$19,330,000 | Store Space | 136,710 SF | Fall River, MA

Description

The Colliers Self Storage Group is pleased to exclusively offer to qualified investors the opportunity to purchase an institutional quality self-storage conversion located at 288 Plymouth Avenue in Fall River, Massachusetts.  Store Space – Fall River is a four-story former mill building with over 500 linear feet of frontage along I-195 (84,141 AADT) and 200 linear feet along Plymouth Avenue (27,495 AADT).

Store Space was converted into self-storage in 2023, however the 166,198 gsf mill building was originally constructed in 1871.  Sitting on approximately 4.34 acres, this facility offers tenants 111,310 rsf of climate-controlled storage, with unit sizes ranging from 5’x4’ to 14’x13’.  Store Space has multiple ancillary revenue streams, including a 9,400-sf retail tenant, long term billboard lease, and a 16,000-sf yard lease. Having opened in December of 2023, this facility has exceeded 30% physical occupancy in 5 short months of operation.

Fall River, Massachusetts, is a historic city located in Bristol County. It lies approximately 50 miles south of Boston and about 15 miles northeast of Providence, Rhode Island.  The population of Fall River has steadily grown in recent years, with the 5-mile trade area having 133,641 individuals.  The average household income within that same five-mile radius is $80,684.  There are an estimated 19,374 housing units within 1 mile of Store Space, of which, 75% are renter-occupied.  This strategic location places Fall River within commuting distance of both major cities, making it an attractive choice for residents seeking a lower cost of living while also benefiting from employment opportunities in either metropolitan area.

Priced at $19,330,000, Store Space – Fall River is priced at a stabilized 7.50% cap rate and just $141.39 psf.  The purchaser of this asset will be acquiring an institutional quality conversion with an unparalleled location.  The area’s growing economy, and proximity to both top tier universities and major employment hubs make this asset an attractive self-storage investment for years to come.