Grandstone Investments is pleased to present for your consideration the self-storage asset located at 49 James Street, Worcester, MA. This well-positioned facility offers investors a unique opportunity to acquire a stabilized asset with strong financial performance and substantial upside potential.
The self-storage property comprises both climate-controlled (CC) and non-climate-controlled (NCC) units, totaling 52,890 square feet of rentable space. Situated in a high-traffic location with steady demand, this asset is poised for continued income growth. The property is currently performing with a Year 1 projected Net Operating Income (NOI) of $486,254, which is expected to grow steadily over the following years.
The investment forecasts a 5-year internal rate of return (IRR) of 6.6% and an equity multiple of 1.3x, assuming a Year 5 exit cap rate of 5.75%.
INVESTMENT
HIGHLIGHTS
- Purchase Price: $9,000,000
- Price P/SF: $170
- Physical Occupancy: 91.59%
- Economic Occupancy: 94.72%
- NRSF: 52,890
- Year Built: 2021
- Class A, Three Story
- Traffic Count: 14,500 Average on James Street
- Permitted Expansion: Add 13,000 NRSF
- Demographics: 200,000 Population Within 5 Miles
- Supply: 4 NRSF Per Capita Within both 3 and 5 Miles
Broker of record: BRIAN BROCKMAN | Bang Realty-New England Inc | Tel: 513.898.1551 | Bor@bangrealty.com | License: 1000169
