Fulton Realty Capital advised a private client on the acquisition of a self-storage property located in Ocean City, NJ. Fulton's team of real estate professionals sourced and negotiated the transaction, as well as arranged ten-year bank debt financing.
The property contains 11,000 rentable SF of self-storage with nearly 200 climate-controlled units, and two commercial spaces. There is significant upside potential through rental rate increases and strict municipal building codes will limit future competition in the market.
The facility will be operated by a professional, third-party management company. Performance will be improved through implementation of revenue management systems and maximizing use of its tenant insurance program.
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