Main Office
132 Old Post Road
Southport, CT 06890
Phone: 203-255-1700
Fax: 203-259-3030
Mid Atlantic Office
511 W. Beechtree Lane
Wayne, PA 19087
Phone: 610-293-1976
Fax: 610-293-7617
Transaction History
Waterbury Self Storage
2454 East Main St., Waterbury, CT.
Acquired: 1/14/2003
Description
Waterbury Self Storage, located in Waterbury, CT directly off of exit 25 off I-84, is a 51,500 square foot 448 unit facility. The facility sits on 4.7 acres and has additional room to construct more units. During 2003, Edgewood reconfigured the property and added 64 climate control units to the existing 384 dry units.
Investment Rationale
• Strong going in yield of 9.7% on existing NOI of $300,000
• Historically high occupancy of approximately 90%
• The best located and best maintained self storage facility in the market
• Upside through reconfiguring largest unit type to create additional units
Value Added and Current Status
• Reconfigured 17 large, inefficient units into 81 smaller, climate controlled units to increase the unit count by 64 units
• The additional units added over $65,000 of additional potential rent per year
• Improved upon existing marketing efforts by increasing frequency of direct mailing, increased size of Yellow Pages Ad (accounts for 80% of rentals) and new more prominent signage
• Adopted a more diligent, aggressive approach with delinquent renters to realize more revenue