Self-Storage Facility

Mullen's Minis, Inc 5 Property Portfolio

247 Altamont Ave, Schenectady, NY 12304

Listing Price: $8,820,000

Cap Rate
10.09%
Occupancy
82.69%

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 200,999 net rentable square feet. There are 793 non-climate controlled units, 218 heated units, 398 portable storage units and six spaces of record storage. This stabilized, strong cash flowing portfolio has a combined physical occupancy of 85.00 percent, and an economic occupancy of 82.69 percent. The five sites sit on a combined total acreage of 17.07.

The sites each enjoy limited competition in undersupplied self storage markets. 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 per 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 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.

Mullen's Minis, Inc. Five Property Portfolio is being offered for $14,700,000 or $73.13 per rentable square-foot, and at an actual, current 8.82 percent cap rate.

Investment Highlights

  • Stabilized 5 Property Self Storage Portfolio in the Albany, NY Market and Western MA
  • 200,999 Total Combined Net Rentable Square Feet | 1,415 Total Units
  • Actual 8.82 Percent Cap Rate Based on 2019 Financials
  • Stabilized Facilities | 85 Percent Combined Physical Occupancy

Exclusively Listed By

Self-Storage Facility

Mullen's Minis, Inc 5 Property Portfolio

Listing Price: $8,820,000

Cap Rate
10.09%
Occupancy
82.69%

Investment Highlights

  • Stabilized 5 Property Self Storage Portfolio in the Albany, NY Market and Western MA
  • 200,999 Total Combined Net Rentable Square Feet | 1,415 Total Units
  • Actual 8.82 Percent Cap Rate Based on 2019 Financials
  • Stabilized Facilities | 85 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 200,999 net rentable square feet. There are 793 non-climate controlled units, 218 heated units, 398 portable storage units and six spaces of record storage. This stabilized, strong cash flowing portfolio has a combined physical occupancy of 85.00 percent, and an economic occupancy of 82.69 percent. The five sites sit on a combined total acreage of 17.07.

The sites each enjoy limited competition in undersupplied self storage markets. 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 per 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 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.

Mullen's Minis, Inc. Five Property Portfolio is being offered for $14,700,000 or $73.13 per rentable square-foot, and at an actual, current 8.82 percent cap rate.

Exclusively Listed By

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