Paterson Storage Conversion
For sale182-184 Ellison St, Paterson, NJ 07505
Property type
Self Storage
Price
$2,000,000
Building size
85,617 SF
Property description
The Paterson Storage Conversion Opportunity is a fully entitled redevelopment of an existing 85,617 SF building at 182-184 Ellison Street in Paterson, New Jersey, offered at $2,000,000. Plans are in place to convert the building into a Class A, climate-controlled facility with about 1,000 units and 53,250 NRSF. All zoning, site plan, and historic-preservation approvals are already secured, so a new owner can start construction without further municipal review. This is a ground-up lease-up story rather than an in-place operation, and the buyer takes on construction cost and lease-up risk. The case for the project rests on demand and scarcity. Paterson sits about 15 miles northwest of New York City, inside the largest metro area in the country. Storage saturation within three miles is low, and the trade area is dense, growing, and has healthy household incomes. Vacant parcels are scarce and redevelopment controls are strict, which limits new competing supply and makes an approved site hard to replicate. Projected street rents are in line with nearby climate-controlled competitors, and a stabilized facility would be a large, institutional-quality asset in one of the deepest storage markets in the Northeast. Passaic County’s healthcare, education, and logistics employers, along with Interstate 80, the Garden State Parkway, and NJ Transit, support steady household formation and long-term storage demand.
Property highlights
- Self Storage Redevelopment Opportunity With Plans in Place to Convert 85,617 Square Feet into a Class A Climate-Control Facility Featuring 1,000 Units Totaling 53,250 NRSF
- Fully Approved Site Includes All Zoning, Site Plan, and Historic-Preservation Approvals. Entitlements Allow Immediate Commencement of Construction Without Additional Municipal Review
- Paterson is a High Barrier to Entry Market Thanks to Limited Available Vacant Parcels and Strict Redevelopment Controls
- High Demand for Self Storage in the Market Evidenced by Very Low Market Saturation Rate of 4.3 SF/Capita for Self Storage Within Three Miles of the Site
- Population of 278,651 Residents Within Three Miles of the Site and 570,292 Residents Within Five Miles of the Site
- Average Household Income of $115,816 Within Five Miles of the Site
- Paterson is Located in Northeast New Jersey Approximately 15 Miles Northwest of New York City
- The New York-Newark-Jersey City MSA is the Largest in the United States and is Home to 19,498,249 Residents
In Association with Scott Reid & ParaSell, Inc. | A Licensed New Jersey Real Estate Brokerage #1974375 | Inquiries by residents and property owners of the State of New Jersey are to be made to Scott Reid of ParaSell, Inc. Scott Reid Broker - ParaSell Inc. broker@parasellinc.com (949) 942-6578 NJ - 1537316