Investment Overview

State College Storage is located in State College, PA, which is the home to Penn State University. The facility is located less than 3-miles from downtown State College, which is in Centre County. The local market supports a population of 90,000 +/- in State College and the local towns surrounding the University. The college has just over 50,000 students between undergraduate and graduate during the fall and spring semesters. The property features 26,188 NRSF of climate controlled storage and 30,350 NRSF of drive up self storage. Additionally, the facility will be fully fenced, gated, keypads, paved drive aisle, Trachte metal buildings, standing seam metal roof, security cameras and an office with a restroom. The average unit size in the climate controlled buiding is 75 NRSF and the drive up buildings have an average unit size of 183 NRSF. The 5-mile market has three existing competitors that include two Prime Storage locations and one Extra Space Storage location that are all at maturity. One new development is scheduled to open in the next 90 days, which is located half a mile from this location. A second new development location is in the planning and permitting phase, but not currently under construction. During the spring and summer months, most facilities in the market are at 100% occupancy with a waiting list due to the student body leaving at the end of the spring semester. Rental rates increase drastically during those three months out of the year, but stabilized and mature rates when tracked over a two year period are at $25.45 a NRSF for climate controlled spaces and $21.18 a NRSF for drive up units. The State College market is driven by employment opportunities associated with the college, and the University employees more than 40,000 people at the Main Campus. In addition to the University, employers such as hospitality, medical, finance, research, government and retail focused organizations offer employment opportunities in State College. The facility is anticipated to receive a certificate of occupancy in October of 2025. Offers are being accepted on a rolling offers basis. Questions may be submitted to Kevin Bledsoe at Kevin.Bledsoe@MarcusMillichap.com or Kevin can be reached at 717-808-1192.