Extra Space Storage (Managed)
For sale74 William Street, South Glens Falls, NY 12803
Unit / Space count
285
Price
$6,340,000
Occupancy
94.74%
Stories
1
Lot size
3.27 acres
Number of buildings
7
Property description
Extra Space Storage (Managed) is a highly stabilized, cash-flowing self-storage facility in South Glens Falls, New York, offered at $6,340,000. The property consists of seven single-story, drive-up buildings of non-climate units, built in phases between 2004 and 2017, with metal construction and an on-site leasing office. It is currently managed under the Extra Space platform and shows very strong occupancy. The house at the front of the property is included in the sale and can serve as a manager’s office or housing, or be rented out for additional income. The facility’s stabilized profile and modest size also make it well suited to remote management rather than full-time on-site staff. The upside comes from rate growth. Strong physical occupancy supports continued implementation of existing customer rent increases, and achieved rents in the larger unit sizes still sit below the pro forma levels, giving a new owner a clear path to NOI growth. The property sits at the corner of William Street and Gansevoort Road, surrounded by retail and everyday amenities, with easy access to Interstate 87. South Glens Falls is located roughly 45 miles north of Albany, and benefits from the depth of the Albany-Schenectady-Troy MSA, with a diverse employment base in healthcare, education, manufacturing, government, and tourism. The surrounding area has stable demographics, solid household incomes, and limited new development, all of which support steady long-term storage demand.
Property highlights
- Highly Stabilized and Cash-Flowing Self Storage Facility Comprised of 285 Non-Climate Units Totaling 37,750 NRSF
- Strong Physical Occupancy Should Allow for the Continued Implementation of Existing Customer Rent Increases
- The House at the Front of the Property is Included in the Sale and can be Used as a Manager's Office/Housing or Rented out for Additional Income
- Stabilized Nature and Small-to-Medium Size of the Facility Should Allow for Remote Management Efficiencies and Operations Rather Than Full-Time Employees
- Average Household Income of $96,839 Within Five Miles of the Property
- Population of 65,238 Residents 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