,000 vehicles daily with heavy foot traffic. The facility offers convenient access to Harlem River Drive, which exceeds 85,000 vehicles per day. There is an unrivaled population of over 180,000 individuals within one mile of the facility. An investor will benefit from the site’s location in the most-populated MSA in the United States. A strong renter-occupied population dominates the subject’s immediate surroundings; historically, renters utilize self-storage at a higher rate compared to homeowners. There is a low supply of storage in square feet per capita, demonstrating the strong need for quality storage within the nation’s most coveted market.

East Harlem Self Storage Opportunity represents a tremendous opportunity to acquire a state-of-the-art trophy asset in the most desirable metro area in the United States with a high barrier to entry as demonstrated by the boroughs’ arduous zoning for self-storage, paired with land scarcity. In addition to the facility’s unparalleled location, an investor can drive rental rates to meet the comparable average upon stabilization; the opportunity will thrive with a massive population count in an under-supplied market. The facility’s location in the internationally-renowned borough of Manhattan offers all of the ideal components for a strong self-storage investment in the unofficial capital of the world.

Investment Highlights:

  • Rare Opportunity to Acquire a Brand New, Class A Storage Asset in a High Barrier-to-Entry Market
  • Low Supply in the Highly-Populated Borough of Manhattan
  • Over 180,000 Individuals Within a Mile of the Subject Property
  • Ability to Capitalize on a Lease-Up Phase and Drive Rental Rates to Market Averages Upon Stabilization
  • High Ratio of Renter-Occupied Housing Surrounding the Site
  • Limited Competition and a Growing Demand for Storage in the Nation’s Most Populous Market with a Scarcity of Land
  • Directly Situated in North Manhattan, Boasting Easy Highway and Subway Access and High-Volume Foot Traffic
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