The Self-Storage Advisory Group of Cushman & Wakefield has been exclusively retained to offer for sale the CubeSmart Self Storage in Elkton, MD.

Take advantage of this opportunity to acquire a self-storage facility in mid-lease up in Elkton, MD. This unique conversion project, transformed into a self-storage facility in 2022, spans 63,036 rentable square feet across 659 units. The Property is situated on 9.7 acres and includes 600 climate-controlled first-floor units, 59 open parking spaces with secure gated access, and convenient drive-thru lanes for easy customer access. Plans for additional RV + Boat Storage spaces in front of the facility are currently in the permitting process and await city approval. As of June 1st, the facility has achieved a square foot occupancy of 57.2%.

Situated along East Pulaski Hwy in a Maryland suburb of Wilmington, DE, the facility enjoys prime visibility with an impressive daily traffic count of 31,162 vehicles passing by. The surrounding 5-mile trade area is home to over 61,700 residents, boasting a median household income of $79,154, which is well above the national and state average. Additionally, there are four residential and multifamily projects, comprising 1,187+ units, in various stages of construction within 3 miles of the site, promising continued growth in the trade area.

The facility enjoys a strategic location along Hwy 40, offering convenient access to downtown Wilmington and Baltimore. Nearby retail establishments, such as an Olive Garden across the front parking lot, enhance foot traffic, while the nearby Elkton Commerce Center, an expansive logistics park, is set to attract major distribution companies and drive commercial activity, serving as a crucial logistics point between Philadelphia, Wilmington, Baltimore, and Washington, DC. Cecil County businesses benefit from a capable workforce of over 30,000 people from surrounding counties across three states, with a balanced distribution across Creative, Service, and Working sectors.

This investment offers a golden opportunity to acquire the newest facility in this trade area by over 15 years. Additionally, new ownership is in a prime position to achieve opportunistic returns by leasing up the facility and stabilizing the store. With significant potential to raise current achieved rents to market levels. This facility is poised for substantial revenue growth and success in the competitive market, making it an attractive investment prospect.