For Sale
$1,845,000

603 Thornhill DrHattiesburg, MS 39402

High-yield self storage, 247 units, great potential.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional value-add self storage facility in Hattiesburg, Mississippi, presents a compelling investment opportunity. Priced at $1,845,000, this property boasts 43,650 net rentable square feet across four single-story buildings on a 3-acre lot. Currently featuring 247 non-climate controlled, drive-up units and a 1,200 square foot apartment, the facility offers significant upside potential. The current NOI is $80,992, yielding a 4.39% cap rate, while the pro-forma NOI is projected at $201,964, representing a 10.95% cap rate. Built in 1980, this property benefits from its location less than one mile from the University of Southern Mississippi (enrollment: 14,554 students) and within a densely populated area (67,878 residents within a five-mile radius). Hattiesburg, the third largest MSA in Mississippi (155,740 residents), is approximately 85 miles northwest of Mobile, Alabama. This property offers a unique chance to increase revenue through lease-up, stabilization, and rent increases, capitalizing on below-market rents in a thriving market. The property's address is 603 Thornhill Dr, Hattiesburg, MS 39402.

Highlights

  • $1,845,000 asking price for this self-storage facility.
  • 43,650 square feet of net rentable space.
  • 4.39% current cap rate, with a pro-forma cap rate of 10.95%.
  • $80,992 current NOI, projected to increase to $201,964.
  • 247 units across four, one-story buildings on a 3-acre lot, built in 1980.

Property Details for 603 Thornhill Dr

Property type
Self storage facilities
Year Built
1980
Buildings
4
Stories
1
Lot Size (sq. ft)
130,680 SF
Units
247

Location Insight

City
Hattiesburg
County
Lamar
State
Mississippi
Latitude
31.3344558
Longitude
-89.3487226
603 Thornhill Dr, Hattiesburg, Mississippi

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603 Thornhill Dr
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