Investment Overview

The Carlisle Self Storage Development opportunity is a unique opportunity to develop a self-storage facility in the Harrisburg, PA sub market of Carlisle. Carlisle has only had one new facility developed within the last 5 years, and a majority of the existing self-storage inventory is second generation inventory that was developed in the late 1980's to early 1990's. A newly developed self-storage property would be a welcome option for local self-storage renters in the market. Currently, the market is under supplied by approximately 150,000 NRSF of self-storage and significantly under supplied on Climate Controlled Self-Storage options. Within a 5-mile radius of the proposed facility, there is a population of 52,108 people and the market is anticipating a growth rate of 4% over the next 4 years. Median household incomes are slightly above $70,000 annually with a diverse employment base between Carlisle and the Pennsylvania state capital of Harrisburg. The project is anticipated to be delivered by the end of Q1 of 2024 with development costs projected at $50 SF, excluding the land and approvals acquisition price. The project is anticipated to deliver a healthy Internal Rate of Return for a potential developer with a strong yield on cost.