East Haven, CT Self Storage Development Opportunity

990 Foxon Rd, East Haven, CT 06513 | $2,700,000

Grandstone Investment Sales introduces a prime investment opportunity in East Haven, Connecticut, offering a shovel-ready plot for a self-storage facility. Positioned in a strategic location with a 23,000 daily traffic count, the project involves constructing a 54,010 NRSF facility at a cost of $125 per square foot, targeting a C/O value of $10,850,000. The area exhibits low market saturation, with densities of 1.43 within 1 mile, and extending to 1.46 within 5 miles, coupled with a substantial demographic footprint of 83,000 residents within a 3-mile radius and 225,000 within 5 miles. Supported by a strong average household income of $95,000 and the significant economic growth highlighted by over 7,700 multifamily units under development nearby.

INVESTMENT
HIGHLIGHTS

Location: East Haven, CT, benefits from its strategic location with a daily traffic count of 23,000 cars, ensuring high visibility and accessibility for the self-storage facility.
Construction Overview: The project entails the development of a 54,010 Net Rentable Square Feet (NRSF) facility, with construction costs estimated at $125 per square foot.
Market Valuation: Upon completion, the Certificate of Occupancy (C/O) value of the facility is projected to be $10,850,000, highlighting the significant value appreciation potential.
Market Saturation: The self-storage market within the vicinity shows low saturation levels, with 1.43 within 1 mile, 1.41 within 3 miles, and 1.46 within 5 miles, indicating ample room for market penetration and growth.

Demographic Advantage: The surrounding area boasts a robust demographic profile, with approximately 83,000 residents within a 3-mile radius and 225,000 residents within a 5-mile radius. This dense population, combined with strong household incomes averaging $95,000, underpins the demand for self-storage solutions.
Economic Growth: The region is witnessing significant economic expansion, highlighted by the development of over 7,700 multifamily units within a 5-mile radius. This surge in residential development signals a growing demand for storage facilities, driven by the increasing population and household formation.
Market Potential: The local self-storage market is characterized by a strong rate market, underscoring the potential for lucrative rental yields. The economic fundamentals, including high traffic volume and substantial household income, further bolster the investment thesis.

Broker of record: BRIAN BROCKMAN | Bang Realty-New England Inc | bor@bangrealty.com | License: REB.0792373

862.591.7070 | Meir@Grandstoneis.com

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