2816 Meighan BlvdGadsden, AL 35903

Property Details for 2816 Meighan Blvd

Year built

2021

Lot size

0.30 AC

Property size (Sq ft)

4,000 SF

Property type

Retail properties

Property subtype

Other retail properties

APN

15-06-24-1-000-018.000

APU

1506241000018000

Description

This exceptional self-storage opportunity presents a newly constructed, stabilized investment property located at 2816 E Meighan Blvd, Gadsden, Alabama, 35903. The property boasts 24,150 net rentable square feet across six buildings, including 161 units (132 drive-up and 28 climate-controlled). Built in 2023 and 2024, the facility currently enjoys a 62.5% occupancy rate, projected to increase significantly upon completion of two additional buildings currently under construction, slated for December 2024. The property sits on a 3.5-acre lot with excellent visibility from E. Meighan Blvd, a high-traffic area with over 22,000 vehicles per day. A retail building on the property is under lease until 2029, providing additional income stability. The current Net Operating Income (NOI) is $102,658, with a pro-forma NOI of $141,012, reflecting a current cap rate of 5.70% and a pro-forma cap rate of 7.83%. The asking price is $1,800,000, translating to a price per square foot of $74. This value-add investment offers significant upside potential through increased occupancy and rental rate adjustments. The property's strategic location and strong market fundamentals make it an attractive investment opportunity for discerning buyers seeking a high-performing self-storage asset in a growing market.

• CAP approach

  CAP return

  Valuation

  6%

  $1,243,646

  6.5%

  $1,147,981

  7%

  $1,065,982

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,641,931

  Geo Method

  $1,966,205

• Alternative Use

  Use

  Valuation

  Residential

  $968,365

  Hospitality

  $887,017

  Educational

  $737,988

  Medical

  $763,368

  Retail

  $1,147,981

Location Insight

City

Gadsden

County

Etowah

State

Alabama

Latitude

33.9773

Longitude

-85.9536

CBSA code

23460

CBSA name

GADSDEN, AL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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