Grandstone is pleased to present Wilmington Self Storage, a shovel-ready Class A self-storage development opportunity located in Wilmington, Delaware. This proposed facility will offer 917 climate-controlled units across 76,834 net rentable square feet, strategically positioned within one of the region’s highest-Demand markets.
The property is situated on 0.93 acres of land, benefiting from high visibility with approximately 230 feet of unobstructed frontage on US Highway 13, a key traffic corridor with over 12,000 average daily vehicles. The location is known as the “gateway to the city” sitting one mile from downtown Wilmington.
The surrounding market boasts a population of 191,000 within a five-mile radius and an average household income of $101,000, offering a strong consumer base for self-storage. Moreover, this area is experiencing population growth, with an expected increase in residents over the next five years. This facility is uniquely positioned with no other developable self-storage sites nearby, and the C-2 zoning approval with a special exemption through the Zoning Board of Approvals ensures that no additional self-storage facilities will be permitted under similar zoning conditions.
The project also qualifies for a five-year tax abatement, which significantly reduces the property’s tax liability during the first five years of operation. This offers an attractive financial advantage for potential investors, allowing for enhanced cash flow during the initial stages of Development.
INVESTMENT
HIGHLIGHTS
- SHOVEL-READY DEVELOPMENT: PROPOSED NEW CONSTRUCTION OF A CLASS A SELF-STORAGE FACILITY WITH 917 CLIMATE-CONTROLLED UNITS TOTALING 76,834 NET RENTABLE SQUARE FEET.
- PRIME LOCATION: LOCATED IN WILMINGTON, DELAWARE, JUST 1 MILE FROM DOWNTOWN, WITH 230 FEET OF FRONTAGE ON US HIGHWAY 13, WHICH SEES OVER 12,000 VEHICLES DAILY. THE SITE IS THE ‘GATEWAY TO THE CITY’ AND IS EASILY ACCESSIBLE.
- STRONG MARKET DEMOGRAPHICS: THE FACILITY SERVES A MARKET OF 191,000 PEOPLE WITHIN A 5-MILE RADIUS, WITH AN AVERAGE HOUSEHOLD INCOME OF $101,000. THE AREA IS PROJECTED TO EXPERIENCE STEADY POPULATION GROWTH, WITH SIGNIFICANT DEMAND FOR SELF-STORAGE.
- HIGH BARRIERS TO ENTRY: THERE IS ONLY ONE CLASS A FACILITY WITHIN A 3-MILE RADIUS, PROVIDING A PROTECTED MARKET FOR THE PROPOSED DEVELOPMENT. NO OTHER DEVELOPABLE SELF-STORAGE SITES ARE AVAILABLE IN THE AREA, MAKING THIS A UNIQUE OPPORTUNITY
- ZONING APPROVAL: THE PROPERTY BENEFITS FROM C-2 ZONING WITH A SPECIAL EXEMPTION FOR SELF-STORAGE, ENSURING LIMITED FUTURE COMPETITION WITHIN THE SAME ZONING CATEGORY.
- TAX INCENTIVES: THE PROJECT QUALIFIES FOR A FIVE-YEAR ECONOMIC DEVELOPMENT TAX ABATEMENT, SIGNIFICANTLY REDUCING TAX LIABILITY DURING THE FIRST FIVE YEARS, WITH PROJECTED PROPERTY TAXES AFTER THE ABATEMENT TOTALING $220,000 ANNUALLY.
- PHASE II ENVIRONMENTAL FINALIZED AND PASSED: THE PHASE II ENVIRONMENTAL REPORT HAS BEEN COMPLETED AND SUCCESSFULLY PASSED, ENSURING NO ENVIRONMENTAL ISSUES WILL DELAY OR COMPLICATE THE DEVELOPMENT PROCESS.
Broker of record: BRIAN BROCKMAN | Bang Realty-South Carolina Inc | Bor@bangrealty.com | License: RB-0020899
