Overview
This is an exclusive opportunity to acquire Tower Mill Self Storage, an 85,833 NRSF facility consisting of 40,703 NRSF of self-storage across 508 units and 45,130 SF currently leased as commercial space. The self-storage facility offers a variety of unit sizes designed to accommodate a wide range of tenant needs.
Property Details
Highlights
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Strong Unit Mix: 40,703 NRSF of self-storage across 377 climate-controlled units located within the main building and 131 non-climate-controlled drive-up units.
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Interior Conversion Opportunity: 45,130 NRSF of commercial space located on the lower level of the main building, currently leased and producing $307,500 annually with potential conversion to additional self-storage.
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Supplemental Solar Revenue: Existing rooftop solar net operating income is anticipated to be $83,000+ annually, with potential to increase revenue through the addition of a solar roof lease on the non climate buildings with the state of Massachusetts, expected to net an additional $18,000.
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Operational and Rental Rate Upside: The property is currently 70.6% occupied with climate-controlled units averaging ~47% below market rents.
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Strong Demographics: Located within the Providence–Warwick RI–MA MSA with approximately 131,900 residents within a 5-mile radius and 4.21 square feet of storage per capita.
Location
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.