Listed by Midcoast Properties Inc
$3,400,000
247 Store It - Havelock, NC Two-Property Portfolio
Details
APN 6-220 -103
Property Type Self Storage
Square Footage 56,926
Cap Rate 4.49%
NOI $152,673
Occupancy 78.8%
Pro-Forma Cap Rate 6.17%
Pro-Forma NOI $209,723
Class B
Year Built 1990
Buildings 8
Stories 1
Acreage 3.820
Zoning HC - Buyer to verify
Investment Type Value Add
Value-Add Opportunity
Marketing description
- Located approximately two miles apart and convenient to Hwy 70 and the Marine Corps Air Station Cherry Point front entrance.
- Properties are adjacent to single-family and multi-family neighborhoods.
- Clean, well-lit facilities create a positive customer experience from the first point of contact.
- Demand for self storage comes from local residents, small businesses, and the broader regional dynamics influenced by nearby New Bern and the Crystal Coast, where population growth, housing turnover, and seasonal activity contribute to consistent occupancy levels.
- Marine Corps Air Station Cherry Point—the largest Marine Corps air station in the world — has played a defining role in shaping the city’s growth, demographics, and stable economic base since its establishment in 1942.
- The strong military presence supports steady demand in the local self storage market, driven by a highly mobile population of service members and significant number of civilian contractors.
Investment highlights
- Two-Property Portfolio comprised of 436 units and approximately 56,926 rentable square feet across 3.82 +/- acres.
- Opportunity to improve rental revenue and occupancy via FMS rate management program and marketing enhancements.
- Offering price of $60.00 / sq ft below replacement cost.
- Online rentals and payments
- Remotely managed with local contractor to address facility needs
- Tenant insurance program in place
- Separate building at Webb Blvd location provides supplemental office rental income.
- In 2022, strategic capital improvements — including exterior painting, new gutters, and upgraded drive aisles (Shipman Road) — were completed for long-term reduction of operating expenses and improved curb appeal. Additionally, modernized security features, like new gate controllers and camera systems, were installed to enhance security while streamlining the tenant experience.
Listing Contacts
Listed by Midcoast Properties Inc
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$152,673.00
$12,722.75/mo
Valuation Metrics
0
DSCR
4.49%
Cap Rate
4.49%
ROI
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