Ocean City Self Storage

Ocean City Self Storage2019-08-16T09:28:03-04:00

Project Description

Ocean City Self Storage is Under Contract.

UNDER CONTRACT
NRSF – 11,431

641 Asbury Avenue
Ocean City, NJ 08266

The three-story facility offers 11,431 rentable square feet among 192 fully climate-controlled units and one retail space, ranging from 16 square feet to 360 square feet; the property was renovated in 2004 and has been well-maintained by management. To ensure a secure premise, the facility is equipped with 24-hour video surveillance and optimal lighting. The subject has physical and economic occupancies of 81.2 percent and 77.4 percent, respectively. Ocean City Self Storage offers excellent frontage along Asbury Avenue, which offers convenient access to all of Ocean City’s well-renowned amenities.

The facility is located at the center of an active residential and retail corridor of Ocean City, New Jersey. The property is within half a mile of Peck Beach Village Apartments, Ocean City Primary School, Ocean City High School, Starbucks, TD Bank, ACME Supermarket, Domino’s McDonald’s, Dunkin’ Donuts, H&R Block, Sherman Williams, Wells Fargo, Rite Aid and Wawa. The property offers convenient access to Atlantic Avenue residential zone and the well-renowned Ocean City Boardwalk. Ocean City is a key component of Cape May County, the southernmost county in New Jersey and a consistently popular summer destination with 30 miles of beaches along the Atlantic Coast.

Ocean City Self Storage represents the best of the market, allowing an investor the unique opportunity to acquire this storage asset with multiple upsides. The property has forward-looking financials with projected leveraged IRRs of 17.9 percent and 17.3 percent in years five and seven. An investor can increase profits by implementing a robust tenant insurance program. Additionally, the facility currently lacks a website; acquisition advantageously allows for a new owner to capitalize on offering an online payment system and search engine optimization for prime visibility. Furthermore, the opportunity represents a rare advantage in obtaining a facility with strong market dominance; there is only one comparable property within the surrounding market.

Investment Highlights:

  • Acquisition Secures a High-Quality Asset in an Active Residential and Retail Corridor of Ocean City, New Jersey; a Key Component of Cape May County and a Well-Renowned Vacation Destination Along the Atlantic Coast
  • Opportunity to Further Increase Income Through the Implementation of a Robust Tenant Insurance Program
  • Represents the Best-of-the-Market with Superior Construction and Amenities
  • Forward-Looking Financials with Projected Leveraged IRRs of 17.9 Percent and 17.3 Percent in Years Five and Seven
  • Convenient Ingress and Egress to and from Asbury Street, Which Provides Access to Several Resources, National Retailers and Points of Interest, Including the Well-Renowned Ocean City Boardwalk
  • Prime Opportunity to Implement a Professional Website to Enhance the Facility’s Overall Market Presence; the Subject Lacks the Subsequent Advantages of a Digital Platform, Including an Online Payment System and Search Engine Optimization