Castle Mini Storage
Self Storage | 247 Units
Marketing description
Castle Mini Storage – Rockville is a well-positioned self-storage facility located in Rockville, MD. Built in 1979, the property is currently 85% physically occupied and 77% economically occupied, encompassing a total of 27,035 NRSF across 247 self-storage units.
The surrounding market benefits from strong demographics and a structurally undersupplied self-storage landscape, with just 5.4 square feet per capita, supporting consistent demand for both household and commercial storage. Limited nearby competition and strong local economic drivers further reinforce the property's strategic positioning within the Rockville submarket.
Current operations present a clear value-add opportunity, with the potential to increase Net Operating Income to $413,823 in Year 1 through lease-up and mark-to-market rent growth. The offering represents a rare opportunity to acquire a well-located storage asset positioned to capitalize on sustained demand growth in the Rockville market.
Investment highlights
- Severely Undersupplied Trade Area - Rare Opportunity To Acquire a Near-Stabilized Asset in a Severely Undersupplied Market, With Just 5.4 Square Feet Per Capita Within 3 Miles and 4.0 Square Feet Per Capita Within 5 Miles.
- Affluent Dense Demand Base - Positioned in a Highly Affluent Trade Area With 170,000+ Residents Within 3 Miles and Median Household Incomes Nearly Twice the U.S. Average, Supporting Long-Term Rental Rate Growth
- Clear Value-Add Modernization Opportunity - Value-Add Investment Opportunity To Modernize Access to Second-Floor Units With Elevator Lifts, Unlocking Premium Rental Rates and Potentially Increasing GPR by 15% Over Current Stabilized Projections
- In-Place Occupancy & Rent Upside - The facility is currently 85% physically occupied with economic occupancy at 77%, indicating embedded lease-up and pricing upside. With current average rents at $1.66 PSF versus stabilized levels at $1.99, there is approximately 20%+ embedded rental rate growth potential.
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