$14,900,000 | Store Space – New Bedford | 88,817 SF | New Bedford, 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 42 Edison Street in New Bedford, Massachusetts.  Store Space – New Bedford is a single-story former coat manufacturing building situated on a corner parcel with approximately 500 linear feet of frontage along Edison Street.

Store Space was converted into self-storage in 2023, however the 126,575 gsf structure was originally constructed in 1905.  Sitting on approximately 4.4 acres, this facility offers tenants 88,817 rsf of climate-controlled storage, with unit sizes ranging from 5’x5’ to 10’x30’.  Having opened in September of 2023, this facility has steadily leased to 15% physical occupancy in 8 short months of operation.

New Bedford, Massachusetts has a history as a whaling city located in Bristol County.  It is conveniently located near the major cities of Boston and Providence, both of which are less than 60 minutes away. This proximity provides residents with access to employment opportunities, cultural attractions, dining options, and recreational activities.   The population of New Bedford has steadily grown in recent years, with the 5-mile trade area having 149,695 individuals.  The average household income within that same five-mile radius is $81,955.  There are an estimated 11,629 housing units within 1 mile of Store Space, of which, 75% are renter-occupied.  This strategic location places New Bedford 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 $14,900,000, Store Space – New Bedford is priced at a stabilized 7.50% cap rate and just $167.76 psf.  The purchaser of this asset will be acquiring an institutional quality conversion in a densely populated suburb of Boston.  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.