Investment Overview

On behalf of ownership, Marcus & Millichap is pleased to offer for sale, Satellite Self Storage of Middletown. The facility, ideally located at 915 NJ Route 35, Middletown, NJ, is comprised of 970 units over 110,700 rentable square feet, with both climate controlled, non-climate controlled and drive up units. The property, which is independently self managed, currently operates at 90% physical occupancy. Immediate revenue growth may be realized through implementation of tenant insurance sales and professional revenue management. The Middletown 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 three miles 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. To address 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 trade area and region.