3495 Nc-18 Morganton, NC 28655
- Self storage facilities
- 2.02 lot acres
Current Use by Public Records
- Self storage facilities
Property Details for 3495 Nc-18
- Year built
- 1988
- Lot size
- 2.02 lot acres
- Property type
- Self storage facilities
Description
This exceptional self-storage facility in Morganton, North Carolina, presents a compelling investment opportunity. Boasting a 7.10% cap rate and a pro-forma cap rate of 8.54%, the property offers significant potential for increased profitability. The 19,736-square-foot facility comprises 82 units across five buildings situated on a 2.02-acre lot, providing ample room for future expansion. Currently, 91.01% of the 13,736 square feet of non-climate-controlled drive-up units are occupied, supplemented by seven outdoor parking spaces. Built between 1988 and 2020, the property benefits from a prime location along NC Highway 18, a high-traffic area with 5,407 vehicles passing daily. The strong demographics of the area, with a population of 30,898 residents and an average household income of $70,964 within a five-mile radius, further enhance its appeal. The property's NOI is $83,199, with a pro-forma NOI of $100,036. Opportunities exist to boost revenue through rent increases, maximizing fee income, implementing tenant insurance mandates, and developing outdoor parking rentals. Additional marketing strategies, such as Google Ads and improved signage, could further enhance visibility and occupancy. Morganton's strategic location, approximately 55 miles northwest of Charlotte and within the Hickory-Lenoir-Morganton MSA (the ninth largest in North Carolina), adds to its long-term investment value. The property's APN is 2712910324. This is a turnkey operation with significant upside potential.
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
- Morganton
- County
- Burke
- State
- North Carolina
- Longitude
- -81.6313
- Latitude
- 35.7038
