Peconic Mini Storage (Long Island)

Property Title

345 Flanders Road
Riverhead, NY 11901

investment highlights

  • Site Plan Approval for a 16,265 Square Foot Class “A” Expansion
  • Above Average Household Income of $107,062 Within 10 Mile Radius
  • Under Supplied Trade Area at 4.32 Square Feet Per Capita Within Three Miles
  • Services the Hamptons, One of The Nation’s Most Affluent Areas
  • Located On a Well-Traveled Roadway at The Fork of The Two Hamptons
  • Traffic Counts of 14,756 Per Day

property summary

Peconic Mini Storage is a 38,160 net rentable square foot storage facility comprised of 424 climate/non climate-controlled units. The property currently has seven metal buildings, two of which are multi-story serviced by a lift. It is located on Flanders Road, a well-traveled two lane roadway with average daily traffic counts of 14,756 and a designated turn lane into the property. Peconic Mini Storage is fully fenced and gated with keypad access and has an on-site leasing office.

After two years of trying, the current owner has received site plan approval to construct two additional buildings that would add approximately 16,265 net rentable square feet of storage space. Due to strict zoning laws and the close proximity to the Hamptons, it is challenging to build new self storage in the trade area. Plans call for one two-story climate-controlled building that will house the new leasing office and one traditional drive up storage building comprised of 10×30 units. The second floor will be accessed via a centralized elevator with a convenient staging area on the first floor. Once constructed, the expansion will replace the 17 outdoor parking spaces that are currently being rented and their income has been removed from the projected financials.

Peconic Mini Storage has faced adversity the past couple years due to the death of a full time onsite manager as well as the assistant manager that took over the full time position. The operations of the property have weakened, and occupancies have decreased as a result. A new owner would benefit greatly from implementing a new, stable onsite management team.

The property services The Hamptons, one of the most affluent areas in the entire country and a popular weekend and summer destination for wealthy New Yorkers. Local demographics are strong with an average ten mile household income of $107,062. The area is also considered to be under supplied with just 4.32 square feet of storage per capita within three miles.

Upside can be achieved through the development and lease up of the class “A” expansion and the implementation of institutional quality marketing and revenue management platforms. The competing properties are primarily of 80’s, 90’s and early 2000’s vintage. Building the approved expansion would allow Peconic Mini Storage to offer the only modern climate-controlled space in an underserved affluent market.

Broker Information

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

Adam Schlosser

First Vice President

Phone: 303.328.2044
Email: aschlosser@marcusmillichap.com
License: CO FA100050407

Conor Reagan

Associate

Phone: 303.328.2076
Email: creagan@marcusmillichap.com
License: CO FA100051575

J.D. Parker

New York Broker of Record

Phone: 212.430.5100
Email: jd.parker@marcusmillichap.com
License: 31PA1159742

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