Spartanburg Self Storage

Spartanburg Self Storage

$3,000,000

5.50% CapĀ 

Spartanburg Self Storage currently enjoys a 80%+ occupancy, after recently undergoing an 12,400 SF addition! The first phase of the facility (situated on 5 +/- acres) is comprised of 36,450 net leasable square feet of self storage, and 21,226 net leasable square feet of parking – 6,300 of which is covered RV parking.

The Seller recently acquired a neighboring 7 +/- acre parcel and has since completed a two building 12,400 gross square foot expansion (10,175 NLSF). Additionally, the Seller has added a large number of surface parking spaces, bringing the total Net Leasable SF on site (self storage and parking) to 74,049. This new expansion boosts the existing annual gross potential at this facility by an additional $90,000!

Spartanburg Self Storage is located between the Spartanburg Airport and I-26 on Hidden Hill Road. The intersection of Hidden Hill Road and John B White Sr Blvd (239) sees over 31,000 VPD, and the intersection of Hidden Hill Road and East Blackstock Road sees over 16,500 VPD.

According to the US Census Bureau, the Upstate of South Carolina has recognized explosive growth since 2010 with a population increase of 7.29%. Additionally, the area is gearing up for a business boom (per the Wall Street Journal) as the inland port will continue to develop and evolve as the Panama Canal opens up a new lane for bigger ships this month, much of the cargo they carry will be headed for this quiet corner of the Southeast, some 200 miles inland.
Construction has already spiked to meet the demand in the industrial sector: More development is on the way: over six million square feet of warehouse space is under construction in the Greenville-Spartanburg region, a scale typically seen in major cities like Philadelphia and St. Louis… according to the Wall Street Journal and other sectors are likely to follow suit in the area.