757 Creech RdKenly, NC 27542

Property Details for 757 Creech Rd

Year built

2015

Lot size

12.17 AC

Property size (Sq ft)

2,520 SF

Zone code

COP

Property type

Other commercial real estate

APN

11O03003C

APU

11O03003C

Description

This exceptional self-storage facility in Kenly, NC, presents a compelling investment opportunity. Located 25 miles east of Raleigh, this 30,450-square-foot facility sits on 12.17 acres and boasts a remarkable 97.4% occupancy rate as of June 30, 2024. The property features 313 units, including 67 RV parking spaces, generating over $50,000 in annual revenue. Approximately 45% of the units are climate-controlled. Built in 2015, the facility comprises four single-story buildings, zoned for commercial use. The current Net Operating Income (NOI) is $257,254, with a pro-forma NOI of $284,126, resulting in a current cap rate of 4.85% and a pro-forma cap rate of 5.36%. The asking price is $5,300,000, translating to $174.06 per square foot and $16,932.91 per unit. The sale includes the assets of a related on-site business, NC Golf Cars Plus LLC. The seller is open to seller financing, offering 50% financing for five years at 6% interest only. The property's location benefits from proximity to Interstate 95 and significant residential growth in the Raleigh metropolitan area, indicating strong potential for future expansion and increased revenue. The low market saturation and minimal competition further enhance the investment appeal. The inclusion of the existing golf cart business offers additional revenue streams or potential conversion to additional storage space. The property is well-maintained and paved, offering immediate expansion potential.

• Alternative Use

  Use

  Valuation

  Residential

  $699,169

  Hospitality

  $640,435

  Educational

  $532,834

  Medical

  $551,159

  Retail

  $828,853

Location Insight

City

Kenly

County

Johnston

State

North Carolina

Latitude

35.6798

Longitude

-78.2216

CBSA code

39580

CBSA name

RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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