5812 Caratoke HwyPoplar Branch, NC 27965

Property Details for 5812 Caratoke Hwy

Year built

1996

Lot size

4.15 AC

Property size (Sq ft)

2,268 SF

Zone code

GB

Property type

Office properties

Property subtype

Office buildings

APN

0084000016H0000

APU

0084000016H0000

Description

This exceptional self-storage opportunity in Poplar Branch, North Carolina, presents a compelling investment prospect. The Currituck Self Storage facility, located at 5812 Caratoke Hwy, 27965, boasts 22,582 net rentable square feet across six buildings on a 5.15-acre lot. Built in 1996, the facility currently houses 189 non-climate-controlled units and enjoys a remarkable 90% occupancy rate, generating a strong NOI of $135,461 and a 7% cap rate at the asking price of $1,940,000. The property benefits from a high barrier to entry, thanks to recent Currituck County zoning changes requiring new self-storage facilities to occupy at least 3 acres of land zoned for heavy or light industrial use. Significant upside potential exists through expansion

• CAP approach

  CAP return

  Valuation

  6%

  $420,791

  6.5%

  $388,422

  7%

  $360,678

• Comparable approach

  Method

  Valuation

  Relative Method

  $254,540

  Geo Method

  $378,779

• Alternative Use

  Use

  Valuation

  Residential

  $481,644

  Hospitality

  $441,183

  Educational

  $367,059

  Medical

  $379,683

  Retail

  $570,981

Location Insight

City

Poplar Branch

County

Currituck

State

North Carolina

Latitude

36.2754

Longitude

-75.9136

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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