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Self-Storage Facility

New Horizon Self-Storage

113 E Chestnut St, Souderton, PA 18964

Listing Price: $3,000,000

Cap Rate
6.01%
Number of Units
199
Occupancy
81.8%
Gross SF
33,370
Rentable SF
20,683
Price/Rentable SF
$145.05
Year Built
1910

Investment Overview

Marcus & Millichap is pleased to offer for sale New Horizon Self-Storage located in Souderton, PA. Souderton is a suburb in the Philadelphia MSA with a population of approximately 108,000, representing a 12.6% increase since 2000. This grist mill, which was constructed in 1910, was converted in 2003 to a storage facility consisting of a unique unit mix of 199 fully climate controlled units. The facility sits on .96 acres with undeveloped land which can be converted to revenue producing acreage down the line. The property currently has plans approved to add 2 apartments, resulting in nearly $50,000 of revenue each year. The facility is currently 100% physically occupied and has below market rents by an average of $.88/SF. The owners are agreeable to signing a 1 year lease with option to renew for their moving business to operate on premises, contributing to $18,000/yr plus unit rentals for their business.

Investment Highlights

  • 20,683 Net Rentable Square Feet/ 33,370Gross Square Feet
  • Fully Climate Controlled Facility Consisting Of 199 Units
  • Upside Through Raising Below Market Rents And Pushing Tenant Insurance Program
  • Portable Units Recently Added In Back Of Property Showing Usage For Land
  • On-Site Management Office
  • Owners To Sign Lease For Office For At Least 1 Year To Continue Moving Company
  • Plans Approved To Add Two Apartments Adding Roughly $50,000 Of Gross Income

Exclusively Listed By

Financing By

Self-Storage Facility

New Horizon Self-Storage

Listing Price: $3,000,000

Cap Rate
6.01%
Number of Units
199
Occupancy
81.8%
Gross SF
33,370
Rentable SF
20,683
Price/Rentable SF
$145.05
Year Built
1910

Investment Highlights

  • 20,683 Net Rentable Square Feet/ 33,370Gross Square Feet
  • Fully Climate Controlled Facility Consisting Of 199 Units
  • Upside Through Raising Below Market Rents And Pushing Tenant Insurance Program
  • Portable Units Recently Added In Back Of Property Showing Usage For Land
  • On-Site Management Office
  • Owners To Sign Lease For Office For At Least 1 Year To Continue Moving Company
  • Plans Approved To Add Two Apartments Adding Roughly $50,000 Of Gross Income

Investment Overview

Marcus & Millichap is pleased to offer for sale New Horizon Self-Storage located in Souderton, PA. Souderton is a suburb in the Philadelphia MSA with a population of approximately 108,000, representing a 12.6% increase since 2000. This grist mill, which was constructed in 1910, was converted in 2003 to a storage facility consisting of a unique unit mix of 199 fully climate controlled units. The facility sits on .96 acres with undeveloped land which can be converted to revenue producing acreage down the line. The property currently has plans approved to add 2 apartments, resulting in nearly $50,000 of revenue each year. The facility is currently 100% physically occupied and has below market rents by an average of $.88/SF. The owners are agreeable to signing a 1 year lease with option to renew for their moving business to operate on premises, contributing to $18,000/yr plus unit rentals for their business.

Exclusively Listed By

Financing By

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