Investment Overview

On behalf of ownership, Marcus & Millichap is pleased to offer for sale, the CubeSmart managed self-storage property, located at 353-367 Park Ave., Newark, New Jersey. The facility offers 100% climate-controlled units totaling 32,568 rentable square feet. Amenities include covered loading bays, electronic security and access control, video surveillance, and on site fully staffed management office. Adjacent to the facility building, is a fully fenced, asphalt paved parcel, measuring 100’ x 75’, which may be further monetized. Trade area (3 mile) population stands at 487,088 with median household income of $71,962. Total storage supply per capita stands at 3.2 ft and 3.0 ft within 3 and 5 miles respectively. While supply remains low, the trade area is undergoing gentrification, with several new and planned multi-family residential projects. As lease-up of this newly converted facility nears stabilization, the facility manager has assumed an aggressive posture to fill remaining vacancy. Lease-up velocity has recently accelerated and rental rates should soon follow suit. The successful buyer will benefit from the continued progress in occupancy, forward looking rental rate growth, evolution of the trade area and continued low supply in the market. Market bids will be accepted.