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CubeSmart Self Storage (Managed)
3 Keyes Way, West Warwick, Rhode Island 02893
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Property Info
Price: $12,250,000
Units: 549
Year Built: July 2023
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Download Marketing Package
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Broker Contact Info
Luke Dawley
614.360.9807
Luke.Dawley@marcusmillichap.com
Opportunity
The Market
Investment
Map
Providence MSA, Newly Built, Class-A Self Storage Facility
POPULATION
In 2023, the population in your selected geography is 120,333. The population has changed by 5.24 since 2010. It is estimated that the population in your area will be 121,744 five years from now, which represents a change of 1.2 percent from the current year. The current population is 48.8 percent male and 51.2 percent female. The median age of the population in your area is 43.9, compared with the U.S. average, which is 38.7. The population density in your area is 1,529 people per square mile.
HOUSEHOLDS
There are currently 51,061 households in your selected geography. The number of households has changed by 6.68 since 2010. It is estimated that the number of households in your area will be 51,765 five years from now, which represents a change of 1.4 percent from the current year. The average household size in your area is 2.3 people.
INCOME
In 2023, the median household income for your selected geography is $74,439, compared with the U.S. average, which is currently $68,480. The median household income for your area has changed by 28.23 since 2010. It is estimated that the median household income in your area will be $90,098 five years from now, which represents a change of 21.0 percent from the current year.
The current year per capita income in your area is $44,916, compared with the U.S. average, which is $39,249. The current year’s average household income in your area is $105,166, compared with the U.S. average, which is $100,106.
EMPLOYMENT
In 2023, 65,636 people in your selected area were employed. The 2010 Census revealed that 64 percent of employees are in white-collar occupations in this geography, and 17.3 percent are in blue-collar occupations. In 2023, unemployment in this area was 4.0 percent. In 2010, the average time traveled to work was 25.00 minutes.
HOUSING
The median housing value in your area was $334,554 in 2023, compared with the U.S. median of $268,796. In 2010, there were 32,422.00 owner-occupied housing units and 15,440.00 renter-occupied housing units in your area.
EDUCATION
The selected area in 2023 had a higher level of educational attainment when compared with the U.S averages. 13.2 percent of the selected area’s residents had earned a graduate degree compared with the national average of only 12.7 percent, and 21.6 percent completed a bachelor’s degree, compared with the national average of 20.2 percent.
The number of area residents with an associate degree was higher than the nation’s at 9.8 percent vs. 8.5 percent, respectively.
The area had more high-school graduates, 27.5 percent vs. 26.9 percent for the nation, but the percentage of residents who completed some college is lower than the average for the nation, at 19.7 percent in the selected area compared with the 20.1 percent in the U.S.
• Providence MSA, Newly Built, Class-A Self Storage Facility
• Opened in July 2023
• 57,150 Net Rentable Square Feet
• 530 CC Units & 19 NCC Units
• Sellers Have Site Plans and Approvals for a Two-Story, 50,000 NRSF Expansion Building Located Behind the Existing Building
• Rooftop has Solar Panels Adding $34,000+ in Gross Income in Year 1
• Dense Surrounding Population: 120,333 People Living Within Five Miles
• Affluent Market: Average Household Income Within One, Three, and Five Miles is Well Above the National Average
• Average HHI: 1-Mile: $106,499 | 3-Miles: $108,393 | 5-Miles: $105,166