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1) 99 Rivermoor Street, West Roxbury, MA
2) 400 Audubon Road, Wakefield, MA
OFFERING PRICE: Unpriced
RENTABLE SQUARE FEET: 201,787 RSF
NUMBER OF UNITS: 2,471 Units
OCCUPANCY: Economic – 57.0%
Physical – 78.7%
OFFER DEADLINE: May 12, 2022
COVETED HIGH BARRIER TO ENTRY MARKETS
The properties’ strategic locations within the Wakefield and West Roxbury submarkets of Boston provide an extremely high-barrier-to-entry environment. As a result, the threat of new supply is extremely limited, not only due to a lack of developable sites, but also because of the area’s highly strict zoning guidelines and other municipal hurtles which restrict the development of new competitive storage properties.
EXISTING CASH FLOW WITH UPSIDE
With an average economic occupancy of 57%, the Portfolio offers healthy in-place cash flow with meaningful opportunity for additional revenue growth over the near term. Both properties are surrounded by excellent population density and very high incomes, which when combined with extremely limited competition averaging less than 3.3 square feet per capita within three miles, creates outstanding customer demand and strong upward rental rate pressure.
Both properties within the Portfolio benefit from highly functional, Class A design and amenities. The properties feature premier construction quality, functionality, visibility, security, convenience, and have been institutionally owned and maintained with a long-term hold in mind.
IRREPLACEABLE LOCATIONS WITH EXCELLENT DEMOGRAPHICS
Positioned in the heart of two of Boston’s most densely populated and affluent residential areas, the properties draw from a 3-mile trade area averaging more than 90,000 people with very strong household incomes averaging more than $154,000. The 5-mile trade area for the properties averages more than 285,000 with an average household income of over $145,000.
LEADING BOSTON REAL ESTATE MARKET
With a leading reputation as one of the most prestigious gateway real estate markets in the world, Boston boasts a rich economy with a diversified mixture of strong fundamental drivers, including education, finance, healthcare, life sciences, tech, and many more. For these reasons and others, Boston has long been one of the top markets in the world for real estate investment, and the metro’s strong population and employment growth, affluent population base, and high barriers to entry make it one of the highest performing self storage markets in the country.