Investment Overview

The property is located in the Dennis, NJ/Cape May Courthouse market, which is a popular vacation location for visitors to NJ shore destinations. Situated between Ocean City, NJ and Wildwood, NJ, the property would benefit from a population that increases to 250,000+ from May through September. The property will also rent to homeowners who have a vacations home that they use seasonally to store their possessions in the off season when renting to short term visitors. Additionally, Wildwood, NJ is well known for the 2.5 mile boardwalk that's filled with seasonal vendors. The seasonal vendors seek storage in the off season for store supplies and inventory until they return for business the next vacation season. The entitled self storage development is located on Route 9 in Dennis/Cape May Courthouse, NJ is permit ready. The development is a proposed single story self storage facility with a 67% climate controlled mix and 23% drive up non climate. The market is estimated at 1.1 SF of Climate Controlled storage in a 5-mile radius, per Radius +, which is why almost 70% of the proposed development has been entitled as climated controlled storage. The developer has received multiple bids in 2024 from General Contractors with bids ranging between $85 per SF to $100 per SF. The developer has decided to sell this entitled project to deploy capital into asset classes where they have a long standing track record of success and experience. This project would have been their first self storage development. A developer looking for their next self storage project would be able buy a development that is fully entitled and shovel ready. The market has a long standing history of high occupancy and limited competition from developers entering this market over the past 10 years. Currently, there are two projects in the 5-mile radius in the approvals phase at 25,000 NRSF and 15,000 NRSF.