$16,840,000 | 70,395 SF | Public Storage (managed) | New Castle, DE

Colliers is pleased to present a premier investment opportunity: the exclusive offering of a Public Storage-managed facility at 4093 New Castle Ave, New Castle, Delaware. Originally a pallet warehouse, this 93,627-square-foot, single-story building was expertly converted into an institutional-quality self-storage facility in June 2020. Since its transformation, the asset has rapidly stabilized, achieving an impressive 93.7% physical occupancy.

Strategically positioned adjacent to I-495, with an average daily traffic count of 89,797, and just 2.2 miles from downtown Wilmington, DE, this facility offers outstanding visibility and accessibility. Spanning approximately 4.81 acres, New Castle Storage is a fully climate-controlled, single-story property comprising 70,395 rentable square feet across 752 storage units, including 50 open-air parking spaces. An additional 28 units are located on a mezzanine level above the management office, accessible via staircase.

This facility is well-positioned to capitalize on strong regional demographics and low self-storage saturation. Within a five-mile radius, the population stands at 181,819, with projected annual growth of 1.8%. According to Yardi, the three-mile saturation rate is 5.04 square feet per capita, while the five-mile rate is 6.28 square feet per capita—comprising 2.51 square feet of climate-controlled storage and 3.77 square feet of non-climate storage.

Best-in-class amenities are offered at this facility, including a spacious management office, multiple covered loading areas with controlled access, motion-activated LED lighting throughout, extensive 24-hour video surveillance, a brand-new TPO membrane roof, a full-perimeter security fence with an access-controlled gate, and ample exterior security lighting.

This Public Storage-managed asset presents a rare opportunity to acquire an institutional-quality asset with a strong operational track record. Positioned in a high-demand, densely populated market characterized by strong rental rates and low self-storage saturation, this investment is well-positioned for continued growth. The combination of a prime location, superior conversion quality, and first-class tenant amenities ensures long-term value and sustained investor success.