Listing Agency: Colliers | Cleveland Show Phone

Listed By: Thomas Gustafson, CCIM Show Phone

Source: Moodyscre

Added: Apr 2, 2025 Changed: Oct 9 Last Checked: Oct 19 at 6:52AM

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Investment Insights

Based on property information with market context.

This recently converted self-storage facility opened in mid-2023. Situated in a densely populated area with 152,541 residents within a 3-mile radius, it presents a value-add opportunity due to below-average rental rates and expansion potential on the 3rd floor and lower level. The property benefits from cell tower income. The location is in an underserved market with strong demand for self-storage, indicated by a 3.39 SF/Capita ratio and a high percentage of renter-occupied housing at 54%. Located 1.5 miles from Trenton, NJ city center, it is also 34 miles from Philadelphia and 70 miles from NYC. Recent renovations include a new roof, HVAC system, elevator, dock, ramps, walkways, leasing office, windows, doors, exterior skin/façade, parking lot, and drive aisles. A new state-of-the-art, fully sprinklered fire suppression and life safety recall system has been installed, along with new electrical systems throughout the 50,704 square foot facility. The facility is 100% climate controlled. 70% of the 3-mile submarket square footage is REIT owned.

Key Highlights

• Underserved market with strong demand for self‑storage: 3.39 SF/Capita
• Value Add –Below average rental rates, with expansion opportunity on 3rdFloor and Lower Level
• Cell Tower Income

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$485,542

Cap Rate

5.71%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$9,710,840 $9.7M

Cap Rate 7%

$6,936,314 $6.9M

Cap Rate 9%

$5,394,911 $5.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 50,704 SF

Gross rent

$730.1K $14.40/SF

− Vacancy

−$36.5K −$0.72/SF

EGI

$693.6K $13.68/SF

− OpEx

−$208.1K −$4.10/SF

NOI

$485.5K $9.58/SF

Area

Mercer County, NJ

Vacancy

5.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$9,710,840

Cap Rate 7%

$6,936,314

Cap Rate 9%

$5,394,911

Alternative Uses

Best Use

Industrial

$13.55M

$11.86M – $15.81M (±1% cap)

NOI $948,595 @ 7.0% cap · market cap 11.16%

Second Best

Self Storage

$6.94M

$6.07M – $8.09M (±1% cap)

NOI $485,542 @ 7.0% cap · market cap 5.71%

Theoretical Best

Warehouse

$16.31M

$14.27M – $19.03M (±1% cap)

NOI $1,141,935 @ 7.0% cap · market cap 13.43%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Storage Box Central Storage Facility

Suggested Use

Top Pick Real Estate Agency Accounting Firm Gym & Fitness Center Skin Care Clinic Cafe & Coffee Shop Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

938

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Self storage facility - Recently renovated self-storage facility in densely populated area.

Where is this self storage facility located?

The property is located at 558 W Ingham Ave Ewing, NJ.

What is the asking price?

The asking price for this property is $8,500,000.

What are key features of this property?

This property features: Underserved market with strong demand for self‑storage: 3.39 SF/Capita; Value Add –Below average rental rates, with expansion opportunity on 3rdFloor and Lower Level; Cell Tower Income