Stop & Store Portfolio

Stop & Store Portfolio2019-08-13T11:09:17-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale the Stop & Store Portfolio.

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NRSF – 94,975

Multiple Locations (3)
Dillsburg, PA; Dover, PA; York, PA

The Stop & Store Portfolio offers three well-maintained storage assets comprising 94,975 rentable square feet and 761 total units. The three facilities have a combined physical occupancy of 80.2 percent and economic occupancy of just 64 percent. The sites offer electronic gate access to ensure secure self-storage. There are portfolio-wide cash-on-cash returns of 11.0 percent and 14.8 percent in years one and two, in addition to leveraged IRRs of 21.3 percent and 20.8 percent in years five and seven. The subject properties have established a significant market footprint in three affluent regions of York County. The county comprises the York-Hanover, Pennsylvania Metropolitan Statistical Area, which consists of over 440,000 individuals.

The York & Dover facilities reside on approximately 7.43 total acres, offering a total of 50,705 rentable square feet. The York facility consists of 158 non-climate-controlled units ranging from 25 square feet to 450 square feet on approximately 0.98 acres of land. The Dover site offers 228 non-climate-controlled units ranging from 50 square feet to 300 square feet and 26 rental parking spaces for a total of 254 units on approximately 6.45 acres of land. The two sites offer a total of 412 units. The Properties have a combined physical and economic occupancy of 87.3 percent and 70.8 percent, respectively. Both facilities could further increase revenue by raising rental rates to meet the market average. The York and Dover properties offer a tenant insurance program for additional revenue. Average household income within three miles of the York facility exceeds $66,000, while the Dover property benefits from an average household income of over $80,000 within three miles.

The Dillsburg property consists of 348 storage units and one apartment across 44,270 rentable square feet on 2.90 acres of land. The facility has physical and economic occupancies 72.0 and 56.2 percent, respectively. Management currently collects additional income from tenant insurance and an on-site, two-bedroom apartment. An investor may benefit by raising the rental rates to meet the comparable average, as the Dillsburg facility currently offers rates below market. A robust average household income exceeding $100,000 within three miles of the property, supports further rent growth.

Investment Highlights:

  • Acquisition Secures Three Well-Maintained Storage Assets with a Significant Market Footprint in York County, Pennsylvania
  • Portfolio-Wide Cash-on-Cash Returns of 11.0 Percent and 14.8 Percent in Years One and Two
  • Projected Leveraged IRRs of 21.3 Percent and 20.8 Percent in Years Five and Seven
  • Proforma Cap Rate of 7.93 Percent
  • Average Household Income of Over $66,000 and $80,000 Within Three Miles of the York and Dover Sites
  • Dillsburg Facility Benefits from an Average Household Income Exceeding $100,000 Within Three Miles
  • Situated in the York-Hanover Metropolitan Statistical Area with Over 440,000 Individuals
  • 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 the Stop & Store Portfolio, located in Pennsylvania.

    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.