Investment Overview

Marcus & Millichap is please to offer for sale Salisbury Self Storage which is approximately 36,485 +/- NRSF of drive up storage, parking and U-Haul truck rentals. The property features an electric gate with entry and exit keypads, security cameras, onsite management office, fences on all sides and paved drive aisles. U-Haul rental activity has been significant at this property and had net commissions of almost $40,000 in 2023. The property was built in 1980, and has been well maintained under current ownership. Historically, the property has maintained occupancy between 85% to 95% annually. The property does experience an uptick in rental activity in the warmer weather months and a decline in occupancy from November through March, which is consistent with properties located in the Mid-Atlantic. The Salisbury, MD market has been a solid self storage rental market historically featuring a population of almost 74,000 in a 5-mile radius. In a 5-mile radius there are two self storage development projects that were approved within the last 4 years, however both projects appear to have been abandoned for the time being. The property is located just off of US Route 50, which is a major travel artery through Salisbury to popular vacation shore destinations such as Ocean City, MD. The property is located approximately 5 miles south of the Delaware state line and US Route 13 is a second major travel artery that supports travelers coming from Wilmington and Dover, DE. Salisbury Self Storage is an excellent investment for a buyer looking for a turn key operation that has all of the pieces in place for onsite management and truck rentals. A future operator would benefit from a new website, increased revenue management implementation, increased automation and a reduction in onsite payroll due to the property being less than 40,000 NRSF.