Men On The Move has sold a two-property self storage portfolio, totaling 2,304 units and 208,104 net rentable square feet in Long Island, N.Y. Marcus & Millichap’s LeClaire-Schlosser Group represented the seller and procured the buyer, a limited liability company out of California.
Completed in 1979, the first facility encompasses eight two-story buildings and 211,767 square feet with a mix of non-climate and climate-controlled units, ranging from 25 to 250 square feet. On-site amenities include drive-up access, security features, as well as RV and boat parking. The second property in the portfolio was completed in 2020, and comprises 78,312 square feet of indoor units, varying from 25 to 150 square feet with drive-up access.
Located at 1110 Route 109 in Farmingdale, N.Y., the first facility is among the 12 available ones within a 3-mile radius, offering residents 7.4 net rentable square feet per capita, just above the 7.1 national average. There are 10 storage properties within a 3-mile radius of the second property, located at 960 Grand Boulevard in Deer Park, N.Y., totaling 5.4 net rentable square feet per capita, below the national average.
New York’s steady storage fundamentals
Both facilities are situated in more penetrated areas compared to New York’s overall inventory of 3.7 net square feet of storage space available per capita. On par with national trends, New York experienced slower rent growth in recent months, with rates for the average 10×10 non-climate-controlled units registering a 4 percent growth, while the same-size climate-controlled units experienced a slight 1 percent uptick year-over-year in March, the latest Yardi Matrix report shows.
Nonetheless, New York continues to have a strong development pipeline—projects under construction or in the planning stages accounted for 19 percent of total inventory as of March, up 50 basis points over the previous month. Currently, in Long Island, there are seven projects under construction, which will add roughly 772,600 square feet to the existing stock, Yardi Matrix data shows.