Secure Climate Storage Center, Spartanburg, SC

Highlights:

• High potential upside with lease-up, revenue management, and expansion
• ~ 1/2 acre for expansion (Entitlement delivered at closing)
• Attractive property with coated concrete flooring and wide aisles
• Over 250,000 in population and almost 90,000 households within 20-min drivetime
• 1.76% historical population growth rate
• 27.58% of households in the market are renters

Description:

Introducing a compelling investment opportunity in Spartanburg, SC, this property presents 12,748 +/- rentable square feet with 116 units, offering substantial upside potential for the astute self-storage investor. With a current 68% physical occupancy rate, this property is poised to deliver immediate returns and future growth. Its prime location in the thriving Spartanburg area enhances its appeal and market demand, making it an attractive asset for investors looking to establish a strong foothold in the self-storage market.

The rentals include two (2) upfront office spaces. One is leased month-to-month to a long-standing tenant, while the other has a newly signed three-year lease with 5% annual step-ups and a three-year renewal option.

The site will convey with the additional value of an entitlement for approved expansion on the 0.5-acre +/- undeveloped land. This entitlement includes plans for the further building location, drive aisles, grading of the existing lot, and storm drainage and erosion control details and plans. It will be valid for five (5) years.

This prime location offers optimal visibility and accessibility and is strategically positioned near major transportation arteries for efficient logistics and distribution. Secure Climate Storage Center is located in the northwest area of Spartanburg. The facility sits on a stretch of road containing major employer warehouses, including Wal-Mart and Amazon, just 1 mile from Interstate 26. The area is renowned for its strong commercial activity and is close to downtown Spartanburg and various retail and dining establishments. As a prospective self-storage investor, you'll appreciate the area's robust economic landscape and the potential to capitalize on the city's growing demand for secure storage solutions.

The site consists of a single metal temperature-controlled building with a paved drive and parking. In addition, 0.5 acres are available for expansion. Security fencing is installed with gated keypad access.

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