56 Self Storage
44,619 NRSF| 516 Units | Dover, NH (Dover MSA)
56 Self Storage is a fully stabilized asset, advantageously located in the heart of Dover New Hampshire, and consisting of 42,629 NRSF among 516 total units. The property is comprised of one 4-story interior non-climate building with freight elevator access, two standard drive up self-storage buildings and one split-level drive up building. The facility boasts a diverse unit array, ranging from 3×3 lockers to 16×40 contractor sized units. The main building was originally a factory and has been converted and operating as a self storage facility by the current ownership for several decades, with the additional drive-up units phased in over time.
56 Self Storage currently boasts strong physical and economic occupancies of 96% and 89.8%, respectively, which indicates the strong demand for self-storage in the trade area, as well as the quality of the asset and its strong location. 56 Self Storage benefits from limited competition within the trade area, as well as a prominent, central location on the intersection of 6th street and Grove, within the downtown corridor of Dover. Further, the facility enjoys limited competition, with only two other properties in a three-mile radius, a low SF/capita of 6.19 and no pending new supply in that same trade area. Demographics are also favorable, with an average household income of over $70,000 within a three mile radius.
56 Self Storage offers an investor a stabilized self storage facility, with additional long term upside through increasing rental rates to comparable averages, reducing expenses, and eliminating the in-place rental rate variance, which is currently approximately $3,667 per month. Further value can be added by implementing a comprehensive tenant insurance program, increasing retail sales, and implementing fee-income drivers.
This asset, impeccable location, multiple upsides and solid demographic fundamentals will allow a new investor to continue the strong performance, and further add value through the addition of a comprehensive tenant insurance program.
- 46,239 NRSF | 516 Units, representing best of market amenities within the trade area
- Excellent physical and economic occupancies of 96% and 89.8%, respectively
- Limited competition in the three-mile radius – only two facilies, 6.19 SF/capita and no incoming supply being tracked
- Strong demographics – Median HH income over $70,000
- Significant opportunity to boost revenues by adding and improving upon secondary income streams such as tenant insurance, increased retail sales, and truck rentals