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Knightdale Development Opportunity

4040 S Smithfield Rd
Knightdale, NC  27545

70 Days Ago

$1,000,000

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Listed for $1,400,000 this development site includes four acres in Knightdale, North Carolina, which is part of the Raleigh metro area. The property has an approved site plan for 133,000 gross square feet of storage, with opportunity to expand to 191,000 gross square feet with modification of two bi level buildings to three story buildings. The Raleigh metro area is one of the US Top 50 metros with 1.3 million residents and the site is a 20 minute drive from the capitol building at the heart of Raleigh. The site fronts on both Smithfield Road and Poole Road and lies in an area with limited storage competition.

With approvals already in place, strong household incomes, a growing population, and limited storage development within a three mile radius, this location is ideal for a developer interested in self-storage opportunities in Wake County. Since 2010, the population within a five mile radius has improved by 18% and is expected to grow an additional 12% in the next five years. A new self-storage facility on this site would have limited competition in the immediate area; in fact, there is only one competing storage property within four miles. This site fronts both Smithfield and Poole Roads. Smithfield Road is a commuter feeder road to Hwy 264 which leads to Raleigh and Research Triangle Park and includes traffic counts of 12,000 cars per day and Poole Road is a local east west road that runs from Wendell into downtown Raleigh. Knightdale is one of the largest residential growth areas within the Triangle. The subject property lies between Knightdale Station, a planned development of 800 homes, and Wendell Falls, a planned development of 4000 homes, both of which have broken ground and are in Phase 1 development.

Wake County, North Carolina is consistently voted the most desirable place to live in the South East and as of 2016 is the second fasted growing of the top fifty metros since 2010 with a 15.25% increase in the MSAs population. The growth, in large part, is due to the abundance of quality jobs in the area and a high standard of living. The region's growing high-technology community includes such companies as IBM, SAS Institute, Cisco Systems, NetApp, Red Hat, EMC Corporation, and Credit Suisse First Boston. In addition to high-tech, the region is consistently ranked in the top three in the U.S. with concentration in life science companies. Some of these companies include GlaxoSmithKline, Biogen Idec, BASF, Merck & Co., Novo Nordisk, Novozymes, and Pfizer. Because of the strength of companies like this located in the region the area fared relatively well during the late-2000s recession, ranked as the strongest region in North Carolina by the Brookings Institution and among the top 40 in the country. The change in unemployment during 2008 to 2009 was only 4.6% and home prices only changed by 2% indicating continued growth and demand for self-storage.

Property Type: Development 
Status : Available 
Acreage: 4.00 Acres
Room For ExpansionNo
Days Listed: 70 Days
Updated: 12/11/17 
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