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Self-Storage Facility

Mooresville Self Storage

1220 River Hwy, Mooresville, NC 28117

Listing Price: $5,200,000

Cap Rate
6.20%
Number of Units
275
Occupancy
91.0%
Rentable SF
42,600
Price/Rentable SF
$122.07
Year Built
1999

Investment Overview

Marcus & Millichap is pleased to offer for sale Mooresville Self Storage located at 1220 River Highway, Mooresville, North Carolina, a northern suburb of Charlotte. Mooresville Self Storage offers 275 climate and non-climate controlled units within 42,600 rentable square feet on 4.19 acres. Built in 1999, the facility’s amenities include a spacious and newly renovated retail office convenient for customer’s needs, LED lighting, newly upgraded PTI keypads used for entry and exit, motion lights in the interior hallways, ADA-compliant units, 15 security cameras and a DVR system that supports up to 16 cameras. The facility also offers U-Haul truck rentals. The facility is in great shape and has been well maintained by the owners. They have the roofs inspected every year and make repairs as needed. They recently replaced the gate operator and keypads and a couple of the HVAC units. Mooresville is located on the north side of Charlotte in a rapidly growing suburb on Lake Norman. The 3-mile trade area boasts a population of 21,943, and is expected to grow 12 percent in the next 4 to 5 years. The median household income of $97,374. As of July 31, 2022, the facility was 91 percent physically occupied and 77 percent economic. Priced at $5,200,000, $122 per square foot, the buyer will be acquiring a very well maintained facility in a rapidly growing market with an opportunity to continue to push rates and maximize revenue. By maintaining a revenue management program, managing rates and occupancy, the buyer will be able to achieve a stabilized cap rate of 7.6 percent with a leveraged yield of 9.2 percent.

Investment Highlights

  • 275 Climate and Non-Climate Controlled Units
  • 42,600 Rentable Square Feet
  • 21,943 People Within 3-Mile Trade Area
  • $97,374 Median Household Income
  • Population Is Expected to Grow 12 Percent Within next 4-5 Years
  • 7.6 Percent Stabilized Cap Rate
  • $122 Per Rentable Square Foot

Exclusively Listed By

  • Anne Williams

    First Vice President Investments

    (901) 620-3622

    Email Anne

    License(s): TN: 00255603, AR: PB00066390, MS: B-20181

    Memphis

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s) NC: 303785

    North Carolina

Financing By

Self-Storage Facility

Mooresville Self Storage

Listing Price: $5,200,000

Cap Rate
6.20%
Number of Units
275
Occupancy
91.0%
Rentable SF
42,600
Price/Rentable SF
$122.07
Year Built
1999

Investment Highlights

  • 275 Climate and Non-Climate Controlled Units
  • 42,600 Rentable Square Feet
  • 21,943 People Within 3-Mile Trade Area
  • $97,374 Median Household Income
  • Population Is Expected to Grow 12 Percent Within next 4-5 Years
  • 7.6 Percent Stabilized Cap Rate
  • $122 Per Rentable Square Foot

Investment Overview

Marcus & Millichap is pleased to offer for sale Mooresville Self Storage located at 1220 River Highway, Mooresville, North Carolina, a northern suburb of Charlotte. Mooresville Self Storage offers 275 climate and non-climate controlled units within 42,600 rentable square feet on 4.19 acres. Built in 1999, the facility’s amenities include a spacious and newly renovated retail office convenient for customer’s needs, LED lighting, newly upgraded PTI keypads used for entry and exit, motion lights in the interior hallways, ADA-compliant units, 15 security cameras and a DVR system that supports up to 16 cameras. The facility also offers U-Haul truck rentals. The facility is in great shape and has been well maintained by the owners. They have the roofs inspected every year and make repairs as needed. They recently replaced the gate operator and keypads and a couple of the HVAC units. Mooresville is located on the north side of Charlotte in a rapidly growing suburb on Lake Norman. The 3-mile trade area boasts a population of 21,943, and is expected to grow 12 percent in the next 4 to 5 years. The median household income of $97,374. As of July 31, 2022, the facility was 91 percent physically occupied and 77 percent economic. Priced at $5,200,000, $122 per square foot, the buyer will be acquiring a very well maintained facility in a rapidly growing market with an opportunity to continue to push rates and maximize revenue. By maintaining a revenue management program, managing rates and occupancy, the buyer will be able to achieve a stabilized cap rate of 7.6 percent with a leveraged yield of 9.2 percent.

Exclusively Listed By

  • Anne Williams

    First Vice President Investments

    (901) 620-3622

    Email Anne

    License(s): TN: 00255603, AR: PB00066390, MS: B-20181

    Memphis

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s): NC: 303785

    North Carolina

Financing By

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