$14,820,000 | 70,395 SF | Public Storage (managed) | New Castle, DE

Colliers is pleased to present an exceptional investment opportunity: the exclusive offering of a Public Storage–managed self‑storage facility located at 4093 New Castle Avenue in New Castle, Delaware. Originally constructed as a pallet warehouse, the 70,395-square-foot single‑story building underwent a high‑quality institutional conversion in June 2020. Since completion, the facility has achieved rapid stabilization and continues to demonstrate consistently strong physical occupancy.

Strategically positioned along I‑495, which carries an average daily traffic count of 93,057 vehicles, the property offers exceptional visibility and accessibility. Located just 2.2 miles from downtown Wilmington, the facility serves a dense and growing customer base. Situated on approximately 4.81 acres, the asset comprises 70,395 rentable square feet, fully climate‑controlled, across 752 storage units, supplemented by 50 surface parking spaces. An additional 28 units are located on a mezzanine level above the management office and are accessed via an interior staircase.

The property is ideally positioned to benefit from favorable regional demographics and limited competing supply. Within a five‑mile radius, the population totals 181,999 residents with a projected 1.8% annual growth rate. According to Yardi, the self‑storage saturation rate is 5.04 square feet per capita within three miles and 6.39 square feet per capita within five miles—comprised of 2.61 square feet of climate‑controlled space and 3.77 square feet of non‑climate space. These metrics underscore the area’s below‑average supply and support continued rent growth.

This best‑in‑class facility features a spacious management office, multiple covered loading zones with controlled access, motion‑activated LED lighting throughout, comprehensive 24‑hour video surveillance, a new TPO membrane roof, a full‑perimeter security fence with an access‑controlled gate, and extensive exterior lighting. Together, these amenities enhance operational efficiency, tenant convenience, and long‑term asset durability.

The asset is being offered for $14,820,000, representing a T‑12 cap rate of 6.0% and delivering a projected 7‑year IRR of 17.1%. This opportunity allows investors to acquire an institutional‑quality self‑storage facility with a proven operational track record in a high‑demand, supply‑constrained market. With its prime location, superior conversion quality, and comprehensive amenity package, the property is exceptionally well‑positioned for sustained performance and long‑term value creation.