2171 Gavintown Rd, Lumberton, NC 28358

This three-property storage portfolio features a total of 8,300 net rentable square feet (NRSF) of climate-controlled units and 133,705 NRSF of non-climate-controlled units. The portfolio also includes 7 covered parking spaces and 18 outdoor parking spaces. All three locations offer ample expansion room. There is an opportunity to convert the 50x100 warehouse and the 62x92 gymnasium units at the Gavintown Road location into climate-controlled units or fully functioning industrial buildings. Additional upside not captured in the pro forma cap rate includes breaking out expansion land at both the Gavintown and Linkhaw locations into outdoor industrial storage or contractor yards and replacing furnaces and A/C units at the Gavintown location to double the amount of climate-control units there. All three locations have leasing offices but are managed by one employee due to the facilities being within five miles of each other. There is an opportunity to increase revenue through lease up, stabilization, and the implementation of existing customer rent increases, and maximizing fee and tenant insurance income streams. Since the 2020 Census, there has been 2.8% annual population growth within three miles of the Gavintown Road location. The portfolio consists of roughly 40% of the net rentable square feet of self storage within five miles of the Gavintown Road location. Lumberton is located in Southeastern North Carolina approximately 30 miles south of Fayetteville. The Lumberton MSA is part of the larger Fayetteville-Lumberton-Pinehurst Combined Statistical Area, which is the 4th largest in North Carolina and is home to 693,299 residents.