4093 New Castle Ave
New Castle, DE 19720

The Self Storage Group of Colliers International is pleased to exclusively offer to qualified investors the opportunity to purchase at Certificate of Occupancy New Castle Storage located at 4093 New Castle Avenue in New Castle, Delaware. Most recently a pallet warehouse, this 93,627 GSF single-story building is on schedule to open as an institutional quality self storage conversion in June of 2020. New Castle Storage is strategically located adjacent to I-495 (103,145 AADT) and just 2.2 miles from downtown Wilmington, DE. New Castle Storage consists of a single-story, 100% climate-controlled building, sitting on approximately 4.81 acres. This facility will offer tenants 71,410 RSF and 744 units, including 40 open air parking spaces. Twenty-seven units are in a mezzanine area above the management office and are accessible by staircase. New Castle Storage will offer its tenants superior amenities, including a spacious management office, multiple covered loading areas with controlled access, numerous 24-hour video surveillance cameras, brand new TPO membrane roof, full perimeter fence with access control gate, and abundant security lighting. This highly visible asset benefits from the area’s strong demographics as well as the low saturation of self storage. Currently, there are 96,517 individuals within 3 miles of this facility, with this population forecast to continue growing by 1.1% annually. Yardi calculates the 3-mile saturation as 3.0 sf per capita. Radius Plus calculates the total 3-mile saturation as 4.4 sf per capita, which they break down as 1.9 sf of climate controlled and 2.5 sf non-climate storage. The direct competitors enjoy strong rents and high occupancies due to the lack of supply in this corridor. The purchaser of the New Castle Storage will be acquiring an institutional quality asset in a densely populated market that offers high rental rates and low saturation. The prominent location, quality of conversion, and first-class tenant amenities will accelerate New Castle Storage’s lease-up period and justify even higher rental rates than have been incorporated in the proforma.