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Self-Storage Facility

Mullen's Minis, Inc 5 Property Portfolio

247 Altamont Ave, Schenectady, NY 12304

Listing Price: $5,400,000

Cap Rate
19.09%
Number of Units
290
Occupancy
73.0%
Gross SF
46,923
Rentable SF
46,923
Price/Rentable SF
$115.08

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the Mullens Minis self storage portfolio located throughout the Albany, New York market and Western Massachusetts. This is a unique opportunity to buy five stabilized facilities totaling 217,885 net rentable square feet. This portfolio offers self storage, portable storage, and records storage. This stabilized, strong cash-flowing portfolio has a combined physical occupancy of 85 percent, and an economic occupancy of 69.51 percent. The five sits sit on a combined total acreage of 17.07.

The sites each enjoy limited competition in undersupplied self storage market. For example, the Schenectady location has only 3.36 net rentable square feet of storage per capita within three miles, and the Pittsfield location has only 3.97 net rentable square feet/capital within three miles. The average five mile saturation metric for all sites combined is 5.95, and is only 5.04 when you look at the just Adams, Pittsfield and Schenectady the three sites with the bulk of the self storage units. The Schenectady location has 153,296 people living within five miles. The Pittsfield and Ballston Spa locations have one-mile average household incomes of over $93,500.

Investment Highlights

  • Stabilized Five Property Self Storage Portfolio in the New York and Massachusetts
  • 217,885 Total Combined Net Rentable Square Feet | 1,478 Total Units
  • Upside Through Implementation of Tenant Insurance
  • Stabilized Facilities | 85.00 Percent Combined Physical Occupancy

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    (212) 430-5100

    License(s) NY: 10311205789

    New York

Self-Storage Facility

Mullen's Minis, Inc 5 Property Portfolio

Listing Price: $5,400,000

Cap Rate
19.09%
Number of Units
290
Occupancy
73.0%
Gross SF
46,923
Rentable SF
46,923
Price/Rentable SF
$115.08

Investment Highlights

  • Stabilized Five Property Self Storage Portfolio in the New York and Massachusetts
  • 217,885 Total Combined Net Rentable Square Feet | 1,478 Total Units
  • Upside Through Implementation of Tenant Insurance
  • Stabilized Facilities | 85.00 Percent Combined Physical Occupancy

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the Mullens Minis self storage portfolio located throughout the Albany, New York market and Western Massachusetts. This is a unique opportunity to buy five stabilized facilities totaling 217,885 net rentable square feet. This portfolio offers self storage, portable storage, and records storage. This stabilized, strong cash-flowing portfolio has a combined physical occupancy of 85 percent, and an economic occupancy of 69.51 percent. The five sits sit on a combined total acreage of 17.07.

The sites each enjoy limited competition in undersupplied self storage market. For example, the Schenectady location has only 3.36 net rentable square feet of storage per capita within three miles, and the Pittsfield location has only 3.97 net rentable square feet/capital within three miles. The average five mile saturation metric for all sites combined is 5.95, and is only 5.04 when you look at the just Adams, Pittsfield and Schenectady the three sites with the bulk of the self storage units. The Schenectady location has 153,296 people living within five miles. The Pittsfield and Ballston Spa locations have one-mile average household incomes of over $93,500.

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    (212) 430-5100

    License(s): NY: 10311205789

    New York

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