|Number of units||1665|
- 901 Middle Country Rd., Middle Island, NY
- 450 Belleville Turnpike, North Arlington, NJ
OFFERING PRICE- Unpriced
RENTABLE SQUARE FEET - 144,975
NUMBER OF UNITS - 1,665
OCCUPANCY - Physical - 65.2% Economic - 48.5%
COVETED HIGH BARRIER TO ENTRY MARKETS
The properties’ strategic locations within the Middle Island and North Arlington submarkets of Long Island and New Jersey provide an extremely high-barrier-to-entry environment. As a result, the threat of new supply is extremely limited, not only due to a lack of developable sites, but also because of the area’s highly strict zoning guidelines due to the residential nature of the areas, which restrict the development of new competitive storage properties.
EXISTING CASH FLOW WITH UPSIDE
With an average economic occupancy of 49%, the Portfolio offers healthy in-place cash flow with meaningful opportunity for additional revenue growth over the near term. Both properties are surrounded by excellent population density and very high incomes, so there is opportunity for near term revenue growth through continued lease-up and rental rate optimization.
Both properties within the Portfolio benefit from highly functional, Class A design and amenities. The properties feature premier construction quality, functionality, visibility, security, convenience, and have been institutionally owned and maintained with a long-term hold in mind.
IRREPLACEABLE LOCATIONS WITH EXCELLENT DEMOGRAPHICS
Positioned in two very underserved and densely populated and affluent residential areas, the properties draw from a 3-mile trade area averaging over 120,000 people with very strong household incomes averaging more than $96,000. The 5-mile trade area for the properties averages more than 412,000 with an average household income of over $102,000.
HIGHLY LIMITED SURROUNDING COMPETITION
The properties are strategically positioned with an average supply per capita ratio of less than 3.9 within three miles. The trade area of each property is highly supply constrained with significant household density and affluence, leading to excellent customer demand and strong upward rental rate pressure.