All Purpose Storage - Gardner
For sale143 Colony Rd, Gardner, MA 01440
Property type
Self Storage
Price
$9,275,000
Unit / Space count
454
Commercial Spaces
3
Uncovered spaces
22
Occupancy
86.97%
Rentable area
61,100 SF
Year built
1987
Year renovated
2017
Stories
1
APN
X22-13-16
Sold/status
On Market
Lot size
15.09 Acres
Number of buildings
14
Price per SF
$151.80
Property description
All Purpose Storage is a large, cash-flowing self-storage facility in Gardner, Massachusetts, offered at $9,275,000. The property sits on three parcels totaling just over 15 acres and has fourteen single-story metal buildings of non-climate units, built in phases between 1987 and 2017. It also has outdoor parking rentals and three leased commercial spaces that add a second income stream. A gated keypad entry, cameras, perimeter fencing, an on-site leasing office, and Cubby management software are in place, making it a good fit for semi-remote management. The upside comes from rates and ancillary income. Achieved rents on many unit sizes already exceed current street rates, which supports continued rollout of existing customer rent increases, and pro forma rents still sit above today’s levels. A new owner can also grow revenue through fee income and tenant insurance sales. Conceptual expansion plans for roughly 27,600 additional NRSF are included in the deal room, giving the property a future growth path on its existing land. Gardner is on the Route 2 corridor, about 50 miles west of Boston, and draws on the Worcester MSA’s healthcare, education, and insurance base. The trade area is established and middle-income, with steady population and moderate storage saturation. In Association with ParaSell Inc. | A Licensed Massachusetts Broker #423311-RE-C Scott Reid Broker - ParaSell, Inc. (949) 942-6578 broker@parasellinc.com MA - 9532789
Property highlights
- Cash-Flowing Self Storage Facility Comprised of 454 Non-Climate Units Totaling 55,500 NRSF, 22 Outdoor Parking Rentals, and Three Leased Commercial Spaces Totaling 5,600 NRSF
- Facility Sits on Three Parcels Totaling 15.09 Acres. Conceptual Expansion Plans to Add 27,600 NRSF Included in the Deal Room.
- Strong Physical Occupancy and Achieved Rents Bode Well for the Continued Implementation of Existing Customer Rent Increases
- Opportunity to Increase Revenue Through Maximizing Fee Income and Tenant Insurance Sales
- Facility is an Excellent Candidate for Semi-Remote Management With Automatic Gate, Keypad Entry, and Management Software Already in Place
- Average Household Income of $95,140 Within Five Miles of the Property
- Gardner is Located in Northern Massachusetts Approximately 50 Miles West of Boston and is Home to 21,559 Residents
- The Worcester MSA is the Second Largest in the State of Massachusetts and is Home to 866,866 Residents