Matt Davis

 80 Unit Value Add Multifamily Opportunity in Green, Ohio

The Opportunity ​​​​​​​

The Self Storage Group of Colliers International is pleased to exclusively offer to qualified investors the opportunity to purchase the CubeSmart (managed) self storage property located at 225 Lordship Boulevard in Stratford, Connecticut. This newly constructed, 100% climate control facility is strategically located along the I-95 interstate highway corridor with interchange access from both directions less than .25 miles away. Over 120,000 vehicles per day pass by the Lordship Boulevard exit on I-95, while 22,000± vehicles per day pass directly in front of the property along Lordship Boulevard. 

This CubeSmart facility was part of an overall redevelopment plan for the site where the former Stratford Hotel & Conference Center last operated in 2016. The developers (Empire Residential, LLC) purchased this site in late 2016 and have since converted the former 6-story hotel building into a 70-unit apartment facility (Empire 225). This luxury apartment facility, which opened in late 2019, is currently 100% leased. The redevelopment plan also included the 4-story CubeSmart self storage facility we are marketing herein as well as one or two commercial pads in front of the apartment complex. The construction of the CubeSmart facility is scheduled to be completed in early 2021 with certificate of occupancy expected in early to mid-February.

This newly built structure is a 4-story, 100% climate control facility with 914 units ranging in size from 5’x5’ to 10’x30’. In addition, outside of the building and along the south property line there are 11 parking spaces available for rent.

Not only will this new CubeSmart benefit from its excellent location just off of I-95, it will also benefit from the limited amount of self storage competition within a 3-miles radius. We calculate the 3-mile saturation to be 3.73 square feet per capita for exiting self storage space. This number increases slightly to 4.47 square feet per capita when accounting for proposed subject facility as well as others in the development pipeline. More importantly, Radius indicates there is a limited supply of existing climate control space within 3 miles of the subject (only .5 square feet per capita). 

This asset is being offered for $17,950,000, which indicates a 6.58% cap rate based upon a stabilized NOI projection of $1,181,161. Ultimately, the purchaser of this CubeSmart will be acquiring a brand new, institutional quality asset that will compete very well in its market, especially considering the limited supply of competing self storage space.

The Self Storage Group of Colliers International is pleased to exclusively offer to qualified investors the opportunity to purchase Stowaway Storage located at 157 Stowaway Lane in Madison Heights, Virginia. This mostly non-climate drive up and climate control facility is strategically located along the S Amherst Highway (Business Route 29), approximately 30 minutes from Interstate 81 and within an hour drive of Roanoke and Richmond. Over 68,000 vehicles per day pass by Stowaway Storage’s front entrance on S Amherst Highway, a dense and growing retail corridor connected with the thriving Lynchburg market only 3 miles south.

The Self Storage Group of Colliers International is pleased to offer this unique investment opportunity in a densely populated business suburb of Phoenix Arizona, with federally designated opportunity zone tax advantages.

Qualified investors will have the opportunity to purchase Lots 4 Rent of Gilbert at 625 W. Guadalupe Road in Gilbert, Arizona.

Visit our for more details and to sign the confidentiality agreement

The asset is being offered at a $6.95 million purchase price. Projected 2021 Net Operating Income is $403,541, up slightly from the $396,408 estimated 2020 Net Operating Income. Expenses have been adjusted to include a 5 percent management fee to the new investor.

This commercial storage rental facility is well-positioned on a heavily trafficked east-west road, where over 22,400 vehicles per day pass, allowing for good visibility/exposure.

The project consists of a ±9.94 acre parcel, with over 68 compartmentalized storage yards for rent to business tenants. The yards are used for storing vehicle fleets, mobile units, dumpsters, trucks, trailers, equipment, materials, RVs and boats. Lot sizes range from 1,400 square feet to 13,716 square feet.

Operating since 2000, the property experiences year-over-year 90 percent-plus occupancy with historically strong cash flow.

Lots 4 Rent of Gilbert is the largest, highest quality storage yard of this type within 17 miles. It is located in one of the most heavily populated business areas of greater Phoenix. Within three miles there are 5,395 businesses with over 58,600 employees. Of those, 2,057 businesses are retail, wholesale trade, construction, food services and manufacturing.

Tenants are offered water at each storage lot and access to electricity and phone/internet, where the tenant pays for usage. A rock base is on all lots for drainage purposes, with the exception of concrete/asphalt slabs used for parking, working or storage. Rents range from $1.39 per square foot to $4.29 per square foot, annually.

With the continued YoY 90 percent-plus occupancy and ever increasing business demand for yard storage, the investor will be able to aggressively increase rental rates and cash flow. Knowing there are very limited competing facilities in which tenants can relocate their businesses, tenant retention at Lots 4 Rent of Gilbert has been impressive. Forty-five percent (45%) of the tenant base has been retained or on lease for five years or longer and 55 percent for three years or longer.

Additionally the successful investor will find the operation to be relatively hands-off, as the on-site management includes one full-time manager.

The three competing storage yards within three miles are 100 percent occupied, with no available lots to rent. So the upside to this investment is the ability for new ownership to aggressively increase rents, which is conservatively estimated at 5 percent annually.