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Self-Storage Facility

Delmar Line Storage

500 N Pennsylvania Ave, Delmar, DE 19940

Listing Price: $1,100,000

Cap Rate
4.34%
Number of Units
111
Occupancy
75.7%
Gross SF
16,230
Rentable SF
16,230
Price/Rentable SF
$67.78
Year Built
2000

Investment Overview

Marcus & Millichap is pleased to provide for sale Delmar Line Storage located in Delmar, DE. Built in 2000, Delmar Line Storage provides 16,230 NRSF of drive-up storage. The facility consists of 10 buildings, 9 of which are drive up storage and 1 is a warehouse rented to a local business which can be converted into 3 individual storage spaces. Since Purchasing the property in 2021, the owners have done extensive work to improve the facility. They have fixed up 30 units to make operational/rentable, improved occupancy from 54% to 76%, and have implemented fees and practices to remove problem tenants. The owners agree to deliver this asset with a new and improves gate system as well as 6 or more units repaired in addition to the 30 already completed. There is still upside by increasing rental rates, improving facility structures, implementing a tenant insurance program, and adding parking to the facility for additional income. The site also sits on 3 separate parcels, presenting an opportunity to combine into one and reduce property taxes. Located just 15 minutes north of Salisbury, MD, this is a perfect opportunity for a new investor, and investor looking to expand into this market, or a local investor looking to add a satellite location.

Investment Highlights

  • Below Market Rents
  • Improved Property Condition
  • Upside Through Rent Increased, Tenant Insurance, Parking, & Admin Fees
  • On-Site Management Office
  • New Gate System

Exclusively Listed By

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s) DE: RB-0031090

    Delaware

Financing By

Self-Storage Facility

Delmar Line Storage

Listing Price: $1,100,000

Cap Rate
4.34%
Number of Units
111
Occupancy
75.7%
Gross SF
16,230
Rentable SF
16,230
Price/Rentable SF
$67.78
Year Built
2000

Investment Highlights

  • Below Market Rents
  • Improved Property Condition
  • Upside Through Rent Increased, Tenant Insurance, Parking, & Admin Fees
  • On-Site Management Office
  • New Gate System

Investment Overview

Marcus & Millichap is pleased to provide for sale Delmar Line Storage located in Delmar, DE. Built in 2000, Delmar Line Storage provides 16,230 NRSF of drive-up storage. The facility consists of 10 buildings, 9 of which are drive up storage and 1 is a warehouse rented to a local business which can be converted into 3 individual storage spaces. Since Purchasing the property in 2021, the owners have done extensive work to improve the facility. They have fixed up 30 units to make operational/rentable, improved occupancy from 54% to 76%, and have implemented fees and practices to remove problem tenants. The owners agree to deliver this asset with a new and improves gate system as well as 6 or more units repaired in addition to the 30 already completed. There is still upside by increasing rental rates, improving facility structures, implementing a tenant insurance program, and adding parking to the facility for additional income. The site also sits on 3 separate parcels, presenting an opportunity to combine into one and reduce property taxes. Located just 15 minutes north of Salisbury, MD, this is a perfect opportunity for a new investor, and investor looking to expand into this market, or a local investor looking to add a satellite location.

Exclusively Listed By

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s): DE: RB-0031090

    Delaware

Financing By

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