7738 Ms-493 Meridian, MS 39305
- Self storage facilities
Current Use by Public Records
- Self storage facilities
Property Details for 7738 Ms-493
- Year built
- 2007
- Property type
- Self storage facilities
Description
This Meridian, MS self-storage facility presents a compelling value-add opportunity. The property boasts 78 non-climate-controlled units totaling 12,000 net rentable square feet, currently operating at 92% physical occupancy and 68% economic occupancy. Built in 2007, the four-building complex is situated on Highway 493, offering excellent visibility and accessibility. Recent improvements include a new Arlo camera system, new lighting, and new gravel. The asking price is $530,000, translating to $44.17 per square foot. The current NOI is $33,327, yielding a 6.29% cap rate. However, significant upside potential exists through implementing management software to optimize pricing, capitalize on late fees, administrative fees, and tenant insurance, and increase economic occupancy. Pro-forma projections indicate a 10.04% cap rate and a substantial increase in NOI to $53,224. Meridian's robust economy, driven by major employers like Rush Health Systems and Meridian Community College, provides a strong tenant base. This investment offers immediate cash flow with significant potential for growth through improved management strategies. The property's location at 7738 MS-493, Meridian, MS 39305, offers easy access to major highways I-20 and I-59.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Meridian
- County
- Lauderdale
- State
- Mississippi
- Longitude
- -88.7143
- Latitude
- 32.4494
