2-Property, Physically Stabilized, Hampton Roads Portfolio – Outer Banks, NC

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Price
Market Bid
NRSF
109,790
Outer Banks, NC
2 Property Portfolio
Two physically stabilized properties located in the Outer Banks, NC within a 15-minute drive from each other
There is very limited competition within the subject properties' trade areas, and the existing competition is small and mom-and-pop operated
Affluent area, with a median household income of $85K+ within three miles of the Kitty Hawk location
Both properties are located with easy access to N Croatan Highway, which is the major roadway connecting the barrier islands
Physical occupancy is 90.7%/90.3% while economic occupancy is 84.8%

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market the sale of two physically stabilized properties in the Outer Banks of North Carolina—a major tourist destination and area of considerable affluence.

This coastal community is home to about 35,000 year-round residents; however, the population swells significantly during the summer months as visitors flock to the area to enjoy laidback, waterfront living. There are many second homes and timeshares peppered throughout the region. While Dare County, the region that encompasses the Outer Banks, is the largest county in North Carolina by total area, only 24.5% of that area is land.

Additionally, the Outer Banks is known for its preservation of natural beauty. The community has strict zoning laws which forbid boardwalks as well as noisy theme parks and also prevent high-rise hotels from obscuring ocean views. The sparsity of land coupled with a strong, tourist-bolstered economy and firm zoning laws creates a built-in demand for self-storage in this market.

The first property is located in Nags Head. Located at 209 W 8th St, the property has excellent visibility as it is situated near popular restaurants and a bait and tackle store. It is located along N Croatan Highway, the major roadway that connects the barrier islands, which sees nearly 30,000 vehicles per day. Built in 1985, 1989, and 1994, the clean, well-maintained facilities offer 72,680 square feet of space and are situated on 7.08 acres. Its 499 total units are currently 92.6% physically occupied while economic occupancy is 82.5%.

The second property is located in Kitty Hawk, a quiet coastal town with a 461-acre maritime forest reserve called Kitty Hawk Woods. Situated right along the reserve just off N Croatan Highway, the self-storage facility is only a short drive from Point Harbor on the mainland. Built in 2004, the 37,110 square feet serves the community with 256 rentable units that are 86.7% physically occupied and 88.8% economically occupied.

This sale presents a unique opportunity to acquire two leading self-storage properties in a local market with limited competition, predominantly comprising mom-and-pop owners. The portfolio’s scale and strategic positioning within its submarket will give buyers significant operating leverage. Buyers have the potential to acquire over $1.3 million in NOI, with material untapped future rental rate upside.

North Carolina Self-Storage Portfolio

  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as the North Carolina Self Storage Portfolio opportunity.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.



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