1779 Gargoyle RdOlean, NY 14760

Property Details for 1779 Gargoyle Rd

Year built

1987

Lot size

6.04 AC

Property size (Sq ft)

26,000 SF

Property type

Self storage facilities

Description

This exceptional investment opportunity presents a stabilized Class B self-storage facility located at 1779 Gargoyle Rd, Olean, NY 14760. The property, known as U-Stor-It, boasts 240 single-story, drive-up units totaling 26,000 square feet of rentable space across eight buildings situated on a 6.04-acre lot. Constructed in phases between 1987 and 2003, the facility benefits from an 85% occupancy rate, generating a Net Operating Income (NOI) of $150,000, resulting in an attractive 8.22% capitalization rate. The asking price is $1,825,000, translating to $70.19 per square foot. Conveniently located near Saint Bonaventure University, with Walmart and Home Depot across the street, this property enjoys a prime location and strong tenant demand. The facility features 8-foot ceilings and is currently managed remotely, offering potential for increased efficiency and profitability. This is a rare opportunity to acquire a well-established, high-performing self-storage asset in a desirable market. The property's strong performance and strategic location make it an ideal addition to any investment portfolio. Financial information provided is based on pro-forma data as of October 6, 2024.

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0759

Longitude

-78.4689

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