Update: The property SOLD
Beau Beach, MBA CCIM presents:
Priced at a 7.4% cap rate to ensure a timely sale.
After owning Freeman’s Mini Storage for 20 years, it’s time for the sellers to retire! Built in phases in 1995 and 2007, this 262 unit storage facility consistently maintains occupancy of 95% or more.
| Unit Size | Unit Count | Asking Rent | Market Rent |
| 5×5 | 3 | $50 | $55 |
| 5×10 | 44 | $65 | $65 |
| 5×15 | 102 | $75 | $80 |
| 10×10 | 27 | $85 | $90 |
| 10×15 | 86 | $100 | $120 |
| Total | 262 |
Upside potential with increasing rents to the level of its greatest competitor (Swannanoa Self Storage at 110 Franklin Rd). By matching rents the buyer could increase revenue by $28,560 per year.
Family owned and operated for 20 years. Fully fenced. Four curb cuts. Fully paved. 24/7 access. Digital monitoring records all movement. Plentiful outdoor lighting. On-site office. Staffed by two part-time employees.
The property consists of two parcels known as 1965 and 1991 US Hwy 70 in Swannanoa NC 28778. Four buildings on 2.44 acres.
Priced at a 7.4% cap rate to ensure a timely sale.
2021 NOI = $251,877 – $66,899 = $184,978
Financial Snapshot available by request.
This successful storage business has been operating in this location for 27 years with the adjacent railroad holding a standard 100′ right of way easement for the property. A perpetual, no cost ground lease for the right of way is in place and will transfer. Survey available by request.
Seller will finance the transaction for a qualified buyer (25% down, 5% interest only, 5 year term). If you prefer traditional financing, I have a lender who would love to make the loan. Ask me for a lender referral.
We’ll prepare your offer and pay $500 of your legal fees.
LOCATION DESCRIPTION:
Located just East of Asheville, NC. Asheville is a city in, and the county seat of, Buncombe County. Located at the confluence of the French Broad and Swannanoa rivers, it is the largest city in Western North Carolina, and the state’s 12th-most populous city. According to 2019 estimates, the city’s population was 92,870, up from 83,393 in the 2010 census. It is the principal city in the four-county Asheville metropolitan area, which had a population of 424,858 in 2010, and an estimated population in 2019 of 462,680.
Swannanoa is a census-designated place (CDP) in Buncombe County. The population was 4,576 at the 2010 census. The community is named for the Swannanoa River, which flows through the settlement. It is part of the Asheville Metropolitan Statistical Area.
- Price: $2,499,000
- Area: 2.44 Acres
- Phone Number: 704-327-0558
- Space (s.f.): 262 Units