485 E Main St - Self-Storage Facilities FOR SALE


Middletown, NY 10940
$12,800,000 USD
215-531-7000
485 E Main St, Middletown, NY for Sale
$12,800,000 USD
Self-Storage Facilities - FOR SALE
1/13
null | 7.84% Cap Rate

485 E Main St
Middletown, NY 10940


HIGHLIGHTS

  • 30,475 NRSF of Drive Up and Non Climate Interior Storage
  • The Car Wash Features 5 Self Service Wash Bays and 1 In Bay Automatic and 6 Vacuums
  • 88% +/- Unit Occupancy on Self Storage & 84% Economic Occupancy

OVERVIEW

CALL FOR OFFERS: TUESDAY, DECEMBER 17, 2024 SITE TOURS BY APPOINTMENT ONLY Storage Solutions USA & Bay Wash Car Wash are located at the corner of E. Main St. and Schutt Rd. in Middletown, NY. The property is positioned less then a quarter mile from Route 84, which is a major artery between the states of PA, NY and CT. Middletown is located 70 +/- miles north west of New York City. The self storage and car wash are positioned front and center to 12,703 +/- vehicles per day on E Main St. and 17,039 +/- vehicles per day on Schutt Rd. The self storage facility features 30,475 NRSF of self storage that are a combination of drive up and interior non climate controlled units. The storage is currently at 88% +/- unit occupancy and 92% +/- SF Occupancy with Economic Occupancy at 91%. The property is managed by the property owner, a self storage manager and two part time employees for the car wash. This offering also includes approximately 0.5 acres for expansion. Bay Wash Car Wash features 5 self service wash bays, 1 in bay automatic, 6 vacuums and vending machines for vehicle cleaning retail items. Central Vacuum System accepts cash and credit card processing, while the car wash's premium offerings include: pre soak, tire shine, high pressure rinse, triple foam, spot free rinse, foam brush, and wax. The in bay automatic produces $393,000 +/- in revenue annually and the self service hand bays generate $323,000 +/- with an additional $50,000 +/- for vacuum and vending sales. The car wash is in excellent condition and the control room that hosts the operating systems has been maintained at a very high level and serviced regularly. The automatic wash bay is a 7 year old, top of the line, Petit branded piece of machinery. The self storage facility has been operated and maintained to a high standard, and very little capital improvements would be needed for an investor purchasing each business. The self storage and car wash are on two separate parcels with an easement through a neighboring parcel for entrance to the property. INVESTMENT HIGHLIGHTS 30,475 NRSF of Drive Up and Non Climate Interior Storage The Car Wash Features 5 Self Service Wash Bays and 1 In Bay Automatic and 6 Vacuums 88% +/- Unit Occupancy on Self Storage & 84% Economic Occupancy Self Storage Produces $489,000 +/- of Income Annually Car Wash Produces $756,000 +/- of Income Annually Average 10 x 10 Drive Up Market Rents of $20.28 Annually Average 24 Month 10 x 10 Drive Up Market Average of $20.71 Annually

FOR SALE DETAILS

PRICE

$12,800,000 USD

PRICE/SF

$378 USD /SF

CAP RATE

7.84%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Storage Solutions USA & Bay Wash Car Wash

PROPERTY TYPE

Specialty

PROPERTY SUBTYPE

Self-Storage Facilities

ADD'L SUBTYPES

Car Wash

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

2000

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2 AC

LAND SF

87,120 SF

ZONING

-

APN/PARCEL ID

335200-050-000-0002-053.200-0000

ASK ABOUT THIS PROPERTY

Andreas MakrisMarcus & MillichapMore Info
215-531-7000

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Andreas MakrisMarcus & MillichapMore Info
215-531-7000

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.