For Sale
$799,000

0 Morningside DrMorristown, TN 37814

Value-add self-storage, high growth area

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Highlights

  • Year 5 projected cap rate exceeding 13.70%.
  • 114-unit self-storage facility; 7,808 net rentable square feet (25,714 gross square feet including parking); diverse unit mix including climate-controlled units.
  • 1.61-acre site in Hamblen County, Tennessee; secured with perimeter fencing and gated entry.
  • Newly opened facility, initial leasing phase; ribbon cutting August 2024.
  • Significant upside potential through occupancy stabilization, expansion, new development, and rental rate increases.
  • Fully fenced and gated; 24/7 access; camera surveillance; internet-based keypad entry with app for remote management.

Property Details for 0 Morningside Dr

Property type
Self storage facilities
Square Feet
25,714 SF
Lot Size (sq. ft)
70,132 SF
Units
114

Location Insight

City
Morristown
County
Hamblen
State
Tennessee
Latitude
36.221618
Longitude
-83.2677273
Morningside Dr, Morristown, Tennessee

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0 Morningside Dr
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