Black Mountain Mini Storage
Fully Occupied Self Storage | 7% Cap Rate | Below Market Rents | Asheville MSA
Marketing description
Black Mountain Mini Storage at 440 E State St, Black Mountain, NC offers investors the opportunity to acquire a fully stabilized self-storage asset in one of Western North Carolina’s most sought-after markets. This 20,095 SF facility features 182 units, was built in 1994, and is currently 100% occupied, delivering immediate in-place cash flow. Positioned along highly accessible E State Street, the property benefits from strong visibility, direct access, and proximity to both downtown Black Mountain and Asheville. Current gross potential revenue is approximately $204,000 annually, with additional upside through strategic rent increases, as current rates are below market across key unit sizes. Offered at $1,800,000, or approximately $90/SF, this asset presents an attractive below-replacement-cost basis with clear value-add potential. With strong occupancy, proven demand, and immediate revenue enhancement potential, this is a compelling chance to own a high-performing storage property in a thriving mountain submarket.
- Site visits by appointment only with 24 hours notice and must be accompanied by Listing Agent or buyer's Real Estate Broker
- Prime property for Automation with a Call Center thus reducing the high OPEX bloat
Investment highlights
Fully Occupied (100%) – Stabilized asset with immediate in-place cash flow and no lease-up risk
7% Cap Rate (Broker-Adjusted) – Based on 38% expense ratio reflecting market-level underwriting
$204,000 Annual Gross Potential Revenue – Strong historical performance with consistent demand
Below Market Rents – Proven opportunity to increase revenue through mark-to-market adjustments
182 Units | 20,095 SF – Diverse unit mix serving a broad tenant base
~$90/SF Acquisition Basis – Significant discount to replacement cost
Prime Location on E State Street – High visibility and accessibility within Black Mountain
Asheville MSA Exposure – Located in a high-growth Western North Carolina market
Proven Demand Drivers – 100% occupancy supports continued rent growth potential
Additional Expansion Potential – Opportunity to add ~1,000–2,000 NRSF (subject to stream buffer)
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