Investment Overview

Marcus & Millichap is pleased to offer The Storage Mall, a self-storage facility at 6810 Kinne St, East Syracuse, NY, for sale. This value-add opportunity encompasses a total of 57,775 net rentable square feet across 546 units, complemented by an onsite office. Notably, the facility is situated adjacent to Syracuse International Airport, enhancing its accessibility and appeal. Currently, the facility is operating at a modest occupancy rate of 54.38%, presenting significant upside potential through increased leasing activity and strategic enhancements. The Storage Mall sits on a generous 7.48 acres, allowing for further development and improvements. Investors can capitalize on value-add opportunities by reconfiguring second-floor units to maximize space efficiency and tenant appeal. Additionally, the property features a paved lot where adding more parking could enhance overall functionality and accessibility, attracting a wider range of customers. For the past 10 years, the owner has also rented the lot to delivery trucks during the holiday season, generating an additional $15,000 in income, further enhancing the facility's revenue potential. Since acquiring the property at a bank sale, the current owner has conducted extensive repairs to ensure the facility is well-maintained. This includes a significant investment of over $100,000 for repairs to the flat roof, which reflects the owner's commitment to preserving the property and positioning it for future growth. This proactive management approach could greatly benefit potential buyers seeking a solid investment in a competitive market. The Syracuse market itself is experiencing noteworthy developments, particularly with the impending opening of the Micron plant. This facility is anticipated to drive significant economic growth and job creation in the region, further increasing demand for self-storage solutions. As new residents and businesses enter the market, the potential for rising occupancy rates at The Storage Mall is promising, making it an attractive investment for savvy buyers looking to leverage the area's economic expansion. Overall, The Storage Mall in East Syracuse represents a compelling opportunity for investors to acquire a value-add asset with strong growth potential in a market poised for transformation.