56 Self Storage

44,619 NRSF| 516 Units | Dover, NH (Dover MSA)

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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.

Facility Summary
Address:            56 6th St, Dover, NH 03820
County:              Stafford
Land Area:         1.81 AC +/-
NRSF:                  44,619 NRSF 
Units:                  516 (507 NC | 9 Parking)
Occupancy:        96% (Physical) | 89.8% (Economic)
Unit Sizes:         9-640 SF
Buildings:          One 4 Story Main Building, Two Standard Drive-Up Buildings, One Split Level Drive-Up Building
Built:                  1981
Investment Highlights:
  • 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

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Meridian Storage Group (Broker), has been exclusively selected to market for sale "56 Self Storage" (The Property)

Article I: The Property
In order to allow the Buyer to properly evaluate a possible acquisition or investment of 56 Self Storage (hereinafter known as the “Property”), the Broker will furnish the Buyer with confidential and proprietary information. The Buyer shows genuine interest in the Property and understands and acknowledges the sensitive nature of the confidential information.

Article II: Confidential Information
A. Definitions. “Confidential Information” refers to all technical, marketing, financial and other business information and material that is confidential and proprietary, whether in oral, written, electronic or other form, and all reports, notes, analyses, studies or other documents which contain or otherwise reflect any such information.
B. Return of Confidential Information. At the conclusion of any negotiation, agreement or transaction relating to the Property, upon termination of this Agreement or at the request of the Seller, the Buyer agrees to promptly return or destroy all Confidential Information without retaining any copies thereof or any notes relating thereto.

Article III: Disclosure
A. Non-Disclosure. The Buyer shall not use or disclose Confidential Information for any purpose other than evaluation in regard to a possible acquisition or investment or to any other person or business entity, nor shall the Buyer permit any third party (employees, officers, directors, agents, consultants or contractors) to do the same. The Buyer shall not and shall not permit any third party to disclose to any other person or business entity the fact that any discussion or negotiations are taking place with respect to the Property. All parties agree to keep potential transactions and the terms of this Agreement completely confidential.
B. Representatives. Confidential Information shall only be disclosed to the Buyer’s employees, officers, directors, agents, consultants or contractors who need to know such information solely in connection with business opportunities relating to the Property. All such representatives shall be informed by the Buyer of the confidential nature of the Information and shall be bound by the terms herein. By accepting the Confidential Information, Buyer acknowledges that they are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Meridian Storage Group must be compensated by Buyer, and agrees that it will not look to the Owner, the Owner’s Lender or Broker for any fees or commissions in connection with the sale of the Property as no fees or commissions are being offered.
C. Compelled Disclosure. Buyer may disclose Confidential Information only when acting in compliance with a civil investigative demand, valid court order or other legal obligation, provided that the Buyer notifies the Seller of any such request as promptly as feasible.

Article IV: Term
This Agreement and all the terms, conditions and provisions hereof shall survive for a period of one year from the date of the closing of any purchase, or investment agreement, whether the transaction is successful or unsuccessful, or if the Confidential Information becomes publicly available, whichever occurs first.

Article V: General Provisions
A. Entire Binding Agreement. This Agreement sets forth the entire understanding and agreement between the parties with respect to the subject matter hereof and supersedes all other oral or written representations and understandings. This Agreement may only be amended or modified by a writing signed in advance by the parties. This Agreement is binding upon the successors, assigns and legal representatives of the parties, and protects Confidential Information of any successors or assigns of the Seller.
B. Remedies. The Buyer understands and agrees that failure to perform any and all obligations hereunder, or failure to comply with any terms or conditions hereof, could cause the Seller irreparable harm for which monetary damages are not adequate compensation. Accordingly, the Seller shall be entitled to injunctive relief to specifically enforce the terms of this Agreement, in addition to any other remedies available to it at law or in equity.
C. Accuracy. Broker makes no representations or warranties with respect to the accuracy or completeness of the Confidential Information or otherwise under this Agreement, and hereby disclaims all implied warranties. Buyer agrees not to hold liable the Broker, nor any other representative arising from the use or disclosure of the Confidential Information.
D. Contact. Buyer shall not contact any of the Property’s employees, suppliers, customers or tenants, nor enter into any discussion with the above-mentioned, at the Property without the express written permission of the Seller.
E. Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, such provision shall be eliminated or limited to the minimum extent such that the legality, validity and enforceability of the remaining provisions will not be affected or impaired.
F. Prevailing Party. If any litigation is brought by either party regarding the interpretation or enforcement of this Agreement, the prevailing party will recover from the other all costs, attorneys’ fees and other expenses incurred by the prevailing party.

IN WITNESS WHEREOF, the parties hereto understand and agree to the terms and conditions herein and have executed this Agreement as of the dates written below.