The proposed self-storage development offers an investor the opportunity to renovate and convert an existing building into a newly-constructed storage facility. The proposed development is permit ready and consists of approximately 69,019 projected rentable square feet. In addition to the current 58,000-square foot building, the development plan includes a new 49,900- square foot building to be constructed adjacent to and connected to the current structure. Based on the demands of the market, the facility’s unit mix is comprised of fully climate-controlled units. An investor can benefit from high market rates. Currently, the area’s competitors offer 10×10 climate-controlled storage at an average of $200. After a 36-month lease-up period, the subject is projected to yield a 90 percent stabilized physical occupancy.
Located on an estimated 0.5 acres at 365 Park Avenue, the site is situated in the heart of multiple residential and multifamily communities. The property has excellent frontage along Park Avenue, which witnesses a traffic count exceeding 11,000 vehicles per day. The location also boasts fantastic access from both Garden State Parkway and Interstate 280, which respectively see traffic counts of over 167,000 and 160,000 vehicles daily. The property is adjacent to Parkside Preschool and is within a mile of UPS, Planet Fitness, KFC, Dunkin’ Donuts, MetroPCS, PNC, Walgreens and several others. The subject is encompassed by several dense residential areas, including the Upper Roseville, Lower Roseville and Ampere residential areas. The overall population within a three-mile radius consists of 450,717 individuals among 160,789 households. Furthermore, the subject will benefit from a 58.6 percent renter-occupied housing population; this ratio showcases the necessity for storage among this high population of renters.
Acquisition guarantees prominent visibility within a heavily-populated area of Newark. The city is situated approximately ten miles from New York City. Both major thoroughfares are less than a mile away and lead directly into the communities to be served by the site. With a high square footage, ideal adjacent surroundings and a residentially-dense area boasting many nationally-recognized tenants, the Park Avenue Self Storage Development will provide a beneficial self-storage location in this dense area of New Jersey’s most populous city.
- Acquisition Guarantees Prominent Visibility in a Residentially-Dense Area of Newark; the Most Populous City in New Jersey
- Large-Scale Facility Projected to Stabilize After a 36-Month Lease-Up Period at 90 Percent Physical Occupancy
- Property Benefits from its Location Along Park Avenue and Exposure to Both Garden State Parkway and Interstate 280, Which Witness Traffic Counts of Over 167,000 and 160,000 Vehicles Daily
- Three-Mile Population of 450,717 Individuals Among 160,789 Households, Indicating the Strength of the Residential Corridor
- 58.6 Percent Renter-Occupied Housing Population, Which is Indicative of the Need for Self-Storage Within the Surrounding Region
- An Investor can Benefit from the Market’s High Rental Rates for 10×10 Climate-Controlled Storage; Competitors Currently Offer 10×10 Climate-Controlled Storage at an Average of $200
- Numerous Points of Interest, Including a Variety of Nationally-Recognized Tenants and Local Schools that Ensure the Site’s Visibility on its Route and a Multitude of Large Suburbs