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  • Sold
CubeSmart Storage - Metairie (Managed) - #1
CubeSmart Storage - Metairie (Managed) - #2

CubeSmart Self Storage – Metairie, a 3rd Party managed facility, is
an institutional quality asset that has prominent visibility and ease of
access along North Causeway Boulevard, a major 5-lane thoroughfare
that connects New Orleans to Mandeville. This facility is a five-story
climate-controlled building situated on a 1.0744-acre parcel. CubeSmart
– Metairie offers tenants 97,000 rentable square feet and 1,050 units,
ranging in size from 5’ x 5’ to 10’x 30’. In addition, there is an approximate
3,500 sf retail suite on the ground floor that is currently being marketed
for lease. Ownership has considered seeking approvals to convert this
space into self storage if retail proves not to be the highest and best use.
This asset opened in March 2019 and has steadily increased physical
occupancy to 67.5%.
Located on the southern shore of Lake Pontchartrain, Metairie is a
densely populated area which recently was ranked the 5th largest Census
Designated Place (CDP) in the United States. The 3-mile radius has a
population density of 118,461 individuals, while the population within
the 5-mile radius swells to 268,790 individuals. Communities serviced
by CubeSmart include Bucktown, West End, Bonnabel Place, as well as a
variety of other Metairie neighborhoods. According to Yardi Matrix, the
current saturation within a 3-mile radius is estimated at 7.33 square feet
per person, with 57% of the total square footage being over 15 years old.

  • 01/12/2022
  • SOLD