investment highlights
- UPSIDE OPPORTUNITY // A highly visible, institutional-quality self-storage asset within the densely populated and supply-constrained Hazlet market, a desirable suburb within the New York City MSA. The facility offers investors the opportunity to establish an immediate presence in a market characterized by strong barriers to entry, limited climate-controlled supply, and favorable long-term demographic trends that continue to support increasing storage demand.
- PRIME RETAIL CORRIDOR LOCATION // Positioned along heavily trafficked Route 35 with exposure to more than 42,000 vehicles per day, the facility benefits from exceptional visibility, accessibility, and consumer awareness. The property is immediately adjacent to Home Depot and directly across from a Stop & Shop-anchored shopping center featuring Dunkin’, PNC Bank, and additional daily-needs retailers. Nearby national brands including CVS Pharmacy further enhance the site’s retail appeal, while surrounding residential communities such as Bethany Manor and Holmdel Pointe provide a built-in customer base and consistent demand drivers.
- AFFLUENT DEMOGRAPHICS & LIMITED SUPPLY // The three-mile trade area is supported by a population of 72,736 residents and an impressive median household income of $147,924, providing a strong customer base with substantial discretionary spending power. The market remains significantly undersupplied with just 2.79 climate-controlled NRSF per capita and 6.62 total NRSF per capita, creating favorable competitive dynamics and continued occupancy growth potential.
- CLASS-A ASSET WITH STRONG MARKET FUNDAMENTALS // The modern, institutional-quality self-storage facility is strategically positioned within one of Monmouth County’s most desirable submarkets. Hazlet continues to benefit from ongoing commercial investment, residential development, and proactive municipal economic initiatives, which, combined with limited new self-storage supply and strong household formation, are expected to further strengthen the trade area and support long-term revenue growth.
Property Description
Devon Self Storage (Managed) is a 651-unit, 63,983 net rentable square foot self-storage facility located in Hazlet, New Jersey. The property sits on approximately 3.66 acres and was converted to self-storage in March 2022. The facility consists of a single two-story self-storage building and benefits from a highly accessible location along State Route 35, one of the area’s primary commercial corridors. As of July 31st, the facility is 94 percent physically occupied.
Devon Self Storage (Managed) offers a strong amenity package designed to provide a secure and convenient customer experience. Features include coded entry with a digital keypad, an onsite management office located at the front of the facility, 24/7 video surveillance throughout the property, roll-up unit doors, climate-controlled storage options, elevator access to upper-level units, and a wide selection of unit sizes to accommodate a variety of residential and business storage needs.
The facility is centrally located in Hazlet with excellent visibility from State Route 35 and exposure to more than 42,856 vehicles per day. The surrounding trade area is anchored by numerous national retailers, restaurants, and service providers including Home Depot, Stop & Shop, CVS, Dunkin’, IHOP, Domino’s Pizza, Dollar Tree, Aldi, and Costco Wholesale, creating consistent traffic and consumer activity. Additionally, the property benefits from its proximity to the Garden State Parkway, providing convenient access to neighboring communities throughout Monmouth and Middlesex Counties. Hazlet is an affluent suburban community with strong self-storage fundamentals and average household incomes exceeding $147,000 annually, supporting long-term storage demand from both residential and commercial users.
