For Sale
$4,500,000

4089 Clifton Glendale RdSpartanburg, SC 29307

High-growth market, value-add opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional Class A self-storage facility, located at 4089 Clifton Glendale Rd, Spartanburg, SC 29307, presents a compelling value-add investment opportunity. The property, a newly renovated (2023) single-story building on an 8.67-acre lot, comprises 31,000 net rentable square feet and features 264 climate-controlled units. Currently at 1% occupancy (as of January 1, 2024), the property boasts significant upside potential. The asking price is $4,500,000, translating to $145.12 per square foot and $17,045.45 per unit. The current NOI is $111,371, with a projected NOI of $354,808 upon stabilization, yielding a pro-forma cap rate of 7.88%. The property benefits from a gross lease structure and offers substantial room for expansion, allowing for the addition of traditional or climate-controlled units (buyer to verify). Spartanburg's designation as one of the fastest-growing metro areas in the US, coupled with its diverse amenities and thriving community, ensures strong long-term growth prospects. The facility includes amenities such as digital keypad gate entry, security cameras, exterior lighting, an office, and fencing. The 8-foot ceiling height adds to the functionality of the units. This fee-simple ownership opportunity is ideal for investors seeking significant returns in a rapidly expanding market. The property's current low occupancy presents a unique chance to increase rental rates and maximize profitability.

Highlights

  • All units are climate-controlled with ample parking.
  • Newly renovated, with a projected Certificate of Occupancy in December 2023.
  • Located in a high-growth market.
  • Potential for future expansion on available land (buyer to verify).
  • Opportunity to add traditional or climate-controlled units (buyer to verify), and increase rental rates.
  • Year 2 projected EGI: $417,006; NOI: $261,722; Cap Rate: 5.82%.

Property Details for 4089 Clifton Glendale Rd

Property type
Self storage facilities
Square Feet
31,009 SF
Class
A
Year Renovated
2023
Buildings
1
Stories
1
Lot Size (sq. ft)
377,665 SF
Units
264

Location Insight

City
Spartanburg
County
Spartanburg
State
South Carolina
Latitude
34.961839651603
Longitude
-81.844731996883
4089 Clifton Glendale Rd, Spartanburg, South Carolina

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4089 Clifton Glendale Rd
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