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    Newport Mini Storage Opportunity Title is generated by Realmo AI

    457 TOM MANN RD, Newport, NC 28570

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    Self-storage facility in Newport, NC with expansion potential.

    Type:Self Storage
    Property size:
    13,850 SF
    Lot size:
    6.48 Acres
    Price / SF:
    $115/SF
    Added:
    May 12, 2026
    Days on Market:
    17
    Last Refresh:
    May 14 at 9:30 pm

    Property Features for 457 TOM MANN RD

    General Information

    Standard status
    Active
    Size
    13,850 SF
    Lot size
    6.48 Acres
    Property subtype
    Self Storage

    Building Details

    Year Built
    2013

    We can help!

    Listing Contact
    Hal Tanner III

    Listing agent Hal Tanner III License #NC 318611

    Listing office Midcoast Properties Inc

    Listing date May 12, 2026

    Source Crexi

    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

    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.
    • Modern Amenities: Features digital gate‑controlled access, security cameras, online rentals and bill pay, and tenant insurance.
    • Functional Layout: Well‑suited to serve both residential and commercial tenants in the area.
    • New LED Exterior Lighting: Enhanced security with new LED exterior lighting installed in 2025.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Self Storage

    Conservative
    $1.19M
    NOI $107,033 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.53M
    NOI $107,033 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.14M
    NOI $107,033 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Self Storage

    Component $ $/SF
    Gross rent $166.2k $12.00
    − Vacancy −$13.3k −$0.96
    EGI $152.9k $11.04
    − OpEx −$45.9k −$3.31
    NOI $107.0k $7.73
    13,850 SF · lease $12.00/SF/yr · vacancy 8.00% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Self Storage
    $1.53M
    $1.34M – $1.78M (±1% cap)
    NOI $107,033 @ 7.0% cap · market cap 6.69%
    Second Best
    Industrial
    $1.17M
    $1.02M – $1.36M (±1% cap)
    NOI $81,583 @ 7.0% cap · market cap 5.10%
    Theoretical Best
    Office A
    $4.15M
    $3.64M – $4.85M (±1% cap)
    NOI $290,850 @ 7.0% cap · market cap 18.18%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Newport Mini Storage, ... Storage Facility

    Suggested Use

    Building Supply Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Department Store HVAC Service Storage Facility Bar & Pub Electrical Service Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Carteret
    State
    North Carolina
    Longitude
    -76.8824038
    Latitude
    34.8106259

    Nearby Similar for Sale

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    • $995,658
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      Retail Space For Sale

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    FAQs

    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Hal Tanner III
    Real Estate License ID: NC 318611
    Learn More
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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.

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    457 TOM MANN RD, NEWPORT, NC 28570
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