81 Cv St New Bedford, MA 02744-2535
- Showrooms
- 227,775 SF
- 2.78 lot acres
Current Use by Public Records
- CubeSmart Self Storage / Moving And Storage Service / Moving Supply Store
Property Details for 81 Cv St
- Year built
- 1910
- Construction
- FRAME
- Lot size
- 2.78 lot acres
- Property size
- 227,775 SF
- Zone code
- IB
- Property type
- Showrooms
- APN
- NEWB M:0021 L:0053
- APU
- NEWBM0021L0053
Description
This exceptional three-story self-storage facility in New Bedford, MA, presents a compelling investment opportunity. Boasting 91,908 net rentable square feet and 954 units, this recently renovated (2020) property sits on a 2.78-acre lot at 81 Cove St, 02744. Currently operating at 52.1% occupancy, the facility offers significant upside potential. The property generates a current NOI of $298,821, with a pro-forma NOI of $1,564,330 and a pro-forma cap rate of 9.31%. The asking price is $16,800,000, reflecting a current cap rate of 1.78%. Built in 1991 and extensively renovated, the facility benefits from a prime location on Cove Street, a major thoroughfare with high daily traffic volume, and proximity to the JFK Memorial Highway and the Port of New Bedford. A key advantage is a 20-year solar lease generating $57,000 annual net income, escalating 1.2% annually. New Bedford's robust economy, driven by its thriving maritime industry, renewable energy growth, and increased residential development, provides a strong foundation for future growth and increased profitability. This investment offers a unique blend of immediate income and substantial long-term appreciation potential.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $1,520,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- New Bedford
- County
- Bristol
- State
- Massachusetts
- Longitude
- -70.9172
- Latitude
- 41.6169
- CBSA code
- 39300
- CBSA name
- PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA
