Franklin Street Facilitates Fifth Successful Self-Storage Transaction in North Raleigh Amid Rapid Urban Growth
Raleigh, NC – Franklin Street proudly announces the successful transaction of North Raleigh Personal Storage, a prime self-storage facility located at 5508 Otters Run Ct, Raleigh, NC 27609. This marks the fifth deal completed by the Franklin Street team for this valued client group, showcasing the team’s unwavering commitment to excellence in service.
While the buyer remains undisclosed, the seller, Connected Companies, based in Los Angeles, was represented by Frank DeSalvo, David Perlleshi, and Joe Lombardo from the Franklin Street team.
The facility, built in 1983 and expanded in 1991, boasts an impressive 20,940 NRSF and is situated on 2.44 acres. With a square foot occupancy rate of 80.42% and an economic occupancy of 69.40%, this cash-flowing self-storage property is poised for further growth in the rapidly expanding city of Raleigh.
“Frank and David consistently go above and beyond in their roles as brokers, delivering an unmatched level of service to their clients,” said Chaplon Mu, Owner. “The team at Franklin Street has successfully transacted on 5 facilities for us, and each step of the process—whether it’s underwriting, marketing, due diligence, or closing—is handled with the utmost care and attention. Their dedication and expertise set them apart in the industry, and we look forward to continuing to leverage their exceptional services in the future.”
The North Raleigh Personal Storage facility consists of 183 units of non-climate controlled storage, along with 55 outdoor parking spaces and a residential apartment for the on-site facility manager, who manages daily operations in exchange for free rent—offering a cost-effective management solution for the new owner.
Additionally, the facility is equipped with management software, a tenant insurance program, and an automated gate, facilitating a seamless transition to remote management. There is significant potential to enhance revenue through lease-up, stabilization, and gradual rent increases aligned with the market.
Located within a thriving demographic, the area boasts an average household income of $102,246 and a population of 216,303 residents within three miles of the site. The Raleigh-Cary MSA ranks as the second fastest-growing MSA in the country, home to 1,484,338 residents, making this investment opportunity even more attractive.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management, and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide.
