2 Property Portfolio | Albany, NY MSA

ALBANY MSA PORTFOLIO

This two property self-storage portfolio in the Albany, NY MSA comprises of 66,000 NRSF among 439 total units. Located 30 miles apart, in Schenectady and in Waterford, these properties could be acquired together as a package or individually.

Thompson Street Self Storage is a 27,400 NRSF facility among 178 total units. Included in the unit-mix is 147 drive-up units ranging from 50-300 SF, 10 enclosed parking spaces and 21 traditional parking spots. Located just off busy Duanesburg Rd on the west side of growing Schenectady, NY, this facility is well-located. It is positioned amongst a population of approximately 44,000 (3-mile) and registers an impressive square foot per capita of 4.2.

Given its 47% physical occupancy, new ownership will possess the ability to run the facility’s first ever targeted lease-up advertising campaign. Generating $13,000/month below gross potential rents, increasing occupancy and managing rental rates will unlock significant revenue growth.

Well-built with standing seam roofs, metal buildings, paved drives, a gated keypad entrance, and an on-site office and bathroom, this facility possesses all the desired qualities and has no immediate display for capital expenditures.

Hudson River Self Storage is a 38,600 NRSF facility totaling 261 units. Between the 171 standard drive-up units and 90 climate-controlled units, this facility showcases a desirable unit mix. It is located with frontage on busy Hudson River Rd, seeing nearly 7,000 vehicles per day, and with a population of nearly 64,000 within 5 miles. Most impressively, this area lacks supply, as there is only 5.1 square feet per capita.

With its 71.65% physical occupancy, there is tremendous upside in stabilizing this property. A new operator can run a formal advertising and lease-up campaign to maximize revenue, as the facility is currently $14,000/month below gross potential rents.

Building materials here are top-notch. Metal buildings, standing seam roofs, paved asphalt drives, gated keypad entrance, with cameras and LED lighting at every corner. There are no displays for capital expenditures. Also featuring an office and bathroom, Hudson River SS is immediately ready to support on-site management.