Special Purpose Facility

East Rutherford Self Storage

33 State Rt 17 East Rutherford, New Jersey United States 07073-2155
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Attributes

Year Built 2022
Building Area Gross
Land Area Gross ()
Rentable Area
Number of units 891

Asset Description

LOCATION - The property is situated at 33 Route 17, East Rutherford, New Jersey, just off an exit of Route 17 onto Paterson Avenue.


ACRES - +/- 3.66 acres (159,430 square feet)


FRONTAGE - The property has greater exposure on Route 17 and access from both Paterson Ave and the Paterson Plank Rd exit


TRAFFIC COUNT - +/- 25,100 VPD (Paterson Plank Rd); +/- 33,300 VPD (Route 17)


UTILITIES - Internet and phone provided by Verizon / Electric and gas provided by PSEG / Domestic and sanitary lines provided by Suez Water


YEAR BUILT - The facility is currently under construction and planned for delivery Q1 2022.


CONSTRUCTION DETAIL - The facility will consist of a single, three level building.


ELEVATOR DETAIL - Two 96” tall ThyssenKrupp Elevators with 4,500 pound capacity


HVAC DETAIL - The storage areas have four 12.5 ton units with gas heat and one 17.5 ton unit with gas heat. The sales area has a 3 ton unit with 3 ton indoor coil and gas furnace. Finally, the property has duct work to all floors through a central duct chase with individual thermostats for the sales area and each floor.


APARTMENT - N/A


OFFICE - Roughly 250 SF of office fit out as to Extra Space’s specifications.


CLIMATE CONTROLLED - The facility is 100% climate controlled.


FEATURES AND AMENITIES - The facility will include surveillance cameras, individual unit locks, climate control throughout, keypad entry, and on-site management.


PERSONNEL - Full-time Site Manager and Assistant Manager (40 hours per week each)


MANAGEMENT - The property is professionally managed by Extra Space.


SECURITY - The facility is equipped with a 24-hour video surveillance system.


OPERATION HOURS (OFFICE) - Mon-Fri: 9:30am-6:00pm | Sat: 9:00am-5:30pm | Sun: Closed


OPERATION HOURS (ACCESS) - Mon-Sun: 6:00am-10:00pm


OFFERING PRICE - Unpriced


RENTABLE SQUARE FEET - 100,875


EFFECTIVE RENTAL RATE - $23.00 /SF


NUMBER OF UNITS - 891


CURRENT OCCUPANCY - Economic - 0% Physical - 0%


OFFER DEADLINE - February 4, 2022

Investment Highlights

NEW BEST IN CLASS CONSTRUCTION - East Rutherford Self Storage at 33 Route 17 will be delivered in Q1 2022. The facility will be constructed to Class A standards with an assortment of modern features and amenities – including 100% climate-controlled units.


EXCELLENT VISIBILITY TO OVER 58,000 VPD - East Rutherford Self Storage has excellent visibility to Paterson Plank Rd (25,100 VPD) and Route 17 (33,300 VPD).


MINIMAL SURROUNDING COMPETITIVE SUPPLY - The area within a three-mile radius of East Rutherford Self Storage contains only 4.66 square feet of storage space per person, well below what is typically found in urban areas. This lack of nearby supply sets up the property for strong leasing momentum upon delivery.


STRONG DEMOGRAPHICS WITH PROJECTED GROWTH - There are over 63,300 residents with an average household income of over $84,700 within a three-mile radius of the property. The average household income is projected to grow at an annual rate of 1.95% over the next five years.


ABUNDANCE OF NEW RESIDENTIAL DEVELOPMENT - There are 739 new apartment units under construction or delivered in the last two years within a three-mile radius of East Rutherford Self Storage.


NEW YORK-NEWARK-JERSEY CITY MSA - East Rutherford is a borough of New Jersey and is a 45-minute drive or train ride east of Manhattan. With a population of nearly 20.3 million residents, the New York City MSA (NYC) Metroplex ranks as the #1 largest metro area in the country.


A perennial national leader in population and employment growth with a centralized location, growing job market, and a high-quality of life. The suburbs and outer boroughs of the NYC MSA saw an explosion in population growth following the outbreak of COVID-19, as people looked for more space in a remote work-friendly world.

Last Updated Date: 11 Aug 2022

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Last Updated Date: 11 Aug 2022

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