Office For Sale in 06615
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Address
Asking Price
225 Lordship Boulevard
225 Lordship Blvd
Stratford, CT
Lot Size:2.05Acres
The Opportunity
The Self Storage Group of Colliers International is pleased to exclusively offer to qualified investors the opportunity to purchase the CubeSmart (managed) self storage property located at 225 Lordship Boulevard in Stratford, Connecticut. This newly constructed, 100% climate control facility is strategically located along the I-95 interstate highway corridor with interchange access from both directions less than .25 miles away. Over 120,000 vehicles per day pass by the Lordship Boulevard exit on I-95, while 22,000± vehicles per day pass directly in front of the property along Lordship Boulevard.
This CubeSmart facility was part of an overall redevelopment plan for the site where the former Stratford Hotel & Conference Center last operated in 2016. The developers (Empire Residential, LLC) purchased this site in late 2016 and have since converted the former 6-story hotel building into a 70-unit apartment facility (Empire 225). This luxury apartment facility, which opened in late 2019, is currently 100% leased. The redevelopment plan also included the 4-story CubeSmart self storage facility we are marketing herein as well as one or two commercial pads in front of the apartment complex. The construction of the CubeSmart facility is scheduled to be completed in early 2021 with certificate of occupancy expected in early to mid-February.
This newly built structure is a 4-story, 100% climate control facility with 914 units ranging in size from 5’x5’ to 10’x30’. In addition, outside of the building and along the south property line there are 11 parking spaces available for rent.
Not only will this new CubeSmart benefit from its excellent location just off of I-95, it will also benefit from the limited amount of self storage competition within a 3-miles radius. We calculate the 3-mile saturation to be 3.73 square feet per capita for exiting self storage space. This number increases slightly to 4.47 square feet per capita when accounting for proposed subject facility as well as others in the development pipeline. More importantly, Radius indicates there is a limited supply of existing climate control space within 3 miles of the subject (only .5 square feet per capita).
This asset is being offered for $17,950,000, which indicates a 6.58% cap rate based upon a stabilized NOI projection of $1,181,161. Ultimately, the purchaser of this CubeSmart will be acquiring a brand new, institutional quality asset that will compete very well in its market, especially considering the limited supply of competing self storage space.
$31,724
35 & 45 Mayfair Pl
Stratford, CT
Building Size:16,000SF
$1,698,000
500 Ferry Blvd
Stratford, CT
Building Size:2,619SF
~
2595 Main St
Stratford, CT
Building Size:7,551SF
$949,500
919 Stratford Avenue
919 Stratford Ave
Stratford, CT
Building Size:1,368SF
LOVELY FIRST FLOOR UNIT WITH PRIVATE BATHROOM, FONT AND REAR DOORS LEAD TO TWO PARKING AREAS
$50,000
125 Masarik Ave
Stratford, CT
Exterior facade is brand new, roof replaced in 2008. Gas heat, city sewer, city water. 14’ clear in shop, no columns, clear span, concrete floor. 400 amps, 3 phase, 4 wire, 120/208 volt
$690,000
25 Sherman Street
25 Sherman St
Stratford, CT
Lot Size:0.38Acres
$649,000
937 Stratford Avenue
937 Stratford Ave
Stratford, CT
$54,000
541 Honeyspot Road
541 Honeyspot Rd
Stratford, CT
Lot Size:0.73Acres
$750,000
427 Honeyspot Road
427 Honeyspot Rd
Stratford, CT
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Market Stats
06615 has 65 commercial real estate spaces for lease, representing 1,515,090 sqft space. 40 buildings are available for sale.
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