Saddle Brook Development
110 Midland Ave Saddle Brook, NJ


 

Price: $3,500,000
Number of Units: 1200
Acreage: 1.4
Square Footage: 131,000

 

Marcus & Millichap is pleased to offer this 131,776 square foot self storage development opportunity for sale for $3,500,000 or $26.56 per buildable square foot. The 1.34 acres of land sits in an infill location on Route 46 West in Saddle Brook, Bergen County, New Jersey, about 10 miles west of New York City. The proposed four-story climate controlled building has all approvals in place with the Township of Saddle Brook and only requires building permits to be pulled in order to begin construction. The site is located on Route 46 at Midland Avenue and will have ingress/egress on Route 46 with a deceleration and acceleration lane and 45,660 vehicles passing the facility per day. The following national retailers are within a 1/2 mile of the location: Wal-Mart, Modell's, Staples, Taco Bell, Walgreens and Dunkin Donuts, among others. There exists a 147-unit apartment complex directly adjacent to the proposed storage development in the planning stages currently. The Saddle Brook submarket is currently 85.2% physically occupied with market rents for climate control and non-climate control at $22.80/SF and $18.48/SF respectively. This opportunity provides an experienced st The subject property is located in the town of Saddle Brook on the corner of Midland Ave. and US Route 46 (West Bound). The parcel size is 1.35 Acres, zoned for Highway Commercial use that includes Self Storage. All necessary permits to construct a four story 132000 SF Self Storage Climate Control facility are to be delivered during escrow and prior to closing of title. The parcel has direct access and frontage on Route 46. The location of the parcel positions it at the cross roads of several towns (Lodi, Clifton, Paterson, Elmwood Park and Garfield) and makes it accessible to I-80, Garden State Parkway and Route 4. The average climate control storage rental in the market ranges between $2.25-$2.50/SF. The demand and the absorption rate for a climate controlled facility within a 3 Mile radius support the viability of an undertaking such as this project. The Topography of the parcel is flat. There is no evidence of wetlands on the site. The parcel is serviced by the municipal sanitary sewer system and PSE &G