Men on the Move Self Storage Portfolio – Long Island, New York

Property Location

Long Island, NY

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investment highlights – WOODBURY

  • GOOD LOCATION // Located conveniently off NY Route 135 in a major office/industrial area with corporate offices for Arizona Beverages, NY Regional News 12, Cablevision cable provider, and Equinox Woodbury. Facility is also less than two and a half miles from Crest Hollow Country Club and less than two miles from Town of Oyster Bay Golf Course.
  • EXPANSION OPPORTUNITY // Facility sits on 3.89 acres with room for expansion. Plans to add 1,181 units totaling an additional 86,400 NRSF will accompany purchase of the facility.
  • HIGH TRAFFIC // Facility sees over 50K cars per day combined on NY Route 135 and Crossways Park Drive West.
  • HIGH BARRIER TO ENTRY LOCATION // There is limited developable land available in the area around this facility and there is no current construction in the pipeline within a three-mile radius.
  • LIMITED COMPETITION // Below national average net rentable square feet per capita at 6.10 within a three-mile radius.

investment highlights – DEER PARK

  • GREAT LOCATION //  One half mile from the Tanger Outlets in Deer Park which helps to drive the 21,063 passing vehicles per day. The Tanger Outlets feature major tenants such as Nike, Adidas, Gap, Old Navy, Home Depot and Kohl’s.
  • STRONG LEASE-UP // The facility has reached 48.4 percent physical occupancy in 11 months of operation averaging four percent per month since opening.
  • INFILL LOCATION // There is limited developable land available in the trade area and no current construction in the pipeline within a three-mile radius.
  • LIMITED EXISTING COMPETITION // Below national average net rentable square feet per capita at 5.47 within a three-mile radius.
  • POISED FOR GROWTH // The facility is positioned well for the next investor to ride great lease up momentum and substantial revenue growth through pushing rates.

investment highlights – FARMINGDALE

  • EXCELLENT LOCATION // Facility has excellent visibility off Route 109 with over 30K passing cars each day. Less than one mile from a Walmart Supercenter, Regal Cinema, Starbucks, and McDonalds.
  • STRONG OCCUPANCY WITH UPSIDE // Facility is currently at 92.7 percent occupied as of September 30, 2021, while average rents are 20-30 percent below the market average giving next investor room to push rates. Additionally, facility is in a high occupancy market bolstered by a favorable square foot per capita of 7.67.
  • FAVORABLE LAYOUT // Renovated facility with ground level drive up access across the entire property featuring a desirable mix of both climate and non-climate-controlled units. New elevators and lifts have been put in to make the second-floor storage units more accessible and desirable.
  • ADDITIONAL INCOME // Along with the storage units, the facility provides 78 vehicle/RV storage spaces. Currently the rates are well below market while 74 of the 78 spots are occupied, providing the next investor the ability to add to increase revenue through rental increases.
  • RECENT CAPITAL EXPENDITURES // Current owner/operator has repaved the entire property, replaced all perimeter fencing and balcony railings, have added three automated/electronic gates, replaced all lighting with LED and have installed a brand-new security system including cameras. Additionally current owners gutted and renovated the office space and have replaced/repaired roofing, coping and gutters.

Broker Information

Ian Lindahl

Investment Associate

Phone: 303.328.2062
Email: ian.lindahl@marcusmillichap.com
License: CO FA100091294

Adam Schlosser

Senior Vice President

Phone: 303.328.2044
Email: aschlosser@marcusmillichap.com
License: CO FA100050407

Susan Bands

Broker of Record

Phone: 212.430.5100
Email: susan.bands@marcusmillichap.com
License: 10311209023

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