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Self-Storage Facility

The Storage Mall Tom's River

25 James St, Toms River, NJ 08753

Listing Price: $8,950,000

Cap Rate
5.07%
Number of Units
534
Occupancy
79.7%
Rentable SF
48,495
Price/Rentable SF
$184.56
Year Built
1964

Investment Overview

The Storage Mall Toms River is an opportunity to purchase two value add facilities in the Toms River, New Jersey market. The central New Jersey, coastal town, serves as a bedroom community to people working in New York City. Toms River is a positive growth market and also ranked as one of the safest cities in the United States The Storage Mall locations are positioned approximately two-miles from each other creating an ease of operations from one central office at the James St. location. Currently, the property is managed by one employee, and the property owner has implemented online rental programs, online payments, call center support and access control that integrates with the properties website and management software. The highly automated site has reduced the need for more then one 40 hour a week employee. Future investors in The Storage Mall properties would benefit from an aggressive revenue management program, value pricing strategies and capital improvement projects. The property is currently achieving in place tenant rates that are 35% below market rental rate averages, per Radius Plus. The 3-Mile rental market currently has just over 3 SF of Self Storage per person for a population of just over 66,000. The James St. location previously had a rental house on the parcel, but the house was demolished in 2021 to prepare for a potential expansion. The expansion hasn't been approved with the township, but it was part of the ownerships long term investment plan prior to considering a sale of both locations. Due to low self storage market supply, and high property occupancy, the expansion could be explored further by a new investor.

Investment Highlights

  • Two locations located two miles from each other
  • 3 SF Per Capita in the 3-Mile market
  • 94% Unit Occupancy
  • 73% Economic Occupancy
  • Market rental rates are 35% below competitor rates on average
  • Potential expansion at the James Street location

Broker of Record

  • John Horowitz

    First Vice President/ Division Manager

    (201) 742-6100

    License(s) NJ: 2192359

    New Jersey

Financing By

Self-Storage Facility

The Storage Mall Tom's River

Listing Price: $8,950,000

Cap Rate
5.07%
Number of Units
534
Occupancy
79.7%
Rentable SF
48,495
Price/Rentable SF
$184.56
Year Built
1964

Investment Highlights

  • Two locations located two miles from each other
  • 3 SF Per Capita in the 3-Mile market
  • 94% Unit Occupancy
  • 73% Economic Occupancy
  • Market rental rates are 35% below competitor rates on average
  • Potential expansion at the James Street location

Investment Overview

The Storage Mall Toms River is an opportunity to purchase two value add facilities in the Toms River, New Jersey market. The central New Jersey, coastal town, serves as a bedroom community to people working in New York City. Toms River is a positive growth market and also ranked as one of the safest cities in the United States The Storage Mall locations are positioned approximately two-miles from each other creating an ease of operations from one central office at the James St. location. Currently, the property is managed by one employee, and the property owner has implemented online rental programs, online payments, call center support and access control that integrates with the properties website and management software. The highly automated site has reduced the need for more then one 40 hour a week employee. Future investors in The Storage Mall properties would benefit from an aggressive revenue management program, value pricing strategies and capital improvement projects. The property is currently achieving in place tenant rates that are 35% below market rental rate averages, per Radius Plus. The 3-Mile rental market currently has just over 3 SF of Self Storage per person for a population of just over 66,000. The James St. location previously had a rental house on the parcel, but the house was demolished in 2021 to prepare for a potential expansion. The expansion hasn't been approved with the township, but it was part of the ownerships long term investment plan prior to considering a sale of both locations. Due to low self storage market supply, and high property occupancy, the expansion could be explored further by a new investor.

Broker of Record

  • John Horowitz

    First Vice President/ Division Manager

    (201) 742-6100

    License(s): NJ: 2192359

    New Jersey

Financing By

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