Investment Overview

The Storage Mall Toms River is an opportunity to purchase two value add facilities in the Toms River, New Jersey market. The central New Jersey, coastal town, serves as a bedroom community to people working in New York City. Toms River is a positive growth market and also ranked as one of the safest cities in the United States The Storage Mall locations are positioned approximately two-miles from each other creating an ease of operations from one central office at the James St. location. Currently, the property is managed by one employee, and the property owner has implemented online rental programs, online payments, call center support and access control that integrates with the properties website and management software. The highly automated site has reduced the need for more than one 40 hour per week employee. Future investors in The Storage Mall properties would benefit from an aggressive revenue management program, value pricing strategies and capital improvement projects. The property is currently achieving in place tenant rates that are 31% below market rental rate averages, per Radius Plus. An aggressive management program will allow an investor to remain the Discount Storage Facility in the market while still raising NOI through increasing occupancy. The 3-Mile rental market currently has just over 5.5 SF of Self Storage per person for a population of just over 68,000. The Median Household Income in the market is just north of $111,000. The James St. location previously had a rental house on the parcel, but the house was demolished in 2021 to prepare for a potential expansion. The expansion hasn't been approved with the township, but it was part of the ownerships' long term investment plan prior to considering a sale of both locations. While there is new supply in the market, the market can still withstand an expansion at the James St. location.