4603 Long Bch SE Rd Southport, NC 28461-8798

Property Details for 4603 Long Bch SE Rd

Year built

1985

Property size

1,880 SF

Zone code

CLD

Property type

Warehouses

Property subtype

Self storage facilities

APN

221IC008

APU

221IC008

Description

This exceptional self-storage facility in Southport, NC, presents a compelling investment opportunity. The property, located at 4603 Long Beach Rd SE, 28461, boasts 143 units across nine single-story buildings totaling 13,396 net rentable square feet on a 0.92-acre lot. Built in 1985, the facility currently generates a NOI of $97,169, representing a 7.00% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $126,927 and a 9.14% cap rate, indicating substantial upside potential. The property features 13,162 square feet of non-climate-controlled drive-up storage and a 234-square-foot office space, currently vacant, offering further revenue generation opportunities through lease or conversion to climate-controlled units. The facility benefits from remote management via keypad access and existing management software. The strong local market, with a 7.2% annual population growth over the past four years and a projected 6.4% growth over the next five, coupled with an average household income of $102,956 within a five-mile radius, ensures a robust tenant base. Additional revenue streams can be maximized through ancillary services and tenant insurance. Situated in the rapidly growing Wilmington MSA, the sixth largest in North Carolina, this Southport location, approximately 20 miles south of Wilmington, offers excellent accessibility and strong market fundamentals. The asking price for this high-yield investment is $1,388,000.