360 Wingo Heights RdSpartanburg, SC 29303

Property Details for 360 Wingo Heights Rd

Year built

2024

Lot size

2.47 AC

Property size (Sq ft)

13,400 SF

Property type

Self storage facilities

Description

This exceptional 13,400-square-foot self-storage facility, built in 2024, presents a compelling investment opportunity in Spartanburg, South Carolina. Located at 360 Wingo Heights Rd, 29303, this property boasts 141 units across three single-story buildings situated on a 2.47-acre lot. Currently operating at 15% occupancy, the facility offers significant upside potential. The asking price is $1,100,000, translating to $82.09 per square foot and $7,801.42 per unit. The property's projected net operating income (NOI) is $33,085, resulting in a pro-forma cap rate of 3.01%. However, projections indicate a substantial increase in cap rate to 9.15% within three years upon stabilization. The strong demographics of the area, with over 32,000 residents within a 3-mile radius and a projected annual population growth of 1% over the next five years, further enhance the investment's appeal. The facility includes 38 parking spaces, and future expansion is possible by repurposing some of this outdoor parking area for additional storage units. This property offers a rare chance to acquire a brand-new facility in a rapidly growing market with significant potential for increased profitability.

Location Insight

City

Spartanburg

County

Spartanburg

State

South Carolina

Latitude

34.9739

Longitude

-82.0042

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