The North Carolina Self Storage Portfolio is comprised of six facilities across 413,839 net rentable square feet. The portfolio offers 1,913 climate-controlled units, 1,311 non-climate-controlled and drive-up units, 249 boat/RV parking spaces for a total of 3,473 units. The Enterprise Drive, 5811 Market Street and 9121 Market Street properties offer an on-site manager’s apartment. The Samet Drive property recently opened in late July of 2019 and is currently in its lease-up phase, which is reflected in the current occupancies. Each property offers a wide-variety of amenities, including wide aisles, LED lighting, elevator access, premium visibility and a large selection of well-maintained units to accommodate the region’s high demand for storage. The facilities utilize electronic gating and 24-hour video surveillance to ensure secure self-storage. An investor has the unique opportunity to profit from a distinct market footprint; all facilities have a strong presence in their respective regions of Wilmington and Greensboro, North Carolina.
The portfolio covers several major divisions of Wilmington, with five of the six subject properties asserting a dominate presence within the Wilmington Metro Area. Additionally, the Samet Drive facility is the newest Class A storage asset within its respective region of Greensboro, North Carolina. Each property offers premium access to the region’s major thoroughfares, including heavily-traveled Market Street, Martin Luther King Jr. Parkway and John Jay Burney Jr. Freeway in Wilmington. The portfolio benefits from its location in the eighth most populous city in North Carolina with a population exceeding 119,000 individuals. Wilmington is a popular destination for residents and tourists alike; the historic city offers natural and man-made assets along the coast of North Carolina, making it the state’s main connection to the global economy.
Acquisition of the North Carolina Self Storage Portfolio secures six assets with multiple upsides in Wilmington and Greensboro. The purchaser will benefit by continuing to raise occupancies at Samet Drive facility in Greensboro; the property is adjacent to a senior housing facility and several multifamily units. The portfolio offers expansion opportunity at Enterprise Drive, Carolina Beach Road and both Market Street locations to accommodate for the high demand for storage within Wilmington. Furthermore, a new owner will have the ability to scale revenue and leverage expenses with five of the six properties being situated in the same MSA.
- Five Facilities With a Significant Market Footprint Within the Wilmington MSA
- Samet Drive Site Offers a Brand-New, Class A Building in its Respective Region of the Greensboro MSA
- Below Market Rental Rates Across the Portfolio
- Expansion Opportunity at Four of the Six Sites
- Various Capital Improvements Across the Portfolio
- Capitalize by Scaling Revenue and Leveraging Expenses