Marcus & Millichap is pleased to present 74 Mini Storage, a 16,000 rentable square foot, 146 unit climate and non-climate controlled facility located in Wadesboro, North Carolina. Of the 146 units, 137 are non-climate and 9 are climate controlled. The property trends around 90 percent occupancy and has room to expand approximately 8-10,000 square feet. Amenities include an on-site office, controlled access gate, security cameras and perimeter fence.
Wadesboro, North Carolina is located a short 60 miles east of downtown Charlotte, North Carolina in "Smalltown USA" with approximately 7,254 people within three miles and 10,316 people within five miles. The average household income is about $41,700. Wadesboro is the county seat and largest town in Anson County. While education and healthcare are the top employers in the area, their textile, agri-industry and food processing are the targeted industries and economic drivers. With the recent announcement of Grow Green Powers selection of Anson County as the location for their $250 million solar thermal / biomass power plant, Anson County feels it is positioned to attract industries from across the globe.
74 Mini Storage is being offered at $700,000, $43.75 per rentable square feet and 8.14 percent cap rate, based on January - August 2018 net operating income. With 80 percent leverage at 5.5 percent interest rate, this investment generates a 11.2 percent cash-on-cash return. By increasing street rates, pushing rates on existing customers and continuing to improve the economic income, the buyer will be able to achieve a 9.3 percent cap rate and over 17 percent cash-on-cash within the first year.