investment highlights
- CLASS A DRIVE-THRU FACILITY // The facility offers fully ground-level, climate-controlled storage options, featuring a drive-thru lane that allows clients to unload and access their belongings protected from the elements. Given Maryland’s extreme winter cold and hot, humid summers, this feature sets Extra Space Storage apart from every other facility in the market.
- EXCELLENT LEASE-UP // The facility has averaged 3.63 percent occupancy growth since opening in October 2022, achieving 96 percent occupancy in January 2025.
- EXPANSION UPSIDE // The facility has five acres of developable land that will be delivered permit-ready to the next investor. Once stabilized, this will add roughly $500,000 in top line revenue to the facility while costing the next investor an estimated $2.14m to complete.
- CONVENIENT LOCATION // The facility is located on Philadelphia Road in White Marsh, Maryland, seeing over 16,000 cars per day, and is just off of White Marsh Boulevard, which sees an additional 52,000 cars per day. It is located three miles from the White Marsh Mall which features major retailers such as Nike, Ikea, Best Buy, Target, Lowe’s Home Improvement and T.J. Maxx, along with various restaurants and quick service food destinations.
- MARKET LEADER // Due to the incredible facility amenities, this property is primed to lead the market in ground-floor rental rates for the foreseeable future. Given the stabilized occupancy, the next investor will experience the benefits of increased web rates and ECRIs, while units occupied greater than 12 months are at an achieved rate of $1.50.
property summary
Extra Space Storage (Managed) is a 787-unit, 91,626 net rentable square foot self-storage facility located in White Marsh, Maryland. The property sits on around 23.7 acres of land with approximately five acres of developable land that will be delivered permit-ready to the next investor. It was initially constructed in October of 2022 and contains one single-story drive-thru building with 623 climate-controlled units, 9 non-climate-controlled units, 60 indoor parking spots, 72 outdoor parking spots, and 23 private garages.
Extra Space Storage has many amenities including two gated drive-thru entrances with digital keypads, a Class-A management office, 24/7 video surveillance throughout the facility, concrete driveways, and the ability for each renter to pull their car up to the aisle their unit is on.
The facility is centrally located in White Marsh with excellent visibility from White Marsh Boulevard and Philadelphia Road with over 67K passing vehicles per day. There are major drivers in the immediate area such as White Marsh Mall, Ikea, Target, Lowe’s Home Improvement and T.J. Maxx to name a few. White Marsh is an upper class neighborhood with strong storage fundamentals and average household incomes exceeding $110K a year.
