Climate-Controlled Self-Storage
1623 Way Street Reidsville, NC 27320
1623 Way Street, Reidsville, NC, 27320
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For Sale
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Renovation and value-add opportunity featuring 490 climate-controlled units and 10 parking spaces in Reidsville, NC.
Property Size57,038 SF
Lot Size8.10 Acres
Price / SF$118.34
Days on Market91
Property Features for 1623 Way Street
General Information
- Standard status
- Active
- Size
- 57,038 SF
- Lot size
- 8.10 Acres
- Property subtype
- Self Storage
Building Details
- Year Built
- 1972
Listing agency
Lindsey Self Storage
Listed by
Matthew Rosendale · License #SC 130383
Source
Crexi
Added: Apr 22 Updated: Jul 21 at 4:37PM Checked: Jul 21 at 4:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lindsey Self Storage
Investment Insights
Based on property information with market context.
Lindsey Self Storage Group presents a renovation opportunity for City Storage - Reidsville. The facility totals 57,038 NRSF with 490 rentable units and 10 parking spaces, built around climate-controlled storage. The property also benefits from a comprehensive 2022 conversion and modernized infrastructure. Current physical occupancy is 73%, providing a basis for future revenue growth through lease-up and adjustments to in-place rents.
Set on an expansive 8.1-acre parcel at 1623 Way Street in Reidsville, North Carolina, the site includes excess land that may support future footprint expansion. The property’s climate-controlled offering is supported by existing demand, and the seller’s materials also cite a projected Year 1 Net Operating Income of $453,886.
Overall, this is a sizable self-storage asset with a modern, climate-controlled configuration, recent infrastructure updates, and room to improve operating performance.
Set on an expansive 8.1-acre parcel at 1623 Way Street in Reidsville, North Carolina, the site includes excess land that may support future footprint expansion. The property’s climate-controlled offering is supported by existing demand, and the seller’s materials also cite a projected Year 1 Net Operating Income of $453,886.
Overall, this is a sizable self-storage asset with a modern, climate-controlled configuration, recent infrastructure updates, and room to improve operating performance.
Key Highlights
- Storage facility built in 1972 with 57,038 NRSF and 490 rentable units
- Climate‑controlled storage asset with 73% physical occupancy
- 2022 conversion with modernized infrastructure
Local Financial Insights For Self Storage
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 | $821.3k | $14.40 |
| − Vacancy | −$41.1k | −$0.72 |
| EGI | $780.3k | $13.68 |
| − OpEx | −$234.1k | −$4.10 |
| NOI | $546.2k | $9.58 |
57,038 SF · lease $14.40/SF/yr · vacancy 5.00% · expense 30.00%
Alternative Uses
Best Use
Self Storage
$7.80M
$6.83M – $9.10M
NOI $546,196 @ 7.0% cap · market cap 8.09%
Second Best
Warehouse
$6.12M
$5.35M – $7.14M
NOI $428,359 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$18.81M
$16.45M – $21.94M
NOI $1,316,367 @ 7.0% cap · market cap 19.50%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Bank of America ATM
Atm
City Storage Reidsville
Storage Facility
U-Haul Neighborhood Dealer
Car Rental Facility
Tracey C. Cook, ...
Pharmacy
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FAQs
What type of property is this?
Self storage facility - Renovation and value-add opportunity featuring 490 climate-controlled units and 10 parking spaces in Reidsville, NC.
Where is this self storage facility located?
The property is located at 1623 Way Street Reidsville, NC.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: Storage facility built in 1972 with 57,038 NRSF and 490 rentable units; Climate‑controlled storage asset with 73% physical occupancy; 2022 conversion with modernized infrastructure
