Extra Space Storage (Managed)
For saleUnder contract138 Harrison Ave, South Glens Falls, NY 12803
Unit / Space count
690
Price
$12,735,000
Occupancy
95.65%
Lot size
14.95 acres
Number of buildings
25
Property description
Extra Space Storage (Managed) at 138 Harrison Avenue in South Glens Falls, New York, is a large, stabilized, cash-flowing self-storage facility offered at $12,735,000. It sits on nearly 15 acres with twenty-five single-story metal buildings of non-climate units, built in phases between 2009 and 2022, plus a block of outdoor parking rentals. Occupancy is very strong. The site has a gated keypad entry, cameras, perimeter fencing, an on-site leasing office, and Extra Space Storage management in place. That gives a buyer a well-run, institutional-quality operation with low near-term capital needs. The upside comes from rate growth and future expansion. Achieved rents on most unit sizes sit well above 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 fee income, tenant insurance, and merchandise sales. The outdoor parking area could eventually be replaced with additional storage buildings. South Glens Falls is on the Interstate 87 corridor about 45 miles north of Albany, and it benefits from the Albany-Schenectady-Troy MSA’s deep employment base in state government, healthcare, higher education, and semiconductor manufacturing. The surrounding trade area is large and stable, with solid household incomes and a projected pipeline of new housing.
Property highlights
- Stabilized and Cash Flowing Self Storage Facility Comprised of 690 Non-Climate Units Totaling 96,000 NRSF and 45 Outdoor Parking Rentals
- Strong Occupancy Presents the Opportunity to Increase Revenue Through the Implementation of Existing Customer Rent Increases
- Opportunity to Expand the Facility Over Time by Replacing the Outdoor Parking Rentals With Additional Storage Buildings
- Secure Facility With Automatic Gate, Keypad Entry, Security Cameras, and Perimeter Fencing Already In Place
- Population of 60,317 Residents Within Five Miles of the Property
- Average Household Income of $91,903 Within Five Miles of The Property
- South Glens Falls is Located in Eastern New York Approximately 45 Miles North of Albany
- The Albany-Schenectady-Troy MSA is the 4th Largest in the State of New York and is Home to 915,835 Residents
In Association with Scott Reid & ParaSell, Inc. | P: 949.942.6585 | A Licensed New York Real Estate Broker #10991231395 Scott Reid Broker - ParaSell, Inc. (949) 942-6578 broker@parasellinc.com Lic #: NY #10311208459