360 Wingo Heights Rd Spartanburg, SC 29303
- Self storage facilities
- 13,400 SF
- 2.47 lot acres
Current Use by Public Records
- Storage 4U Wingo / Rv Storage Facility / Storage Facility
Property Details for 360 Wingo Heights Rd
- Year built
- 2024
- Lot size
- 2.47 lot acres
- Property size
- 13,400 SF
- Property type
- Self storage facilities
Description
This exceptional 13,400-square-foot self-storage facility, built in 2024, presents a compelling investment opportunity in Spartanburg, South Carolina. Located at 360 Wingo Heights Rd, 29303, this property boasts 141 units across three single-story buildings situated on a 2.47-acre lot. Currently operating at 15% occupancy, the facility offers significant upside potential. The asking price is $1,100,000, translating to $82.09 per square foot and $7,801.42 per unit. The property's projected net operating income (NOI) is $33,085, resulting in a pro-forma cap rate of 3.01%. However, projections indicate a substantial increase in cap rate to 9.15% within three years upon stabilization. The strong demographics of the area, with over 32,000 residents within a 3-mile radius and a projected annual population growth of 1% over the next five years, further enhance the investment's appeal. The facility includes 38 parking spaces, and future expansion is possible by repurposing some of this outdoor parking area for additional storage units. This property offers a rare chance to acquire a brand-new facility in a rapidly growing market with significant potential for increased profitability.
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
- Spartanburg
- County
- Spartanburg
- State
- South Carolina
- Longitude
- -82.004235
- Latitude
- 34.973891
