Self-Storage Facility
Satellite Self Storage - Shrewsbury
841 Shrewsbury Ave, Shrewsbury, NJ 07702
Listing Price: $25,200,000
Investment Overview
On behalf of ownership, Marcus & Millichap is pleased to offer for sale, Satellite Self Storage of Shrewsbury, New Jersey. The facility, at 841 Shrewsbury Avenue, is comprised of 751 units over 77,385 rentable square feet, with both climate controlled and non-climate-controlled options for customers.
The property, which is independently self-managed, is currently operating at 83% physical occupancy, presenting an opportunity to grow revenue meaningfully through gains in occupancy, revenue management (ECRI) and the introduction of a tenant insurance sales program. There is currently no insurance revenue being generated by management.
The Shrewsbury Self Storage trade area is characterized by high income, wealthy households, growing market density through aggressive residential development and high barriers to entry for self-storage. Monmouth County is, indeed, one of the fastest growing markets in New Jersey.
The trade area, including Monmouth County at large, has experienced explosive population growth, as New York residents have migrated to the northern New Jersey beach side communities in large numbers since the onset of the Covid pandemic.
Further driving growth is the pending development of a 289-acre Netflix studio and production complex within one mile of the storage site. Included in the approved development are 12 sound stages, office buildings, food service venues, retail shops, a theatre, hotel and other visitor attractions. The expected employment impact of the studio is 1,500 to 2,000 permanent jobs with total local economic impact over a 20-year period of up to $4.6 billion.
As a result of the fast-paced growth in Monmouth County, two miles from the facility, The Kushner Companies, in partnership with Brookfield Properties, is redeveloping the aging Monmouth Mall into a mixed-use commercial area known as Monmouth Square. The project will include retail, with Whole Foods as an anchor, open green spaces and up to 1,000 luxury apartments. Housing of all types remains in high demand with a shortage of supply driving further residential development in the region.
Currently, three-mile population stands at 60,000+ while five-mile population is 145,000. Median household income is $147,776. Supply per capita within three and five miles stands at 7.6 and 5.9 square feet respectively. There are no new storage development projects pending within the trade area.
New ownership will benefit from the opportunity to significantly increase revenue through multiple levers. As declining borrowing costs and normalized yield curve unlock the pent-up housing transaction market, a natural surge in self-storage utilization will provide additional gains.
Investment Highlights
- Ideally Located Asset in Wealthy Submarket
- Impeccably Maintained Facility
- High Barriers to Entry Market
- Independently Self-Managed
- No Insurance Revenue
- Occupancy and Revenue Upside
Broker of Record
-
John Horowitz
Senior Vice President/Division Manager
Listing Price: $25,200,000
Investment Highlights
- Ideally Located Asset in Wealthy Submarket
- Impeccably Maintained Facility
- High Barriers to Entry Market
- Independently Self-Managed
- No Insurance Revenue
- Occupancy and Revenue Upside
Investment Overview
On behalf of ownership, Marcus & Millichap is pleased to offer for sale, Satellite Self Storage of Shrewsbury, New Jersey. The facility, at 841 Shrewsbury Avenue, is comprised of 751 units over 77,385 rentable square feet, with both climate controlled and non-climate-controlled options for customers. The property, which is independently self-managed, is currently operating at 83% physical occupancy, presenting an opportunity to grow revenue meaningfully through gains in occupancy, revenue management (ECRI) and the introduction of a tenant insurance sales program. There is currently no insurance revenue being generated by management. The Shrewsbury Self Storage trade area is characterized by high income, wealthy households, growing market density through aggressive residential development and high barriers to entry for self-storage. Monmouth County is, indeed, one of the fastest growing markets in New Jersey. The trade area, including Monmouth County at large, has experienced explosive population growth, as New York residents have migrated to the northern New Jersey beach side communities in large numbers since the onset of the Covid pandemic. Further driving growth is the pending development of a 289-acre Netflix studio and production complex within one mile of the storage site. Included in the approved development are 12 sound stages, office buildings, food service venues, retail shops, a theatre, hotel and other visitor attractions. The expected employment impact of the studio is 1,500 to 2,000 permanent jobs with total local economic impact over a 20-year period of up to $4.6 billion. As a result of the fast-paced growth in Monmouth County, two miles from the facility, The Kushner Companies, in partnership with Brookfield Properties, is redeveloping the aging Monmouth Mall into a mixed-use commercial area known as Monmouth Square. The project will include retail, with Whole Foods as an anchor, open green spaces and up to 1,000 luxury apartments. Housing of all types remains in high demand with a shortage of supply driving further residential development in the region. Currently, three-mile population stands at 60,000+ while five-mile population is 145,000. Median household income is $147,776. Supply per capita within three and five miles stands at 7.6 and 5.9 square feet respectively. There are no new storage development projects pending within the trade area. New ownership will benefit from the opportunity to significantly increase revenue through multiple levers. As declining borrowing costs and normalized yield curve unlock the pent-up housing transaction market, a natural surge in self-storage utilization will provide additional gains.
Broker of Record
-
John Horowitz
Senior Vice President/Division Manager