South Shore Self Storage in Lynbrook, N.Y., recently sold for $2.1 million to Omega Self Storage, which operates four other facilities in Long Island, N.Y., and New Jersey. This former industrial building in Nassau County was converted to a 29,158-square-foot climate-controlled self-storage facility that also offers 13,200 square feet of parking. It sold at a 9.5 percent cap rate, according to the Argus Self Storage Sales Network.
The in-town location offers good exposure and heavy traffic, Argus said in a press release. Omega saw the upside potential of this location and intends to update the facility.
The seller was represented in the transaction by Linda Cinelli of LC Realty, a broker affiliate who represents Argus in North New Jersey and the New York City/Long Island markets.
The sale was financed with a Small Business Administration loan through M&T Bank.