Langhorne, PA Storage Development
300 Woodbourne Road is a 2.83-acre parcel, a 120,000 square foot, Class-A self-storage facility, located in Langhorne, Pa, a densely populated Northeast suburb of Philadelphia (roughly 20 miles from Downtown Philadelphia). This property is a former Aldi Grocery Store in a very under-supplied self-storage trade area, adjacent to several national, regional and credit retailers, as well as numerous residential neighborhoods.
The Project is in a very strong self-storage trade area, with average occupancy above 95% in this 3-mile submarket. The trade area is also substantially undersupplied at 4.95 sq. ft. per capita, including the Project’s completed (net rentable) square footage. These market dynamics provide a unique set of conditions for the long-term success and growth of the Project.
With a competitive total project cost (approximately $132 p/s/f), limited availability of additional land, a strong project location, and high self-storage rental rates in the submarket, PSG is expecting 300 Woodbourne Road to be a superb Class A self-storage project, providing an estimated 20 – 24% net internal rate of return over the six-year investment period.