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Self-Storage Facility

Cubesmart Self Storage

950 Phenix Ave, Cranston, RI 02921

Listing Price: $14,200,000

Cap Rate
3.07%
Number of Units
611
Occupancy
53.2%
Gross SF
61,400
Rentable SF
61,400
Price/Rentable SF
$231.27
Year Built
2018

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the CubeSmart managed self storage facility located in Cranston, Rhode Island. Cranston is an affluent suburb of Providence with strong demographics. This property features 555 climate-controlled units and 61 non-climate units totaling 61,400 net rentable square feet. This facility opened in August 2018 and has already achieved 61.04 percent physical occupancy. This is a tremendous opportunity for an investor to capitalize on a fast lease up in an undersupplied and high barrier to entry self storage market. There are currently only 3.47 net rentable square feet of self storage per capita within three miles.

CubeSmart Self Storage sits on 1.78 acres of land and is located about 43 miles south-west of Boston. The location is tremendous as the site sits at the intersections of Route 295 and Route 37. Additional, neighboring lots can be purchased as well for a potential expansion. The facility is also equipped with rooftop solar panels which dramatically reduce the sites energy bills and provide a sustainable source of energy for years to come. Cranston has been listed in the past as one of the 100 Best Places to Live by Money magazine, and has also been recognized amongst the top safest cities in the country, according to CQ Press.

CubeSmart Self Storage is being offered for $13,800,000.

Investment Highlights

  • Providence MSA, Class A Self Storage Offering
  • 61,400 Net Rentable Square Feet
  • Undersupplied Market: 3.47 NRSF Per Person Within a Three Mile Radius
  • Room for Expansion

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President / District Manager

    License(s): RI: REC.0018863

    Rhode Island

Self-Storage Facility

Cubesmart Self Storage

Listing Price: $14,200,000

Cap Rate
3.07%
Number of Units
611
Occupancy
53.2%
Gross SF
61,400
Rentable SF
61,400
Price/Rentable SF
$231.27
Year Built
2018

Investment Highlights

  • Providence MSA, Class A Self Storage Offering
  • 61,400 Net Rentable Square Feet
  • Undersupplied Market: 3.47 NRSF Per Person Within a Three Mile Radius
  • Room for Expansion

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the CubeSmart managed self storage facility located in Cranston, Rhode Island. Cranston is an affluent suburb of Providence with strong demographics. This property features 555 climate-controlled units and 61 non-climate units totaling 61,400 net rentable square feet. This facility opened in August 2018 and has already achieved 61.04 percent physical occupancy. This is a tremendous opportunity for an investor to capitalize on a fast lease up in an undersupplied and high barrier to entry self storage market. There are currently only 3.47 net rentable square feet of self storage per capita within three miles.

CubeSmart Self Storage sits on 1.78 acres of land and is located about 43 miles south-west of Boston. The location is tremendous as the site sits at the intersections of Route 295 and Route 37. Additional, neighboring lots can be purchased as well for a potential expansion. The facility is also equipped with rooftop solar panels which dramatically reduce the sites energy bills and provide a sustainable source of energy for years to come. Cranston has been listed in the past as one of the 100 Best Places to Live by Money magazine, and has also been recognized amongst the top safest cities in the country, according to CQ Press.

CubeSmart Self Storage is being offered for $13,800,000.

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President / District Manager

    License(s): RI: REC.0018863

    Rhode Island

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