4089 Clifton Glendale Rd Spartanburg, SC 29307

Property Details for 4089 Clifton Glendale Rd

Year built

1974

Construction

CONCRETE BLOCKS

Lot size

8.67 lot acres

Property size

43,000 SF

Property type

Commercial real estate

APN

7-1400-01000

APU

7140001000

Description

This exceptional Class A self-storage facility, located at 4089 Clifton Glendale Rd, Spartanburg, SC 29307, presents a compelling value-add investment opportunity. The property, a newly renovated (2023) single-story building on an 8.67-acre lot, comprises 31,000 net rentable square feet and features 264 climate-controlled units. Currently at 1% occupancy (as of January 1, 2024), the property boasts significant upside potential. The asking price is $4,500,000, translating to $145.12 per square foot and $17,045.45 per unit. The current NOI is $111,371, with a projected NOI of $354,808 upon stabilization, yielding a pro-forma cap rate of 7.88%. The property benefits from a gross lease structure and offers substantial room for expansion, allowing for the addition of traditional or climate-controlled units (buyer to verify). Spartanburg's designation as one of the fastest-growing metro areas in the US, coupled with its diverse amenities and thriving community, ensures strong long-term growth prospects. The facility includes amenities such as digital keypad gate entry, security cameras, exterior lighting, an office, and fencing. The 8-foot ceiling height adds to the functionality of the units. This fee-simple ownership opportunity is ideal for investors seeking significant returns in a rapidly expanding market. The property's current low occupancy presents a unique chance to increase rental rates and maximize profitability.

Location Insight

City

Spartanburg

County

Spartanburg

State

South Carolina

Longitude

-81.846

Latitude

34.962

CBSA code

43900

CBSA name

SPARTANBURG, SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments