Climate-Controlled Self Storage
New
For Sale
$7,750,000
61 Grove St, Gloucester, MA 01930
Modern storage property with climate-controlled units, contractor spaces, and outdoor parking.
Property Size33,317 SF
Price / SF$232.61
Days on Market2
Property Features for 61 Grove St
General Information
Standard status
Active
Size
33,317 SF
Total Parking Spaces
20
Property subtype
Self-Storage Facility
Occupancy
85%
Additional Details
Cap Rate
6.35%
Self-Storage Units
229
Amenities
Boston, Massachusetts MSA Recently Constructed Self-Storage Offering with Upside
Located Approximately 27 Miles Northeast of Downtown Boston in the Growing and Affluent Town of Gloucester, Massachusetts
33,317 Net Rentable Square Feet
151 Climate Controlled Units, 78 Non-Climate Controlled Drive-Up Units, Five Leased Contractor Spaces, and 20 Uncovered Outdoor Parking Spaces
Building Details
Building Size
33,317 SF
Year Built
2023
Units
254
Listing Agency:
Marcus & Millichap - Columbus
Listed By:
Nathan Coe · License #License(s): OH: SAL.2015003418
(614) 360-9801
Source:
Marcusmillichap
Added: Sep 9
Last Checked: Sep 9 at 4:00PM
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 Marcus & Millichap - Columbus
Investment Insights
Based on property information with market context.
Grove Street Self Storage is a 2023-built facility at 61 Grove St in Gloucester, Massachusetts. The property contains 151 climate-controlled units and 78 non-climate-controlled units, providing a mix of storage configurations across 33,317 net rentable square feet. The site also includes five leased contractor spaces and 20 outdoor parking spaces.
A new 20-year solar lease is in place. The property is located approximately 27 miles northeast of downtown Boston and is identified by the 01930 ZIP code. Its combination of recently constructed improvements, varied storage types, contractor space, and outdoor parking supports multiple forms of commercial occupancy within one self-storage property.
A new 20-year solar lease is in place. The property is located approximately 27 miles northeast of downtown Boston and is identified by the 01930 ZIP code. Its combination of recently constructed improvements, varied storage types, contractor space, and outdoor parking supports multiple forms of commercial occupancy within one self-storage property.
Key Highlights
- 151 climate‑controlled units and 78 non‑climate‑controlled units
- 33,317 net rentable square feet of storage space
- Five leased contractor spaces
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
$430,331
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
5.55%
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%
$8,606,620
$8.6M
Cap Rate 7%
$6,147,586
$6.1M
Cap Rate 9%
$4,781,456
$4.8M
Market Conditions
NOI Build-Up for 33,317 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
$535.7K $16.08/SF
− Vacancy
−$29.5K −$0.88/SF
EGI
$506.3K $15.20/SF
− OpEx
−$75.9K −$2.28/SF
NOI
$430.3K $12.92/SF
Area
Essex County, MA
Vacancy
5.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
15.00%
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%
$8,606,620
Cap Rate 7%
$6,147,586
Cap Rate 9%
$4,781,456
Alternative Uses
Best Use
Warehouse
$6.15M
$5.38M – $7.17M
NOI $430,331 @ 7.0% cap · market cap 5.55%
Second Best
Self Storage
$5.70M
$4.99M – $6.65M
NOI $398,804 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$19.72M
$17.26M – $23.01M
NOI $1,380,648 @ 7.0% cap · market cap 17.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 01930, MA
29,729
Population
14,630
Households
2
Avg Household Size
50
Median Age
39%
College-Educated
94%
High-School Grad
26.2 sq mi
ZIP Area
1,135
Density / Sq Mi
$87,898
Median Household Income
$49,580
Median Earnings
$1,395
Median Rent
$587,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Self storage facility - Modern storage property with climate-controlled units, contractor spaces, and outdoor parking.
Where is this self storage facility located?
The property is located at 61 Grove St Gloucester, MA.
What is the asking price?
The asking price for this property is $7,750,000.
What are key features of this property?
This property features: 151 climate‑controlled units and 78 non‑climate‑controlled units; 33,317 net rentable square feet of storage space; Five leased contractor spaces
