Rocky Mount Self Storage
Self Storage | 5.96% CAP | 359 Units
Marketing description
Grandstone Investment Sales is pleased to exclusively present Rocky Mount Self Storage, located at 829 Carr Street and 803 Carter Street, Rocky Mount, NC. The property comprises 359 units across 36,152 NRSF on a 2.65-acre lot, organized across five distinct operating areas - Buildings A & B, C Lot, D Lot, and E Lot.
Buildings A & B form the core of the operation, housing the majority of traditional storage units across the main warehouse structures. C Lot includes an additional storage building with approximately 25-30 interior units, supplemented by containers and Leonard portable buildings. The seller is actively cleaning up this area, with a portion of containers slated for removal to create a more open footprint and potential expansion corridor. D Lot has operated for approximately eight years, housing 16 containers and 20 Leonard buildings with City power in place and no reported issues with municipal authorities. E Lot, which holds 17 containers, is fully permitted by the City and operational.
The property presents several clear value-add levers for an incoming buyer. Occupancy sits at 79% against a submarket average of 89%, providing a direct path to improved revenue through lease-up. The smaller storage building features an open-ceiling configuration that the current ownership had previously evaluated for climate-control conversion - a project set aside only because the property had been running at capacity. C Lot cleanup is ongoing and may create additional expansion flexibility depending on a buyer's vision for the site. D Lot's long operating history with City awareness presents an opportunity to formalize permitting and potentially increase the asset's recognized income and value.
Beyond the physical upside, the surrounding area adds a compelling location narrative. Rocky Mount Village Co., backed by Capital Broadcasting out of Raleigh, is actively developing the land around the property into a mixed-use restaurant and brewery district anchored by the historic Cotton Mill. This redevelopment activity - which at one point included an offer to acquire this very site - underscores the land's long-term alternative-use value and the broader momentum building in this submarket.
The investment offers a strong return profile with a levered IRR of 35.9% and an equity multiple of 3.70x over a five-year hold. With an entry cap rate of 5.96% on actuals and a projected Year 1 cap rate of 10.26% through occupancy stabilization and expense normalization, this offering provides both near-term cash flow growth and a well-supported exit thesis at an anticipated disposition price of $3.15M.
Investment highlights
- Priced at $1.95M ($53.94/SF), this 36,152 SF facility offers a clear runway to increase NOI to $200,039 in Year 1 by stabilizing occupancy and reducing expenses.
- Demand is fueled by UNC Health Nash, NC Wesleyan University, and major employers like Pfizer, providing a steady stream of commercial tenants.
- The property currently sits at 79% physical occupancy compared to the submarket average of 89%, presenting an immediate opportunity to capture demand and bridge the 10% gap.
- Strategically located just east of the convergence of Interstate 95 and U.S. Highway 64, the facility captures significant North-South and East-West traffic from individuals and families relocating to, from, or through the region.
- The 5-year business plan projects a levered IRR of 35.9% and an equity multiple of 3.70x, with an anticipated disposition price of $3.15M based on a 7.23% exit cap rate.
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