Coastal Self-Storage Investment
517 Lewis Dr, Carolina Beach, NC 28428
For Sale
Contact for pricing
Pending
237-unit self-storage facility in Carolina Beach, North Carolina.
Property Size25,720 SF
Days on Market248
Property Features for 517 Lewis Dr
General Information
Standard status
Size
Class
Property subtype
Zoning
Occupancy
Investment Type
Building Details
Buildings
Units
Tenancy
Listing Agency:
Keller Williams Realty
Listed By:
Trina Thomas · License NC #239842
(910) 617-7341
Source:
Crexi
Added: Mar 8
Changed: Nov 10
Last Checked: Nov 10 at 7:50AM
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 Keller Williams Realty
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Investment Insights
Based on property information with market context.
This self-storage facility in Carolina Beach, North Carolina, presents a coastal investment opportunity. The property features 237 units, totaling approximately 25,720 square feet of rentable storage space, and has been family owned and operated for over 20 years. The facility consists of 8 storage buildings with units of various sizes. It is fully fenced and secured with video surveillance cameras and is not located in a flood zone. The property is strategically positioned near residential neighborhoods and local businesses, benefiting from strong storage demand driven by population growth, seasonal visitors, and second-home owners in the Carolina Beach and Pleasure Island area. The location offers visibility and convenient access on and off the island. The property includes an on-site management office with a reception area, along with a one-bedroom apartment upstairs complete with appliances. This allows an owner/operator the opportunity to live on site and manage the facility, or lease the apartment to generate additional rental income. The facility serves the growing Pleasure Island market.
Key Highlights
- Income‑producing self‑storage facility in a high‑demand coastal location (Carolina Beach/Pleasure Island, NC).
- 237 units totaling ±25,720 SF of rentable storage space.**
- Value‑add potential through rental rate adjustments and operational improvements.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$248,860
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,977,200
$5.0M
Cap Rate 7%
$3,555,143
$3.6M
Cap Rate 9%
$2,765,111
$2.8M
Market Conditions
NOI Build-Up for 25,720 SF
Gross rent
$374.2K $14.55/SF
− Vacancy
−$18.7K −$0.73/SF
EGI
$355.5K $13.82/SF
− OpEx
−$106.7K −$4.15/SF
NOI
$248.9K $9.68/SF
Area
New Hanover County, NC
Vacancy
5.00%
Lease Rate
$14.55 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,977,200
Cap Rate 7%
$3,555,143
Cap Rate 9%
$2,765,111
Alternative Uses
Best Use
Self Storage
$3.56M
$3.11M – $4.15M
NOI $248,860 @ 7.0% cap · market cap 7.66%
Second Best
Industrial
$3.56M
$3.11M – $4.15M
NOI $248,860 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$8.35M
$7.30M – $9.74M
NOI $584,347 @ 7.0% cap · market cap 17.98%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
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Business Placement
Demographics for 28428, NC
6,848
Population
6,268
Households
1.1
Avg Household Size
51
Median Age
48%
College-Educated
98%
High-School Grad
5.2 sq mi
ZIP Area
1,317
Density / Sq Mi
$87,670
Median Household Income
$41,138
Median Earnings
$1,515
Median Rent
$490,100
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Self storage facility - 237-unit self-storage facility in Carolina Beach, North Carolina.
Where is this self storage facility located?
The property is located at 517 Lewis Dr Carolina Beach, NC.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Income‑producing self‑storage facility in a high‑demand coastal location (Carolina Beach/Pleasure Island, NC).; 237 units totaling ±25,720 SF of rentable storage space.**; Value‑add potential through rental rate adjustments and operational improvements.
