Teaneck Self-Storage

Teaneck Self-Storage2021-10-12T10:23:09-04:00

Project Description

Cushman & Wakefield has been selected to exclusively market the sale of Teaneck Self Storage.

Price: $9,585,000

NRSF – 31,380

Teaneck Self Storage represents a single-story, Class A storage asset in Teaneck, New Jersey currently in its final lease-up period. The facility, located at 123 West Tryon Avenue, offers 31,380 net rentable square feet consisting of 341 units and, as of the day of publication, the asset is 80.1% physically occupied. Teaneck Self Storage opened in December 2019 and is strategically located as the only self-storage facility in Teaneck, Bergen County.

This asset is still owned by the original developer who built the property as a warehouse in 1965 and later converted it to self-storage in 2019. In addition to the internal build out of self storage, ownership also installed a new roof membrane and new HVAC units. This asset will be delivered with 17 years remaining on the roof warranty. There is an opportunity for further expansion on the existing parcel. As of today, there are 50 parking spaces, none of which are being rented to prospective tenants. The majority of these spaces can either be used as vehicle/boat storage or as the foundation for Drop-In Units. Additionally, the rooftop of this building has been sought after by multiple solar companies who would lease the rooftop for a fee. This information can be found in the deal vault for further review. Other than the value-add CapX to expand the current square footage, Purchasers can expect little to no required dollars to be spent on deferred maintenance.

Teaneck is a thriving suburb within NYC’s MSA, located less than 4 miles from the George Washington Bridge and 5 Miles from Upper Manhattan. Formed in 1895, Teaneck is the second most populous township within Bergen County, which currently ranks as one of the wealthiest counties per capita in the Nation. As of the most recent Census Data, the median household income in Teaneck, NJ is $108,707. Within a 3-mile radius trade area of Teaneck Self Storage, there are approximately 195,000 individuals and 70,000 households.

Teaneck Self Storage allows prospective purchasers with the opportunity to invest in a new, Class A facility within its final phase of lease-up. With a location in a consistently high-growth market with substantial barriers of entry, a prospective purchaser can feel confident that their cash flow is protected for years to come. This opportunity is sweetened further by an opportunity for expansion, which provides a purchaser with an opportunity to truly capitalize on above-average returns in the short and long term.

  • 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 Teaneck Self Storage.

    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.