Self-Storage, 196 Units, Parking and Onsite Management

Industrial for Sale
Sale Pending/Contingent
Also listed as Business Opportunity
Catylist Listing ID: 30645054
Property Subtypes: Self Storage
Status: Pending/Contingent
Building Size (RSF): 25,050 SF
Gross Land Area: 2.78 Acres
Sale Price: $1,375,000
Unit Price: $54.89 PSF
Property Use Type: Investment
Sale Terms: Owner Financing
Cap Rate: 8.97%
Average Occupancy Rate: 99
Last Updated: 3/24/2021

Overview / Comments

Newport Storage of Tennessee is an authorized U-Haul dealer with 196 non-climate controlled storage units, 24 outdoor parking spaces and 5 covered parking spaces. The stabilized facility has a consistent historical occupancy of 97%-99% the past three years with room for expansion. A ninth building was added the first week of November containing 10 units and 1,250 SF.

There is an onsite management office, digital video surveillance, perimeter fencing, online bill pay and Easy Storage Solution software being utilized. It's worth noting that the manager lives onsite and welcomes the opportunity to stay on board. If not, the onsite housing (mobile home) at gate entrance could be leased for additional income. This could represent $500/month or $6,000 additional income.

Square footage and acreage per public record, buyer to verify. All showings through agent. Seller financing is preferred.

Visit www.NewportStorageofTennessee.com

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $3,927 (Annual)
Gross Operating Income $168,438 (Annual)
Net Operating Income $121,077 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Newport
County: Cocke
Tax ID/APN: 015046 10705
Zoning: NO ZONING
Site Description: Level
Area Description: I-40 Exit #432, merge onto Hwy 25/US-70-E towards Newport and take immediate right onto Carson Springs Rd. Property on left.
Tenancy: Multiple Tenants
Total Number of Buildings: 9
Year Built: 1997
Year Renovated: 2020
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,213 5,007 17,230
Median Age: 40.94 40.66 41.98
Households: 849 2,110 7,203
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