Pennsauken Self Storage_Property for Sale

7490 South Crescent Boulevard, Pennsauken Township, NJ, 08109, US

Pennsauken Self Storage

Asset Description

LOCATION The property is located off of Marginal Road at the southeast corner of the intersection of State Highways 30, 38, and 130

ACRES +/- 3.33 Acres (145,055 square feet)

TRAFFIC COUNT Over 44,000 VPD State Hwy 30 (S Crescent Blvd), over 81,500 VPD State Hwy 38 (Kaighns Ave), and over 48,000 VPD Route 130

UTILITIES Water and sewer services: PN Sewage and NJ Water, Electric service: PS & G, and Waste service: Waste Management.

YEAR BUILT The building was originally constructed in 2001

CONSTRUCTION DETAIL The facility is consists of three two story buildings and two single story buildings

ELEVATOR DETAIL The facility has three Kone elevators with a 6,000 lb. capacity

APARTMENT The on-site apartment is 960 square feet

OFFICE The customer service office is approximately 960 square feet in size

CLIMATE CONTROLLED The self storage units are 32% climate controlled

FEATURES AND AMENITIES

The facility has electronic access control, 24-hour video surveillance, climate controlled units, ground-level drive-up units, surface parking units with secure

fencing, and a retail oriented customer service office

PERSONNEL The property has a full-time manager and two assistant managers that work 40 hours per week

MANAGEMENT The facility is professionally managed by 21st Century Self Storage

SECURITY The facility is equipped with a 24-hour video surveillance system

OPERATION HOURS (OFFICE) Monday - Friday: 9:00 AM - 6:00 PM; Saturday: 9:00 AM - 5:00 PM; Sunday: 9:00 AM - 4:00 PM

OPERATION HOURS (ACCESS) All Week: 6:00 AM - 10:00 PM

OFFICE HOURS Tuesday through Friday 10 AM - 5 PM

...

Attributes

Building area net

6,585 m²

Occupancy

90%

Year built

2001

Number of units

745 units

Media

Investment Highlights

STRONG EXISTING CASH FLOW WITH UPSIDE

Pennsauken Self Storage is nearly 91% physically occupied and is approaching economic stabilization, so the property has growth potential in addition to its already strong in-place cash flow. The area surrounding the property lacks sufficient suppl, so a potential buyer has the ability to continue adding value to the property through the optimization of rental rates. With no self storage developments currently under construction, the area will continue to see a massive demand for self storage space further increasing market rental rates.

PROXIMITY TO PHILADELPHIA MSA

Pennsauken Self Storage is located in southern Pennsauken Township, less than five miles from the heart of downtown Philadelphia. The property sits on the southeast side of the intersection of multiple state highways that provide immediate access to the surrounding suburbs of Philadelphia.

EXTREMELY UNDERSERVED MARKET IN A DENSE AREA

The area within a three-mile radius of Pennsauken Self Storage contains only 1.63 square feet of storage space per person, which is well below what is typically found in dense, urban areas. With over 154,000 people living in a three-mile radius of the property, there is a clear need for storage – illustrated by the property’s rental rates and current occupancy.

RESILIENT ASSET CLASS

Self Storage as an asset class has historically performed very well during economic downturns. Self storage was the only REIT sector to post a positive total return during the Great Financial Crisis as rental rates stayed effectively flat while withstanding the economic turbulence. More recently, self storage REITs were the best performing REITs by asset class during the COVID pandemic, and the asset

class has continued its strong performance through Q2 2023.