Ashmont Self Storage, built-in 2011 consists of 62,502 NRSF and sits on 6.13 acres of land. It contains 50,397 SF of self-storage along with an additional 12,105 SF of triple-net leased space, which helps achieve further & more consistent revenue. The facility has an abundance of parking surrounding the building, 6 entrances for customer access, a covered loading zone, 2 lifts, over 100 security cameras, keypad entry, and a spacious office for the on-site management. The 536 climate-controlled self-storage units, which are spread out among 2 floors are 94% physically occupied and 88% economically occupied.
The facility is conveniently located in the center of the city and given its prominent location on Washington Street, it is easily seen and accessible by consumers. Due to the location of the asset, the property benefits from a limited supply of competitors within a 1-mile radius. The in-place rental rates at Ashmont Self Storage are trailing below its competition, leaving a healthy amount of room for a new owner to ramp up its rate-focused revenue. A new investor can take advantage of the ample amount of vacant space that still exists in the main building, which presents an opportunity for expansion or additional leasing options.
Ashmont Self Storage is owner-operated and boasts many opportunities for value- add. A new management team that can push rental rates and takes advantage of the additional space available will achieve an immense amount of additional revenue looking forward. This opportunity can be a great addition to a local operator’s portfolio or a very strong opportunity for an investor who is new to the market to plant their flag in a market just outside of Boston, Ma.
Property Name: Ashmont Self Storage
Address: 1202-1214 Washington Street
Total Land Area: 6.13 Acres +/-
Total NRSF: 62,502
Total Units: 356
Unit Sizes: 25-648 SF
Physical Occupancy: 94%
Economic Occupancy: 88%
Buildings: 2- story main building including leased daycare space, 1 residential building including 1 lower-level apartment and 1 upper-level apartment