115 Augusta Dr dr - Browns Storage 4,490 SF Specialty Building Offered at $779,922 CAD at a 6.57% Cap Rate in Grandy, NC 27939
EXECUTIVE SUMMARY
• Value-Add Storage Facility Comprised of 4,090 NRSF of Drive-Up, Non-Climate Units, 54 Outdoor Parking Spaces, and One 400 SF Retail Space
• Facility Sits on a 2.39-Acre Lot With Ample Room for Future Expansion By Replacing Existing Parking Spaces
• Retail Space is Currently Leased as a Salon at Below-Market Rent, Allowing for Financial Upside Through Renegotiation or Conversion to Additional Storage
• Opportunity to Increase Revenue Through Lease Up, Stabilization, and Steady Increases to Street Rates
• Strong Average Household Income of $77,721 Within Three Miles of the Property
• Population Within Three Miles of the Property Has Grown by 5.5% Annually Since the 2020 Census and is Projected to Continue at the Same Rate Over the Next Five Years
• Grandy is Part of Currituck County Which is Located in the Outer Banks of North Carolina and is Home to 31,593 Residents
• Facility Sits on a 2.39-Acre Lot With Ample Room for Future Expansion By Replacing Existing Parking Spaces
• Retail Space is Currently Leased as a Salon at Below-Market Rent, Allowing for Financial Upside Through Renegotiation or Conversion to Additional Storage
• Opportunity to Increase Revenue Through Lease Up, Stabilization, and Steady Increases to Street Rates
• Strong Average Household Income of $77,721 Within Three Miles of the Property
• Population Within Three Miles of the Property Has Grown by 5.5% Annually Since the 2020 Census and is Projected to Continue at the Same Rate Over the Next Five Years
• Grandy is Part of Currituck County Which is Located in the Outer Banks of North Carolina and is Home to 31,593 Residents
PROPERTY FACTS
| Price | $779,922 CAD |
| Price Per SF | $173.70 CAD |
| Sale Type | Investment |
| Cap Rate | 6.57% |
| Property Type | Specialty |
| Property Subtype | Self-Storage |
| Building Class | C |
| Lot Size | 2.39 AC |
| Building Size | 4,490 SF |
| No. Stories | 1 |
| Year Built | 2006 |
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PROPERTY TAXES
| Parcel Number | 094A-000-001A-0000 | Improvements Assessment | $189,596 CAD |
| Land Assessment | $324,817 CAD | Total Assessment | $514,412 CAD |
ZONING
| Zoning Code | GB (General Business) |
CONTACTS
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Joseph Lombardo -
Josh Snead -
Frank DeSalvo -
David Perlleshi -
Darron Kattan -
Franklin Street Real Estate Services
