KO Storage
For sale108 Tri City Road, Somersworth, NH 03878
Unit / Space count
114
Price
$1,362,000
Occupancy
88.6%
Lot size
0.81 acres
Number of buildings
2
Property description
KO Storage is a stabilized, cash-flowing self-storage facility in Somersworth, New Hampshire, offered at $1,362,000. The property is made up of two single-story metal buildings of non-climate units on just under an acre, built in 1987. It has a gated keypad entry, cameras, perimeter fencing, an on-site leasing office, and StorEdge management software. The facility is a strong candidate for remote management, and its small size and steady operations make it an approachable acquisition. The upside is in rates. Achieved rents sit below market averages, and current street rents trail the surrounding competitors, so a new owner has room to keep implementing existing customer rent increases. The location supports that plan. Somersworth anchors the northern edge of the Seacoast region, about 60 miles north of Boston, and draws on a diversified economy in advanced manufacturing, healthcare, life sciences, and technology, with the University of New Hampshire nearby. The trade area has above-average household incomes, steady population growth, and significant projected new housing. New Hampshire’s lack of a state income or sales tax adds to the area’s appeal for both residents and employers.
Property highlights
- Stabilized and Cash Flowing Self Storage Facility Comprised of 114 Non-Climate Units Totaling 11,900 Net Rentable Square Feet
- Opportunity to Increase Revenue Through the Steady Implementation of Existing Customer Rent Increases
- Achieved Rents are Below Market Averages Which Bodes Well for Future Rent Increases
- Facility is an Excellent Candidate for Remote Management With Automatic Gate, Keypad Entry, and Management Software Already in Place
- Average Household Income of $110,321 Within Five Miles of the Property
- Population of 59,676 Residents Within Five Miles of the Property
- Somersworth is Located in Southeastern New Hampshire Approximately 60 Miles North of Boston
- The New Hampshire Portion of the Boston-Cambridge-Newton MSA Represents the Largest MSA in the State and is Home to 459,120 Residents
In Association with ParaSell Inc. | P: 949.942.6578 | A Licensed New Hampshire Broker #075195 Scott Reid Broker - ParaSell, Inc. (949) 942-6578 broker@parasellinc.com Lic. #NH - 069493