83-Unit Self-Storage
For Sale
Contact for pricing
233 2nd Street Northeast, Cleveland, TN 37311
Established self-storage property constructed in 1999.
Property Size13,029 SF
Price / SF$74.45
Days on Market119
Property Features for 233 2nd Street Northeast
General Information
Standard status
Active
Size
13,029 SF
Property subtype
Self Storage
Occupancy
98%
Net Operating Income
$67,441
Additional Details
Self-Storage Units
83
Building Details
Year Built
1999
Buildings
4
Units
83
Listing Agency:
Matthews
Listed By:
Austin McLeod · License #394903
Source:
Crexi
Added: May 6
Changed: Aug 30
Last Checked: Aug 31 at 6:37AM
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 Matthews
Investment Insights
Based on property information with market context.
This self-storage property contains 83 units and was constructed in 1999. The asset is located at 233 2nd Street Northeast in Cleveland, Tennessee, with the property’s established operating history and unit count providing the core physical profile.
Key Highlights
- 83‑unit self‑storage property
- Constructed in 1999
- Located at 233 2nd Street Northeast, Cleveland, TN 37311
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$83,619
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,672,380
$1.7M
Cap Rate 7%
$1,194,557
$1.2M
Cap Rate 9%
$929,100
$929.1K
Market Conditions
NOI Build-Up for 13,029 SF
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.
Gross rent
$101.1K $7.76/SF
− Vacancy
−$2.7K −$0.21/SF
EGI
$98.4K $7.55/SF
− OpEx
−$14.8K −$1.13/SF
NOI
$83.6K $6.42/SF
Area
Bradley County, TN
Vacancy
2.70%
Lease Rate
$7.76 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,672,380
Cap Rate 7%
$1,194,557
Cap Rate 9%
$929,100
Alternative Uses
Best Use
Self Storage
$1.60M
$1.40M – $1.87M
NOI $111,961 @ 7.0% cap · market cap 11.54%
Second Best
Warehouse
$1.19M
$1.05M – $1.39M
NOI $83,619 @ 7.0% cap · market cap 8.62%
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,370 @ 7.0% cap · market cap 19.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,192
Businesses Nearby
Explore this area
Business Placement
Demographics for 37311, TN
29,687
Population
12,942
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
50.1 sq mi
ZIP Area
593
Density / Sq Mi
$46,827
Median Household Income
$28,839
Median Earnings
$890
Median Rent
$205,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Established self-storage property constructed in 1999.
Where is this self storage facility located?
The property is located at 233 2nd Street Northeast Cleveland, TN.
What is the asking price?
The asking price for this property is $970,000.
What are key features of this property?
This property features: 83‑unit self‑storage property; Constructed in 1999; Located at 233 2nd Street Northeast, Cleveland, TN 37311
