Grandstone Investment Sales is pleased to exclusively present Bypass Self Storage, a compelling value-add self-storage investment opportunity located at 322 Greenville Bypass, Greenville, AL 36037. The property offers 339 total units (67 climate-controlled and 272 non-climate controlled) across 56,982 net rentable square feet on a 4.58-acre lot. Built in 1988 and renovated in 1996, the facility is currently priced at $4,250,000 ($74.59 per SF) and operates at 68.67% physical occupancy and 64.95% economic occupancy. This under-managed asset, running without modern property management software, provides a significant opportunity for operational improvements, aggressive vacancy reduction from current levels, optimized pricing strategies, and full professional management implementation.
The investment presents a strong return profile with projected Year 1 NOI of $305,003, reflecting a 7.18% cap rate. NOI is expected to grow steadily to $388,875 by Year 5 through a combination of occupancy gains and annual rent increases. On a levered basis (70% LTV), the property delivers an attractive 22.0% IRR and 2.41x equity multiple over the 5-year hold period. Supported by a diversified unit mix, limited local competition, excellent bypass visibility, and stable demand in the Greenville area, Bypass Self Storage offers investors a unique opportunity to capitalize on substantial operational upside and long-term value creation.
INVESTMENT
HIGHLIGHTS
- SIGNIFICANT UPSIDE
Facility recently expanded with a 8,450 NRSF CC building which opened in May & is leasing at a 3.25% monthly lease-up velocity, offering a clear path to increased occupancy & a Year Two 8.64% Cap Rate. - STRONG YEAR-1 VALUE CREATION
Projected Year 1 NOI of $305,003 representing a 7.18% cap rate, with continued NOI growth through natural lease-up of the new climate controlled facility and a 2% annual rent growth. - ATTRACTIVE LEVERED RETURNS
Projected levered IRR of 22.0% and equity multiple of 2.41x over a 5-year hold period.
- WELL-LOCATED WITH LIMITED COMPETITION
Strategically positioned along the Greenville Bypass with excellent visibility and access. Serves a stable local population base with consistent self-storage demand and limited direct competition in the immediate area. - DIVERSIFIED UNIT MIX
Well-diversified offering of both climate-controlled and non-climate-controlled units ranging from small to large sizes, allowing the property to serve a broad tenant base and maximize revenue potential
Broker of record: BRIAN BROCKMAN | Bang Realty-Alabama Inc | bor@bangrealty.com | Tel: 513.898.1551 | License: 119315