Morningside Dr Morristown, TN 37814

This 114-unit self-storage facility in Morristown, Tennessee, presents a compelling value-add investment opportunity. Located on approximately 1.61 acres at 2784 Morningside Drive, the property boasts 7,808 square feet of net rentable space (25,714 gross square feet including parking). The unit mix includes drive-up and climate-controlled options, catering to diverse storage needs. Currently in its initial leasing phase, with a ribbon cutting held in August 2024, the facility offers significant upside potential through occupancy stabilization, expansion of relocatable units, new on-site development, and rental rate adjustments. The property features perimeter fencing, gated entry, 24/7 access, camera surveillance, and keypad entry with an internet-based app for remote management. The Morristown metro area has experienced substantial population growth (22.6% in the last five years), creating strong demand for self-storage. The asking price is $799,000, representing $7,008.77 per unit and $102.33 per square foot. The current cap rate is 2.83%, with a pro-forma cap rate projected at 7.98%, exceeding double digits (13.70%) after five years of stabilization. The property's location in Hamblen County, Tennessee, benefits from a favorable investment climate, including no state income tax, and convenient access to Knoxville and Asheville.