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    Pleasure Island Mini Storage Facility Title is generated by Realmo AI

    517 Lewis Drive, Carolina Beach, NC 28428

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    Claim this Listing
    For Sale
    Under Contract
    $3,250,000

    COMMERCIAL - Carolina Beach, NC

    Property size:
    25,720 SF
    Lot size:
    1.45 Acres
    Price / SF:
    $126/SF
    Added:
    Mar 4, 2026
    Days on Market:
    93
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for 517 Lewis Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    HB
    Parking features
    Off Street
    Fireplace
    1
    Standard status
    Active Under Contract
    APN
    R08810-004-026-000
    Size
    25,720 SF
    Lot size
    1.45 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Tr A Walker T Lewis Div
    Tax Annual Amount
    10884

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Fireplace(s), Electric (Heating)
    Cooling system
    Wall/Window Unit(s), Window Unit(s)
    Water source
    Well

    Building Details

    Year built
    1984
    Flooring type
    Vinyl, Laminate
    Building materials
    Block, Concrete, Steel Frame, Wood Frame

    We can help!

    Listing Contact
    Trina Thomas Team

    Listing agent Trina Thomas Team

    Listing office Keller Williams Innovate-Wilmington 1001 Military Cutoff Suite 101, Wilmington, NC

    Listing date Mar 4, 2026

    MLS# 100558081

    Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Strong In‑Place Income: Turnkey self‑storage facility operating successfully for over 20 years.
    • High Growth Potential: Significant potential for rental rate increases and additional revenue streams.
    • On‑Site Apartment: Includes a spacious one‑bedroom apartment for owner/operator or additional rental income.
    • Prime Location: Strategically positioned on highly desirable Pleasure Island in a growing commercial corridor with excellent visibility and easy access.
    • Secure Facility: Fully fenced with video surveillance cameras for tenant safety and convenience.
    • Not in Flood Zone: Property is not located in a flood zone.

    Overview

    Pleasure Island Mini Storage is a self-storage facility in Carolina Beach, North Carolina. Operating for over 20 years, this property features 8 storage buildings with approximately 237 units, totaling approximately 25,720 square feet of rentable storage space. The units are in multiple sizes. The storage area is fenced and secured with video security cameras. Located near residential neighborhoods and local businesses, the property is not located in a flood zone. The property benefits from strong residential growth, nearby businesses, and steady beach traffic. The location supports consistent demand for storage services from both residents and businesses. The property has an on-site management office with a reception area, along with a one-bedroom apartment complete with appliances. The property sits on a 1.45-acre lot. The property is positioned within a growing commercial corridor with visibility and easy access on and off the island. The property has potential for rental rate increases and expanded revenue opportunities.

    Local Financial Insights For Industrial

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $401.2k $15.60
    − Vacancy −$26.5k −$1.03
    EGI $374.8k $14.57
    − OpEx −$112.4k −$4.37
    NOI $262.3k $10.20
    25,720 SF · lease $15.60/SF/yr · vacancy 6.60% · expense 30.00%

    Alternative Uses

    Best Use
    Industrial
    $3.75M
    $3.28M – $4.37M (±1% cap)
    NOI $262,325 @ 7.0% cap · market cap 8.07%
    Second Best
    Self Storage
    $3.56M
    $3.11M – $4.15M (±1% cap)
    NOI $248,860 @ 7.0% cap · market cap 7.66%
    Theoretical Best
    Office A
    $8.35M
    $7.30M – $9.74M (±1% cap)
    NOI $584,347 @ 7.0% cap · market cap 17.98%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Pleasure Island Mini ... Storage Facility

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Carolina Beach
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.898797
    Latitude
    34.051003

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    FAQs

    What type of property is this?
    Self storage facility - Well-established self-storage facility with income potential in Carolina Beach.
    Where is this self storage facility located?
    The property is located at 517 Lewis Drive Carolina Beach, NC.
    What is the asking price?
    The asking price for this property is $3,250,000.
    What are key features of this property?
    This property features: Strong In‑Place Income: Turnkey self‑storage facility operating successfully for over 20 years.; High Growth Potential: Significant potential for rental rate increases and additional revenue streams.; On‑Site Apartment: Includes a spacious one‑bedroom apartment for owner/operator or additional rental income.
    (910) 777-2200
    We can help!
    Listing Contact
    Trina Thomas Team
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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