investment highlights
- RARE OPPORTUNITY IN HIGH PERFORMING MARKET // Next investor has the opportunity to enter the historically strong Stamford, CT market with this Class-A climate-controlled facility. Anchored by eight Fortune 500 companies including Charter, Gartner, and NBC Sports, Stamford is the largest financial/services district in the NYC metro outside of Manhattan. Storage demand has been consistently strong with the subject property hovering around 90 percent occupancy fueled by new high-rise apartment and corporate activity.
- ROBUST MULTIFAMILY SUPPLY PIPELINE // The facility is sur-rounded by 66 existing multifamily communities totaling 13,417 units within a three-mile radius. Two additional projects currently under construction will bring another 276 units to the submarket. Looking ahead, twenty planned/prospective developments are expected to add approximately 4,895 more units to the area.
- STRONG DEMOGRAPHIC PROFILE // The three-mile trade area has population of 121,412 and an average household income of $141,374.
- EXCELLENT LOCATION // The facility is in a dense residential neighborhood along the Stamford waterfront with a mix of single-family homes, apartments, and commercial retail pockets. Shippan Avenue is a key thoroughfare with scattered retail and service-oriented properties such as West Marine, Subway, and Ford Motors.
- LIMITED ONCOMING COMPETITION // There are no new facilities in the current construction pipeline within three miles of the subject property. There is one expansion coming to the Extra Space at 1934 West Main Street, located 1.88 miles away.
- MIXED-USE RETAIL BUILDING // The storage facility was built in 2017 and shares a parcel with the seller’s legacy retail asset. The retail building has 100 percent occupancy and features tenants such as West Marine, Vineyard Vines distribution facility, sit-down Italian restaurant Tomato Tomato, along with nine other tenants. The properties cannot be subdivided and need to be sold as a pair.
property summary
CubeSmart Self Storage (Managed) is a 711-unit, 61,765 net rentable square foot self-storage facility located in Stamford, CT. The property sits on approximately 3.48 acres of land, and was initially constructed in 2017. The property also contains a 12-unit mixed-use retail building that was built in 1965. The properties cannot be subdivided and must be sold as a pair.
CubeSmart Self Storage (Managed) has many amenities including electronic entry with a digital keypad, a large institutional leasing office with retail and a security monitor display. The facility includes 24/7 video surveillance throughout, concrete driveways, and metal roll-up doors.
The facility is centrally located in Stamford and benefits from a convenient, local-service retail adjacency (grocery at ShopRite, banking nearby) in a stable, affluent residential pocket close to waterfront parks and I-95 access (Exit 8 ~5 minutes away). Stamford, CT has historically strong storage fundamentals and average household incomes exceeding $141,000 a year.
