Grandstone is excited to present CubeSmart Self Storage, a recently converted, premium facility situated in the thriving New Bedford, Massachusetts market. This property features 930 climate-controlled units across 91,908 net rentable square feet and is currently 52.90% occupied, providing a significant value-add opportunity. With a population of 133,899 residents within a 5-mile radius, the facility benefits from a 20-year solar lease that generates an annual net income of $57,000, with a 1.2% annual escalation. This investment offers substantial upside potential through high gross rental income, making it an exceptional opportunity for investors.
INVESTMENT
HIGHLIGHTS
RECENT CONVERSION:
This early 20th-century building underwent a transformation in early 2020, now featuring 91,908 NRSF and offering 930 climate-controlled units.
PRIME LOCATION:
Located on Cove Street, which sees over 5,000 vehicles daily, and just off JFK Memorial Highway, boasting 25,000 vehicles per day. Furthermore, it is in close proximity to the Port of New Bedford, the largest commercial fishing port in the United States.
SUPPLEMENTARY INCOME:
Featuring a 20-year solar lease that generates an annual net income of $57,000, this ancillary income stream includes a built-in annual escalation of 1.72%, ensuring consistent revenue growth throughout the lease term.
STRONG ECONOMIC DRIVERS:
New Bedford, MA, features a thriving maritime and fishing industry, anchored by its position as the nation’s top commercial fishing port. The city is also seeing growth in renewable energy, particularly offshore wind projects, which are attracting significant investment. Additionally, New Bedford is experiencing increased residential development, with several mixed-use and multifamily projects underway. Its strategic location near major highways and deep-water port access further enhances its role as a hub for logistics and transportation.
Brian Brockman | Bang Realty- New England Inc | bor@bangrealty.com | License: 1000169
