1779 Gargoyle Rd, Olean, NY 14760
- Self storage facilities
- 26,000 SF
- 6.04 lot acres
Current Use by Public Records
- U-Stor-It / Storage Facility
Property Details for 1779 Gargoyle Rd
- Year built
- 1987
- Lot size
- 6.04 lot acres
- Property type
- Self storage facilities
Description
This exceptional investment opportunity presents a stabilized Class B self-storage facility located at 1779 Gargoyle Rd, Olean, NY 14760. The property, known as U-Stor-It, boasts 240 single-story, drive-up units totaling 26,000 square feet of rentable space across eight buildings situated on a 6.04-acre lot. Constructed in phases between 1987 and 2003, the facility benefits from an 85% occupancy rate, generating a Net Operating Income (NOI) of $150,000, resulting in an attractive 8.22% capitalization rate. The asking price is $1,825,000, translating to $70.19 per square foot. Conveniently located near Saint Bonaventure University, with Walmart and Home Depot across the street, this property enjoys a prime location and strong tenant demand. The facility features 8-foot ceilings and is currently managed remotely, offering potential for increased efficiency and profitability. This is a rare opportunity to acquire a well-established, high-performing self-storage asset in a desirable market. The property's strong performance and strategic location make it an ideal addition to any investment portfolio. Financial information provided is based on pro-forma data as of October 6, 2024.
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Location Insight
- Map
- Local Demand
- City
- Olean
- County
- Cattaraugus
- State
- New York
- Longitude
- -78.468895
- Latitude
- 42.075878
