Investment Overview

The South Jersey - Self Storage Development Opportunity offers a former motel parcel featuring +/- 6.64 Acres of developable land for a future +/- 75,000 NRSF Single Story Self-Storage Facility. The proposed opportunity is broken down between 54,750 +/- NRSF of Ground Floor Climate Controlled Storage and 20,250 +/- of Drive-Up Non-Climate Controlled Storage. There is also the possibility of leasing a small portion of the parcel to a Drive Thru Carwash or QSR Developer as an additional source of revenue. The subject property is located in Bridgeton, New Jersey on State Route 77 seeing roughly 15,000 VPD. Bridgeton is located in Cumberland County, roughly 10 miles west of Vineland, NJ. Cumberland County’s largest employer is the Federal Government, showing stability in Job Security and Wages. Past the federal government, the workforce shows a diversity of industries between Healthcare, Education, and Warehousing/Distribution. The parcel also sits within a redevelopment zone for New Jersey’s Payment in Lieu of Taxes Program. (N.J.S.A. 40A:20-1) The PILOT program, a form of Long-Term Tax Abatement, allows developers to offset traditional property taxes in place of a predetermined agreement of a portion of gross revenue or total development costs. Designed to stimulate development in slower growth municipalities by offering lower costs to traditional property taxes. This proposed facility will receive the majority of their rental activity from the Five-Mile Radius surrounding the property. This radius is currently underserved in terms of self-storage space supply, with a population of roughly 43,285 +/- there is only 3.7 SF/Capita in the market. Another strong indicator of need for space is that of the 13,123 households in the same radius 44% of these are renter occupied. With a high concentration of rentals, you will see a larger need to store additional items when downsizing or transitioning between leases. In addition to the strong demographic indicators, Annual Average Rent/SF for 10x10 Units both Climate Controlled and Non-Climate Controlled show strong income for a smaller market, and display the possibility for future rental rate growth. Historical Average Annual Rent/SF on a 10x10 Unit is at $18.09 and $16.47 respectively.