3495 Nc-18Morganton, NC 28655

Property Details for 3495 Nc-18

Year built

1988

Lot size

2.02 AC

Property type

Self storage facilities

Description

This exceptional self-storage facility in Morganton, North Carolina, presents a compelling investment opportunity. Boasting a 7.10% cap rate and a pro-forma cap rate of 8.54%, the property offers significant potential for increased profitability. The 19,736-square-foot facility comprises 82 units across five buildings situated on a 2.02-acre lot, providing ample room for future expansion. Currently, 91.01% of the 13,736 square feet of non-climate-controlled drive-up units are occupied, supplemented by seven outdoor parking spaces. Built between 1988 and 2020, the property benefits from a prime location along NC Highway 18, a high-traffic area with 5,407 vehicles passing daily. The strong demographics of the area, with a population of 30,898 residents and an average household income of $70,964 within a five-mile radius, further enhance its appeal. The property's NOI is $83,199, with a pro-forma NOI of $100,036. Opportunities exist to boost revenue through rent increases, maximizing fee income, implementing tenant insurance mandates, and developing outdoor parking rentals. Additional marketing strategies, such as Google Ads and improved signage, could further enhance visibility and occupancy. Morganton's strategic location, approximately 55 miles northwest of Charlotte and within the Hickory-Lenoir-Morganton MSA (the ninth largest in North Carolina), adds to its long-term investment value. The property's APN is 2712910324. This is a turnkey operation with significant upside potential.

Location Insight

City

Morganton

County

Burke

State

North Carolina

Latitude

35.7038

Longitude

-81.6313

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].