Ocean City Self Storage

Ocean City Self Storage2019-06-25T15:30:36-04:00

Project Description

The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale Ocean City Self Storage, located in Cape May County, New Jersey.

$1,925,000
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
  • 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 Ocean City Self Storage, located in Ocean City, NJ.

    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.