Washburn Self Storage

Industrial for Sale
Also listed as Business Opportunity
Catylist Listing ID: 30822446
Property Subtypes: Self Storage
Building Size (RSF): 11,850 SF
Gross Building Area: See Agent
Gross Land Area: 1.30 Acres
Sale Price: $950,000
Unit Price: $80.17 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.35%
Average Occupancy Rate: 98
Last Updated: 11/28/2022

Overview / Comments

Fronting TN Highway 131, Washburn Self Storage has 11,850 rentable square feet and 88 non-climate-controlled units. The facility utilizes Storedge management software that integrates with keypad entry 24-hour electric gate system. Of four (4) buildings, the first one was built in 2018 and the final two (2) buildings were completed in April of 2022. The facility was stabilized in July 2022 with current occupancy of 98%. The facility has an onsite management office, 24-hour video camera surveillance, perimeter fencing and lighting. Located beside Washburn High School, neighbors include Dollar General, Washburn Post Office and Citizens Bank. This is an excellent opportunity to acquire a stabilized, turn-key facility with new buildings at a highly visible location in Washburn. This location serves neighboring communities of Luttrell, Powder Springs, Thorn Hill and Liberty Hill. County taxes only. NOI includes management expense of 10% and vacancy.

Situated on 1.3 acres, upside exists in ability to expand and raise rents. The addition of buildings will require some dirt work. Historically, rents are only raised as units become available.

Visit WashburnSelfStorage.com; acreage per public record, must verify.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $522 (Annual)
Potential Rental Income $102,384 (Annual)
Gross Operating Income $95,904 (Annual)
Net Operating Income $69,850 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Morristown
County: Grainger
Tax ID/APN: 047 029.08
Site Description: Level
Area Description: On Highway 131 beside Washburn High School.
Total Number of Buildings: 4
Property Condition: Excellent
Year Built: 2018
Year Renovated: 2022
Roof Type: Other
Construction/Siding: Metal Siding
Lot Frontage: 231
Lot Depth: 271

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,297 4,025 4,025
Median Age: 41.12 42.7 42.7
Households: 504 1,498 1,498
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