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Location - The property is situated along the east side of North American Street, just south of Cecil B Moore Avenue in Philadelphia, Pennsylvania.
Acres - +/- 0.489 acres (21,301 square feet)
Frontage - +/- 175 feet along the east side of North American Street
Traffic Count - +/- 10,400 VPD
Utilities - Water and sewer services are provided by PWD. Electric service is provided by PECO. Natural Gas Service is provided by PWG.
Year Built - The facility opened for business in November 2020.
Construction Detail - The facility is comprised of a single four-story building.
Elevator Detail - The facility has two Thyssen Krupp elevators with a capacity of 4,500 pounds.
Apartment - There is no apartment at the facility.
Office - The facility has a retail oriented customer service office which is approximately 1,500 square feet in size (including restrooms, breakroom and utility room).
Climate Controlled - The facility is comprised of 100% climate controlled self storage units.
Features and Amenities - The facility has electronic access control, 24-hour video surveillance, climate controlled units, gated covered parking units, elevator access to upper floors drive-in loading and a retail oriented customer service office.
Management - The property is professionally managed by CubeSmart.
Security - The facility is equipped with a 24-hour video surveillance system.
Operation Hours (Office) - Monday through Friday - 9:30 am to 6:00 pm; Saturday – 8:30 am to 5:00 pm; Sunday - 11:00 pm to 3:00 pm
Operation Hours (Access) - Monday through Sunday - 6:00 am to 10:00 pm
Offering Price - Unpriced
Rentable Square Feet - 67,949
Effective Rental Rate - Climate Controlled - $40.79 psf
Number of Units - 846
Current Occupancy - Economic - 12% ; Physical - 28%
Offer Deadline - August 6, 2021
New Class A Construction in Philadelphia - Fishtown Self Storage opened for business in November 2020 and was constructed to Class A standards with an attractive design and all modern features and amenities.
Densely Populated Urban Location - There are over 58,300 residents within a one-mile radius of the property and over 442,800 residents within a three mile radius of the property. The average household income within one-mile of the property is over $75,400 per year and the average household income within three-miles of the property is $81,300 per year. The existing self storage competition within a three-mile radius is limited at approximately 2.96 square feet per person.
Surrounded by New Residential Development - There are 58 new residential projects either planned or currently under construction within one-mile of the property, comprising over 6,400 new housing units.
Real Estate Tax Exemption - The developers of the property obtained a 10-year tax (transferrable) real estate tax abatement, whereby the property owner is exempt from paying taxes on the assessed value of the improvements and is only taxed based on the assessed value of the land. The real estate tax exemption became effective January 1, 2021.
Thriving Submarket in Top-10 MSA – Fishtown Self Storage is located in the Fishtown neighborhood of Philadelphia, which is situated just north of the Central Business District.
- The Philadelphia MSA is the eighth-largest in the country in terms of its total population and also has the eighth-largest labor force in the country with over 3.3 million workers. 38% of the workforce holds a bachelor’s degree or higher—compared to 32% for the national average.
- Philadelphia’s largest employment sectors include higher education, healthcare/healthcare research, technology and ﬁnancial services, providing a diversiﬁed and growing economy with long-term stability.
- The Fishtown neighborhood is experiencing a rapid revitalization with an inﬂux of new residents and businesses. As result, home values have nearly tripled in the last decade and often are on the market for less than 4 weeks. The current sale to list ratio of 97.6% rivals Williamsburg for highest in the Nation.