3057 Lee HwyBristol, VA 24202

Property Details for 3057 Lee Hwy

Year built

1983

Lot size

1.57 AC

Property size (Sq ft)

14,700 SF

Property type

Other commercial real estate

APN

225 A 13

APU

225A13

Description

This exceptional investment opportunity presents Storage Source One, a two-building, climate-controlled self-storage facility located at 3057 Lee Hwy, Bristol, VA 24202. Built in 2024, this property boasts 19,805 rentable square feet across 189 units, ranging in size from 4'x5' to 16.5'x29'. Situated on 2.06 acres, the facility enjoys a prime location along Lee Highway, just off Interstate 81, within Bristol's main retail corridor. Currently operating at 25% occupancy (as of September 1, 2024), this property offers significant upside potential. The asking price is $3,160,000, representing $159.56 per square foot based on Phase I square footage, and projecting a 7.99% pro-forma cap rate. The property includes a second, 10,050 square foot building ready for expansion, along with plans for an additional 91 modular units (15,480 square feet). These expansion plans, not included in the current pro-forma NOI of $252,460, offer substantial value-add opportunities. The facility features amenities such as access-controlled covered loading areas, motion-activated LED lighting, 64 video surveillance cameras, and wide asphalt drive aisles. The Bristol, VA market demonstrates low self-storage saturation (2.11 square feet per capita within a 5-mile radius), with zero climate-controlled space besides this property. The 5-mile population is approximately 45,113, exhibiting consistent growth. This property presents a compelling investment opportunity with strong potential for future revenue growth.

• Alternative Use

  Use

  Valuation

  Residential

  $3,246,914

  Hospitality

  $2,974,156

  Educational

  $2,474,462

  Medical

  $2,559,563

  Retail

  $3,849,164

Location Insight

City

Bristol

County

Bristol

State

Virginia

Latitude

36.6277

Longitude

-82.15

CBSA code

28700

CBSA name

KINGSPORT-BRISTOL-BRISTOL, TN-VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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