At South Shore Landing Self Storage

43,000 NRSF | 376 Units + 23 Parking Spaces | Old Lyme, CT

Under Contract

INVESTMENT OVERVIEW

At South Shore Landing Self Storage contains 41,075 NRSF conveniently and centrally located in the affluent town of Old Lyme, CT.  It contains mostly drive- up units with an additional 23 rentable parking spaces. The property is 91% physically occupied with plenty of room to grow economically and achieving an economic occupancy of 72%, currently.

The property is secured with an electronic gate and cameras at the entrance to the facility and contains a large leasing office & bathroom as well as plenty of space to store merchandise to sell for additional revenue. Some units can be adjusted in size to better accommodate the customer demand in this particular trade area.

Built in 1986, South Shore Landing Self Storage has been owner-managed and well-kept since inception. The opportunity offers value add through new management and minimal property improvements. A new owner will achieve a heavy amount of upside by increasing rental rates to align with competitors in the market.

Facility Summary

Property Name:           At South Shore Landing Self Storage

Address:                            232 Shore Rd, Old Lyme, CT 06371

County:                              New London

Total Land Area:           5.01 Acres +/-

Total NRSF:                    43,000 NRSF

Total Units:                       376 + 23 Parking

Unit Sizes:                        25-300 SF

Physical Occupancy:    91%

Economic Occupancy: 72%

Buildings:                         7 Drive-Up

Investment Highlights

  • 91% physical occupancy and 72% economic occupancy
  • Strong performing asset with upside through new management and increase in revenue stream
  • Household income of over $100,000 within immediate trade area
  • The only and most convenient self-storage option in the town of Old Lyme
  • Signage visibility from Shore Road, the most heavily trafficked road throughout the Long Island Sound