Grandstone Investment Sales is pleased to exclusively present GMC Mini
Storage, a well-established, cash-flowing self-storage facility located in
Covington, Virginia. Positioned at 601 East Dolly Ann Drive, the property offers
convenient access and strong visibility in the Alleghany County submarket,
serving a steady tenant base within a supply-constrained environment.
The facility consists of 161 non-climate-controlled units totaling 23,100 net
rentable square feet on a 1.53-acre parcel. Originally developed in 1993
and expanded in 2007, the property is currently operating at 95% physical
occupancy and 91.17% economic occupancy, with a gross potential income
of $181,980 annually. The current net operating income is $104,579, with
projected Year 1 NOI of $121,481, supported by continued operational
efficiencies and rate optimization.The asset is offered at $1,550,000, or
$67.10 per rentable square foot, reflecting a 6.75% cap rate on actuals. Upside
remains through revenue management and lease-up of currently nonincome-
producing units. The owner personally utilizes nine units and
donates two additional units for community use, creating an opportunity
to unlock over $12,000 in additional annual income if converted to paying
tenants. Recent capital improvements include the installation of a new electric
gate. Additionally, security cameras are installed but not yet in use, offering an
easy operational enhancement for future ownership.
INVESTMENT
HIGHLIGHTS
- PRICE: $1,550,000 / $67.10 PER RENTABLE SQUARE FOOT
- STABILIZED 161-UNIT FACILITY WITH 23,100 NRSF AND
95% PHYSICAL OCCUPANCY - IMMEDIATE REVENUE UPSIDE FROM 11 OWNER-USED OR
DONATED UNITS NOT CURRENTLY MONETIZED
- RECENT CAPEX INCLUDING A BRAND-NEW ELECTRIC GATE; SECURITY CAMERAS INSTALLED AND READY TO ACTIVATE
- CENTRAL COVINGTON LOCATION WITH EASY ACCESS AND VISIBILITY OFF EAST DOLLY ANN DRIVE
- ANCHORED BY LONG-TERM EMPLOYMENT FROM WESTROCK PAPER MILL (1,000+ JOBS AND 100+ YEARS IN OPERATION)
Bang Realty Inc | Bor@bangrealty.com | License: 225245999
