1788 Newland Hwy Newland, NC 28657
- Self storage facilities
- 0.98 lot acres
Current Use by Public Records
- Self storage facilities
Property Details for 1788 Newland Hwy
- Year built
- 2023
- Lot size
- 0.98 lot acres
- Property type
- Self storage facilities
Description
This exceptional Class A, fee-simple self-storage facility presents a compelling investment opportunity in Newland, North Carolina. Located at 1788 Newland Hwy, this 2023-built, single-story facility boasts 75 climate-controlled units totaling 7,125 square feet on a 0.98-acre lot. Currently operating at 83% occupancy, the property generates a strong NOI of $77,475, with a 5.98% cap rate. Pro-forma projections indicate significant upside potential, projecting a NOI of $108,002 and an 8.34% cap rate. The property features numerous amenities including 24-hour access, security systems (interior and exterior cameras), code-based access, ample lighting, and wide drive aisles. Online rentals and bill pay are also available. With an 8-foot ceiling height and a lack of comparable climate-controlled competition within a five-mile radius, this property offers substantial growth opportunities. Financial estimates from January to July 2024 show an EGI of $58,032 and an NOI of $45,827. Annualized projections for 2024, with adjustments, show an EGI of $107,703 and an NOI of $77,475, resulting in a 5.34% cap rate. Year 1 buyer projections estimate an EGI of $140,081, an NOI of $108,002, and a 7.45% cap rate. The asking price is $1,295,000, representing a price per unit of $17,266.67. This turnkey investment is poised for immediate returns and long-term appreciation. Offers are due October 10, 2024.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Newland
- County
- Avery
- State
- North Carolina
- Longitude
- -81.910200334559
- Latitude
- 36.0740158544
