Ewing Self-Storage Conversion
For Sale
Contact for pricing
558 W Ingham Ave, Ewing, NJ
Recently renovated self-storage facility in densely populated area.
Property Size50,704 SF
Lot Size1.01 Acres
Price / SF$167.64
Days on Market520
Property Features for 558 W Ingham Ave
General Information
Standard status
Active
Size
50,704 SF
Lot size
1.01 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Colliers | Cleveland
(216) 239-5060
Listed By:
Thomas Gustafson, CCIM
(216) 409-3186
Source:
Moodyscre
Added: Apr 2, 2025
Changed: Aug 22
Last Checked: Sep 2 at 12:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers | Cleveland
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$485,542
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,710,840
$9.7M
Cap Rate 7%
$6,936,314
$6.9M
Cap Rate 9%
$5,394,911
$5.4M
Market Conditions
NOI Build-Up for 50,704 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
NOI $948,595 @ 7.0% cap · market cap 11.16%
Second Best
Self Storage
$6.94M
$6.07M – $8.09M
NOI $485,542 @ 7.0% cap · market cap 5.71%
Theoretical Best
Warehouse
$16.31M
$14.27M – $19.03M
NOI $1,141,935 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
938
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
