The Cushman & Wakefield Self Storage Advisory Group has been exclusively retained to offer for sale the Core New York City Self Storage Portfolio Opportunity.

The offering comprises two Class A, purpose-built, multi-story self storage facilities in supply constrained NYC borough submarkets – 1301 Avenue M in Brooklyn (built 2020) and 2036 Webster Avenue in the Bronx (built 2021) – totaling 138,962 rentable square feet (RSF) across 2,431 units. Each is a four-story, elevator-served building (two elevators each), fully climate controlled, with unit mixes ranging from ~15 to 310 square feet (including standard and rolling-stair access lockers). Avenue M comprises 70,559 SF of self-storage and 16,586 SF of lockers (87,145 total RSF), and Webster Ave comprises 35,292 SF of self-storage and 16,525 SF of lockers (51,817 total RSF). Both are physically stabilized as of August 2026 at 97.5% square-foot occupancy at Avenue M (97.8% self-storage / 96.2% lockers) and 94.0% at Webster Ave (92.5% self-storage / 97.0% lockers). Avenue M is owned fee simple; Webster Ave is controlled under a long-term ground lease (current ground rent $247,500/year) carrying a 38-year renewal option that extends control to ~2065, plus an option to purchase the underlying fee interest— exercisable during lease years 20 through 28 (approximately 2037 to 2046) — at land value (floor of ~$4.5–$5.0 million), providing a path to fee simple ownership.

Both stores reached physical stabilization over the last three years, with square-foot occupancy climbing from ~80% to 97.5% at Avenue M and ~74% to 94.0% at Webster Ave. Revenue kept climbing after occupancy leveled off: the in-place rent roll grew 47% at Avenue M and 39% at Webster Ave over the period. With the stores full, rate now drives revenue growth, led by the operator’s existing-customer rate-increase (ECRI) program — the number of increases applied grew to roughly 2,130 per year at Avenue M and 1,415 at Webster Ave, up from ~1,760 and ~985 three years earlier, lifting the in-place rent roll another 16% and 7% in the latest year alone. Even after recent rent increases, achieved rates remain significantly below market levels, with Avenue M and Webster Ave operating at approximately 20% and 12% discounts to competitors, respectively. The portfolio has demonstrated exceptional pricing elasticity, absorbing past increases with minimal impact on occupancy as seen by occupancy staying in the 90’s consistently. This combination of proven pricing power and substantial mark-to-market potential creates a clear path for sustained NOI growth and the opportunity to unlock significant embedded value through continued revenue management execution.

Avenue M and Webster Ave sit among the densest and most storage-starved markets in the country — high renter share, small living spaces, and little developable land — which supports both high occupancy and premium rents. Both assets also carry ICAP real-estate-tax abatements secured before New York excluded self-storage from the program in 2020 — a significant expense advantage that new competitors can no longer obtain. That exclusion, extended and broadened in 2025 and layered on existing special-permit zoning for new storage, means ground-up development rarely pencils today. Strong, durable demand, an embedded tax advantage, and a hard cap on new supply protect the current cash flow and support continued pricing power.

Seller will consider individual offers on these assets.