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1240 Mount Olivet Rd NE - Extra Space Storage (Managed) - DC 53,491 SF Specialty Building Offered For Sale in Washington, DC 20002
INVESTMENT HIGHLIGHTS
- Phenomenal Opportunity To Acquire a Facility with 95% Physical Occupancy and Demand Supporting a 16% Rate Increase Year 1
- One-Mile Population Growth Rate is Nearly 5 Times Higher than the National Average
- The 3-Mile Radius Boast Median House Hold Incomes of Over $120,000 Supporting Strong Rate Growth
- Extremely Under Supplied for a Major Metro Area at 5.15 Square Feet per Person at Three Miles and 4.62 Square Feet per Person at Five Miles
- Approximately 59 Percent of Occupied Homes in the 3- Mile Radius are Rentals dramatically Increasing the Demand for Self-Storage
- Tract IQ Reports Shows $42B+ in the Five-Mile Residential Development Pipeline Totaling 95,000+ Units
EXECUTIVE SUMMARY
Extra Space Space DC, located at 1240 Mount Olivet Road Northeast, Washington, DC, presents a prime opportunity to acquire a well-stabilized self-storage facility in a thriving market. The property spans 53,491 net rentable square feet (NRSF) across 723 self-storage units. Built in 2021, the facility is currently operating at 95% physical occupancy and 90%economic occupancy, with a strong potential for rate growth. The surrounding 5-mile radius includes over 780,255 residents, and the storage supply in the
area is 4.62 SF per capita, indicating robust demand with limited competition. The facility benefits from its strategic location near major traffic corridors, including Mount Olivet Road (19,700 vehicles per day) and West Virginia Avenue (10,300 vehicles per day), ensuring high visibility and access for potential customers. The median household income within this 5-mile radius is $106,533, reinforcing demand from the area's higher-income households who are more likely to seek quality, secure storage options.
The market conditions in Washington, DC, characterized by a steady population growth rate and an undersupplied trade area with minimal self-storage competition, create an attractive environment for long-term investment. With limited new storage development in the pipeline, this facility stands out as a highly attractive acquisition.
area is 4.62 SF per capita, indicating robust demand with limited competition. The facility benefits from its strategic location near major traffic corridors, including Mount Olivet Road (19,700 vehicles per day) and West Virginia Avenue (10,300 vehicles per day), ensuring high visibility and access for potential customers. The median household income within this 5-mile radius is $106,533, reinforcing demand from the area's higher-income households who are more likely to seek quality, secure storage options.
The market conditions in Washington, DC, characterized by a steady population growth rate and an undersupplied trade area with minimal self-storage competition, create an attractive environment for long-term investment. With limited new storage development in the pipeline, this facility stands out as a highly attractive acquisition.
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.42 AC |
| Property Type | Specialty | Building Size | 53,491 SF |
| Property Subtype | Self-Storage | No. Stories | 7 |
| Building Class | B | Year Built | 2021 |
| Zoning | PDR-1 - Production, Distribution, and Repair zones, which allow for industrial and commercial activities. | ||
| Sale Type | Investment |
| Property Type | Specialty |
| Property Subtype | Self-Storage |
| Building Class | B |
| Lot Size | 0.42 AC |
| Building Size | 53,491 SF |
| No. Stories | 7 |
| Year Built | 2021 |
| Zoning | PDR-1 - Production, Distribution, and Repair zones, which allow for industrial and commercial activities. |
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Walk Score®
Very Walkable (80)
PROPERTY TAXES
| Parcel Number | 4092-0007 | Improvements Assessment | $14,952,477 CAD |
| Land Assessment | $3,041,312 CAD | Total Assessment | $17,993,789 CAD |
PROPERTY TAXES
Parcel Number
4092-0007
Land Assessment
$3,041,312 CAD
Improvements Assessment
$14,952,477 CAD
Total Assessment
$17,993,789 CAD
CONTACTS
-
Jennifer Stein Real Estate Inc Jennifer Stein -
Scott
Schoettlin
-
Hunter
Sells
-
Keith
McCoy
- Jennifer Stein Real Estate Inc
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Jennifer Stein Real Estate Inc
1240 Mount Olivet Rd NE - Extra Space Storage (Managed) - DC
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