Self-Storage Facility
Store Safe TN
908 N Roan St, Johnson City, TN 37601
Listing Price: $1,475,000
Investment Overview
Marcus & Millichap is pleased to exclusively offer for sale Store Safe TN located at 908 North Roan Street Johnson City, Tennessee 37601. Strategically located at the economic center of Washington County, this facility provides a comprehensive range of storage solutions for both residential and commercial users.
Store Safe TN features a total of 118 units comprising of Climate-Controlled, Office / Flex, and Drive-up with a total of 12,027 Net Rentable Square Feet. The main portion of the facility is fully fenced & gated including modern OpenTech keypads, asphalt drive aisles with security cameras throughout. The rental office and select units are located outside the main gate. Average in-place rates are $14.51 per rentable foot and the facility is ~80% physically occupied by area, 86% physically occupied by unit.
With ample potential to increase occupancy, the facility features ~2,800 square feet of unused Office/Flex space perfect for commercial tenants who need quick access to their end users in the bustling Johnson City area. The primary "value-add" component of the opportunity is in leasing of Flex space. Recent Flex lease comps reflect a market rate of $14/ft which has the potential to add ~$40,000 per annum.
Store Safe TN is located in the middle of 52,000 residents within a three-mile radius and benefits from high local drive-by traffic with strategic regional access to an average daily traffic count of nearly 8,500 vehicles.
Johnson City is located in the Tri-Cities region of the Appalachian Mountains in northeastern Tennessee. Located 1.4 miles from East Tennessee State University (ETSU) and nearby the Holston Business and Technology Park, and the U.S. Army National Guard Recruiting Center, this prime location enables the investor to cater to a broad range of long-term and transitional consumer needs. This inherent flexibility lowers the risk of supply/demand shocks and enhances the property's versatility and income potential.
Priced at $1.475,000, the seasoned investor can attain a 10% return after minimal enhancements.
Store Safe TN
Investment Highlights
- Stable Income with Upside Potential Featuring Climate-Controlled, Flex and Drive-Up Units
- Strategically Located on North Roan Street (8,500 VPD) in the Heart of Johnson City
- 52,221 Residents within Three-Mile Radius with ~2.5% Growth Over the Last Four Years
- Additional Income Opportunity Through Office and Flex Space Rentals; 77% Economic Occupancy
- Management Upside with Minimal Administrative Fees and Only 10% Tenants Insurance Penetration
Exclusively Listed By
Listing Price: $1,475,000
Investment Highlights
- Stable Income with Upside Potential Featuring Climate-Controlled, Flex and Drive-Up Units
- Strategically Located on North Roan Street (8,500 VPD) in the Heart of Johnson City
- 52,221 Residents within Three-Mile Radius with ~2.5% Growth Over the Last Four Years
- Additional Income Opportunity Through Office and Flex Space Rentals; 77% Economic Occupancy
- Management Upside with Minimal Administrative Fees and Only 10% Tenants Insurance Penetration
Investment Overview
Marcus & Millichap is pleased to exclusively offer for sale Store Safe TN located at 908 North Roan Street Johnson City, Tennessee 37601. Strategically located at the economic center of Washington County, this facility provides a comprehensive range of storage solutions for both residential and commercial users. Store Safe TN features a total of 118 units comprising of Climate-Controlled, Office / Flex, and Drive-up with a total of 12,027 Net Rentable Square Feet. The main portion of the facility is fully fenced & gated including modern OpenTech keypads, asphalt drive aisles with security cameras throughout. The rental office and select units are located outside the main gate. Average in-place rates are $14.51 per rentable foot and the facility is ~80% physically occupied by area, 86% physically occupied by unit. With ample potential to increase occupancy, the facility features ~2,800 square feet of unused Office/Flex space perfect for commercial tenants who need quick access to their end users in the bustling Johnson City area. The primary "value-add" component of the opportunity is in leasing of Flex space. Recent Flex lease comps reflect a market rate of $14/ft which has the potential to add ~$40,000 per annum. Store Safe TN is located in the middle of 52,000 residents within a three-mile radius and benefits from high local drive-by traffic with strategic regional access to an average daily traffic count of nearly 8,500 vehicles. Johnson City is located in the Tri-Cities region of the Appalachian Mountains in northeastern Tennessee. Located 1.4 miles from East Tennessee State University (ETSU) and nearby the Holston Business and Technology Park, and the U.S. Army National Guard Recruiting Center, this prime location enables the investor to cater to a broad range of long-term and transitional consumer needs. This inherent flexibility lowers the risk of supply/demand shocks and enhances the property's versatility and income potential. Priced at $1.475,000, the seasoned investor can attain a 10% return after minimal enhancements.
Exclusively Listed By
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