1529 Highway 11ENew Market, TN 37820

Property Details for 1529 Highway 11E

Lot size

5.00 AC

Zone code

I-1

Property type

Commercial real estate

APN

032 04301

APU

3204301

Description

This exceptional self-storage facility in New Market, Tennessee, presents a compelling investment opportunity. Priced at $5,000,000, it boasts a 6.97% pro-forma cap rate and a $348,500 pro-forma NOI. The property comprises 13 buildings on a 5-acre lot, featuring a total of 318 units, including recently added and soon-to-be-added units. Construction dates range from 2001 to 2024, with 85 more units slated for completion in Summer 2024. Currently, the occupancy rate stands at 95%. The facility benefits from a highly visible, centrally located position, just a short distance from Knoxville and Jefferson City. Features include an excellent unit mix, low operating expenses, and easy remote management capabilities. Recent improvements encompass new fencing, landscaping, and exterior lighting. The property also offers ample outdoor storage for RVs, boats, and campers. This is a turnkey operation with significant potential for future growth and expansion. The property's strong performance and strategic location make it an attractive investment for discerning buyers.

• Alternative Use

  Use

  Valuation

  Residential

  $63,778,388

  Hospitality

  $58,420,660

  Educational

  $48,605,304

  Medical

  $50,276,916

  Retail

  $75,608,248

Location Insight

City

New Market

County

Jefferson

State

Tennessee

Latitude

36.0887

Longitude

-83.5894

CBSA code

34100

CBSA name

MORRISTOWN, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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