228 Willow AveLong Branch, NJ 07740

Property Details for 228 Willow Ave

Year built

2003

Lot size

0.86 AC

Property size (Sq ft)

18,824 SF

Zone code

C-3

Property type

Other commercial real estate

APN

27 00158-0000-00023

APU

2700158000000023

Description

This exceptional Class A self-storage facility in Long Branch, NJ, offers a compelling investment opportunity. Built in 2003, the property comprises two, two-story buildings totaling 14,125 net rentable square feet on a 0.86-acre lot. Currently boasting a 90% occupancy rate, the facility presents significant upside potential for increased revenue through leasing the remaining 10% and strategic rate adjustments. The property benefits from recent upgrades including online rental capabilities, property enhancements, and the implementation of professional management software, all managed remotely for enhanced efficiency and cost savings. Located in a high-demand area with robust demographics – an average household income of $143,000 and a dense population of 57,000 within 3 miles and 113,000 within 5 miles – this facility enjoys a unique market position as the sole self-storage provider within a one-mile radius. The current NOI is $223,692, with a pro-forma NOI of $330,661 and a pro-forma cap rate of 8.82%. The asking price is $3,750,000, representing a price per square foot of $265.49. The property is stabilized and offers a strong current cap rate of 5.97%. The anticipated occupancy date is May 29, 2024. This is a rare opportunity to acquire a well-positioned, high-performing self-storage asset with substantial growth potential.

• Alternative Use

  Use

  Valuation

  Residential

  $3,982,402

  Hospitality

  $3,647,859

  Educational

  $3,034,976

  Medical

  $3,139,353

  Retail

  $4,721,073

Location Insight

City

Long Branch

County

Monmouth

State

New Jersey

Latitude

40.2958

Longitude

-73.9895

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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