$7,060,000 | 75,517 SF | Store It All | Baltimore, MD
Overview
- Price
- $ 7,060,000
- Contact
- Ashley Compton - 6158502774
- Property Website
- Click Here
- Sold
- No
- Lot Size
- .8
- Units
- 697
- Square Feet
- 75517
Description
OFFERS DUE TUESDAY, JANUARY 16, 2024
The Colliers Self Storage Group is pleased to exclusively offer to qualified investors the opportunity to purchase Store It All Self Storage located at 1018 South Paca St in Baltimore, Maryland. This facility is strategically located just west of Baltimore’s Inner Harbor in the Pigtown neighborhood.
Store It All is an adaptive re-use of a four-story brick building built in 1906 along with a recently constructed six-story brick building that seamlessly offers tenants shared access and elevators to both buildings on each floor. Sitting on approximately .80 acres, this facility offers tenants 75,517 rentable square feet and 697 units, ranging in size from 3’x9’ to 22’x16’. This property benefits from an Enterprise Zone Tax Credit, which is a 10-year tax credit that runs through June 2028.
Pigtown, also known as Washington Village, was the site of numerous butcher shops and meat-packing plants in the 19th century. Pigtown benefits from its proximity to the I-95 corridor, University of Maryland Medical Center, Camden Yards, M&T Bank Stadium, the Inner Harbor and Downtown Baltimore. The 5-mile population is an extremely dense 494,815 individuals and the 3-mile population is 223,704 individuals. According to Yardi, the saturation within five miles is calculated at 5.5 sf per capita, with just 3.76 sf per capita of climate controlled space.
Store It All offers its tenants excellent amenities, including access-controlled loading area with sliding gates and keycode access, a professionally appointed management office, 28 video surveillance cameras, wide aisles, and motion-activated lights in every unit.
With an asking price of $7,060,000 and just $93.49 psf, Store It All is being offered significantly below replacement cost. This asset is being offered at a stabilized 7.0% cap rate with the potential of seller financing. The purchaser of this Store It All asset will be acquiring an institutional quality urban asset in a Top 20 MSA. The quality of construction, population density, strategic location near Downtown Baltimore and first-class tenant amenities provide the purchaser with solid fundamentals to grow this facility into one of the top performers in the area.
