81 Cove StNew Bedford, MA 02744

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.