Successful Storage Facility with Seller Financing

Beau Beach, MBA CCIM presents:

Priced at a 7.3% cap rate to ensure a timely sale.

After owning Freeman’s Mini Storage for 20 years, it’s time for the sellers to retire!  Built in phases in 1995 and 2007, this 262 unit storage facility consistently maintains occupancy of 95% or more.

 

Unit SizeUnit CountAsking RentMarket Rent
5×53$50$55
5×1044$65$65
5×15102$75$80
10×1027$85$90
10×1586$100$120
Total262

 

Upside potential with increasing rents to the level of its greatest competitor (Swannanoa Self Storage at 110 Franklin Rd).  By matching rents the buyer could increase revenue by $28,560 per year.

Family owned and operated for 20 years.  Fully fenced.  Four curb cuts.  Fully paved.  24/7 access.  Digital monitoring records all movement.  Plentiful outdoor lighting.  On-site office.  Staffed by two part-time employees.

Seller will finance the transaction for a qualified buyer (25% down, 5% interest only, 5 year term).

The property consists of two parcels known as 1965 and 1991 US Hwy 70 in Swannanoa NC 28778.  Four buildings on 2.44 acres.

Priced at a 7.3% cap rate to ensure a timely sale.

2020 NOI = $234,864 – $66,899 = $167,964

2021 Annualized NOI = $248,336 – $66,899 = $181,437

We’ll prepare your offer and pay $500 of your legal fees.

>>  Click here to get the full Property Information Package  <<

 

LOCATION DESCRIPTION:

Located just East of Asheville, NC.  Asheville is a city in, and the county seat of, Buncombe County.  Located at the confluence of the French Broad and Swannanoa rivers, it is the largest city in Western North Carolina, and the state’s 12th-most populous city.  According to 2019 estimates, the city’s population was 92,870, up from 83,393 in the 2010 census.  It is the principal city in the four-county Asheville metropolitan area, which had a population of 424,858 in 2010, and an estimated population in 2019 of 462,680.

Swannanoa is a census-designated place (CDP) in Buncombe County.  The population was 4,576 at the 2010 census.  The community is named for the Swannanoa River, which flows through the settlement.  It is part of the Asheville Metropolitan Statistical Area.

  • Price: $2,499,000 
  • Area: 2.44 Acres 
  • Phone Number: 704-327-0558 
  • Space (s.f.): 262 Units 
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