318 Mclean Boulevard - Paterson, NJ 07504
The Paterson Self-Storage Development Opportunity is located 20 minutes from the Union Self Storage Development Opportunity and has the same owners.
The Mele Group of Marcus & Millichap is pleased to exclusively offer the Paterson Self-Storage Development in Paterson, New Jersey, a component of the New York-Newark-New Jersey City, NY-NJ-PA Metropolitan Statistical Area.
The proposed self-storage development opportunity is located within the center of Paterson's historical district and populous residential corridor. The site features numerous advantages that allow it to stand out as a premier self-storage facility and ideal investment asset, including an excellent housing profile, strong visibility from multiple highways and exceptional traffic counts. The heavily-populated residential zone that surrounds the facility is perpendicular to the East Side Historic District and the East Side Park, which is a prominent division consisting of several historic mansions. Upon completion, the Class A, four-story facility is projected to yield a gross building area of 124,000 square feet and 93,000 rentable square feet. Approval will yield a well-located self-storage parcel consisting of 1.75 acres with ample parking for consumer convenience. The facility will also exhibit large pylon signage which will illuminate the facility and enhance visibility from high-traffic areas. An investor will have the unique opportunity to construct a multistory facility upon this parcel that will exemplify the best of the market in terms of construction and architectural design.
Ideally situated at 318 McLean Boulevard in the heart of Paterson, the proposed site will feature preeminent self-storage in the city's lively residential corridor. The site features excellent visibility and direct access to and from U.S. Highway 20, a heavily-frequented thoroughfare within the region, which maintains solid traffic counts of over 75,000 vehicles per day. The subject is situated within a mile from Interstate 80, which has a vehicle count of over 130,000 per day. Broadway Avenue is approximately two miles from the property, sustaining over 64,000 vehicles daily. The self-storage parcel will be perpendicular to a plan of proposed retail developments which will be subdivided into a separate tax lot. The concept plan will directly benefit the subject by drawing additional traffic into the immediate vicinity. There is a preliminary irrevocable site plan approval expected by Fall of 2018 for the proposed retail development.
Directly neighboring the proposed facility is a prominent community with an active retail district and several parks that maintain a historical charm, including the East Side Park, the East Side Park Historic District, and the Artesian Fields County Park. In addition to a flourishing residential corridor, the surrounding vicinity sustains a dense volume of nationally-recognized retailers and parks, drawing in consistent traffic on a daily basis. Among the numerous national retailers lining this thoroughfare is Lowe's Home Improvement directly across from the property. The site is also less than a mile from BP gas station, McDonald's, Dunkin' Donuts, Enterprise Rent-A-Car and Sunoco gas station. The property is perpendicular to Lowe's Home Improvement, Pep Boys and Exxon gas station. The subject is also approximately 1.5 miles from Goodwill, Kmart, Walgreens and PNC Bank. The surrounding three-mile population boasts an estimated 333,455 individuals among 107,133 households, indicating that the proposed self-storage facility will benefit from ideal residential demographics.
Paterson is a well-established community in the most denselypopulated metropolitan region in the country, as the New York Metropolitan area consists of over 20 million individuals as of 2017. Paterson serves as the county seat of Passaic County, and is also the largest city in Passaic County with the second-highest density of any U.S. city with over 100,000 people, trailing only New York City. The county maintains high population counts while offering a quaint suburban lifestyle, as it is situated approximately 20 miles from New York City. Passaic County attracts residents and visitors with its unique landscapes and parks, including several scenic outlooks provided by The Passaic County Park System. This region will remain stronglypopulated due to its residential appeal combined with convenient proximity to New York City.
The Paterson Self-Storage Development Opportunity is being offered at $5,000,000.