The North Carolina Self Storage Portfolio is comprised of four facilities across 313,691 net rentable square feet. The portfolio offers 1,083 climate-controlled units, 1,207 drive-up units and 216 rental parking spaces for a total of 2,506 units. The Enterprise Drive, 5811 Market Street and 9121 Market Street properties offer an on-site manager’s apartment. 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, North Carolina.
The portfolio covers several major divisions of Wilmington; all four subject properties assert a dominant presence within the Wilmington Metro Area. 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 four assets with multiple upsides in Wilmington, North Carolina. The portfolio offers expansion opportunity at Enterprise Drive and both Market Street locations to accommodate for the high demand for storage within Wilmington. An investor can raise rates to meet the comparable average; there are below market rents across the portfolio. Furthermore, a new owner will have the ability to scale revenue and leverage expenses with all four properties being situated in the same MSA.