Traditional Site

550 Newtown Road - Littleton, MA  01460

Sav-Space Storage is a 56,000 gross square foot building which currently houses a 30,800 net rentable square foot self storage facility on 35+/- acres in Littleton, MA. The concrete block building was constructed in 1960 as a manufacturing and testing plant for telegraph equipment. Presently there are 237 climate controlled units that range in size from 5x5 to 10x21. Amenities at this property include climate controlled storage, 24 hour video surveillance, dock height loading, document storage, daily postal service, insurance and a very convenient location. In addition to the existing storage there is 4,300 square feet available for new units to be built in phases 3 and 4. On the third floor is 12,040 SF of office space that can remain or maybe converted to more self storage. The current owners originally bought the property in 1999 and used it primarily to house their mortgage business operations. As a result of the economic downturn they closed the mortgage business, pursued other ventures, moved out of the building and only half-heartedly have managed the self storage facility as absentee owners since 2009. The bottom line for this facility will be increased by employing the following upside strategies:
1) rental rates to market standards for new customers
2] build out and lease up phases 3 and 4 that total 4,300 SF
3) utilize the parking area and additional acreage for portable drive-up units, RV and boat storage
4) rent 12,040 SF of office or convert it to self storage
5) upgrade web presence to allow online rentals, payments and institute a mobile App
6) employ a full time manager to staff the onsite rental office which is currently unmanned

This acquisition offers a new owner the benefits of cash flow from day one of operations as well as the ability to progressively add value to the facility

$3,875,000
Property Type:
Traditional Site 
Status :
Available 
Gross Square Feet:
56,000 Sq Ft
Rentable Square Feet:
30,800 Sq Ft
Acreage:
35.00 Acres
Number of Units:
237 Unit(s)
Room For Expansion
Yes
Days Listed:
17 Days
Updated:
10/01/18 

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