Newport Mini Storage
For Sale
Contact for pricing
457 TOM MANN RD, Newport, NC 28570
Self-storage facility in Newport, NC with expansion potential.
Property Size13,850 SF
Lot Size6.48 Acres
Price / SF$115.52
Days on Market107
Property Features for 457 TOM MANN RD
General Information
Standard status
Active
Size
13,850 SF
Class
B
Total Parking Spaces
20
Lot size
6.48 Acres
Property subtype
Self Storage
Zoning
CH - Commercial Highway
Occupancy
66%
Investment Type
Value Add
Net Operating Income
$56,962
Building Details
Year Built
2013
Buildings
2
Stories
1
Units
114
Listing Agency:
Midcoast Properties Inc
(919) 922-5757
Listed By:
Hal Tanner III · License #NC 318611
Source:
Crexi
Added: May 12
Changed: Aug 15
Last Checked: Aug 25 at 4:19PM
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 Midcoast Properties Inc
Investment Insights
Based on property information with market context.
Newport Mini Storage, located at 457 Tom Mann Rd in Newport, North Carolina, presents an opportunity to acquire a self-storage asset in a growing coastal market. The facility comprises 114 standard drive-up and climate-controlled units, along with parking, totaling approximately 13,850 rentable square feet. The unit mix and layout are designed to serve both residential and commercial tenants. Situated on a 6.48± acre parcel, the site offers potential for future expansion. The property includes fencing around the storage facility and parking areas with digital gate-controlled access, new LED exterior lighting in 2025, security cameras, online rentals and bill pay, and tenant insurance. Newport and the surrounding Carteret County area continue to experience steady population growth, supported by its coastal location and quality of life. Carteret County has also demonstrated long-term population expansion, driven by in-migration and its appeal as a coastal destination. The area benefits from a mix of full-time residents, retirees, and seasonal visitors, all of whom contribute to storage demand.
Key Highlights
- Expansion Potential: Situated on a 6.48± acre parcel, offering significant opportunity to increase rentable square footage.
- Prime Location: Located in Newport, North Carolina, a burgeoning coastal market experiencing steady population growth.
- Diverse Unit Mix: Includes 114 standard drive‑up and climate‑controlled units, catering to both residential and commercial tenants.
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
$107,033
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
6.69%
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%
$2,140,660
$2.1M
Cap Rate 7%
$1,529,043
$1.5M
Cap Rate 9%
$1,189,256
$1.2M
Market Conditions
NOI Build-Up for 13,850 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
$166.2K $12.00/SF
− Vacancy
−$13.3K −$0.96/SF
EGI
$152.9K $11.04/SF
− OpEx
−$45.9K −$3.31/SF
NOI
$107.0K $7.73/SF
Area
Carteret County, NC
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,140,660
Cap Rate 7%
$1,529,043
Cap Rate 9%
$1,189,256
Alternative Uses
Best Use
Self Storage
$1.53M
$1.34M – $1.78M
NOI $107,033 @ 7.0% cap · market cap 6.69%
Second Best
Industrial
$1.17M
$1.02M – $1.36M
NOI $81,583 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$4.15M
$3.64M – $4.85M
NOI $290,850 @ 7.0% cap · market cap 18.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 28570, NC
21,647
Population
10,819
Households
2
Avg Household Size
46
Median Age
24%
College-Educated
92%
High-School Grad
148.8 sq mi
ZIP Area
145
Density / Sq Mi
$69,018
Median Household Income
$36,753
Median Earnings
$951
Median Rent
$245,300
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 - Self-storage facility in Newport, NC with expansion potential.
Where is this self storage facility located?
The property is located at 457 TOM MANN RD Newport, NC.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Expansion Potential: Situated on a 6.48± acre parcel, offering significant opportunity to increase rentable square footage.; Prime Location: Located in Newport, North Carolina, a burgeoning coastal market experiencing steady population growth.; Diverse Unit Mix: Includes 114 standard drive‑up and climate‑controlled units, catering to both residential and commercial tenants.
