City Hall Storage Portfolio
For sale129 Johnson Road & 124 Spring Street, Maynardville, TN 37807
Unit / Space count
155
Price
$1,425,000
Cap Rate
6.36%
Occupancy
90.24%
Lot size
3.72 acres
Number of buildings
6
Property description
The City Hall Storage Portfolio presents an attractive opportunity to acquire two established self-storage facilities in Maynardville, Tennessee, just north of Knoxville. Located less than two miles apart, the properties offer a complementary combination of storage units and outdoor parking, serving the needs of local residents, businesses, and outdoor recreation enthusiasts throughout the surrounding area. With strong existing occupancy, limited competition in the immediate market, and convenient access to the greater Knoxville region, the portfolio provides a solid foundation for continued performance in a growing East Tennessee market. The portfolio also offers meaningful opportunities to enhance income and unlock additional value. Below-market rental rates create a clear path for revenue growth through strategic rent adjustments, while increased fee income and tenant insurance programs offer additional upside. The close proximity of the two facilities creates an opportunity for streamlined, remote management and operational efficiencies. Combined with population growth, expanding regional connectivity, and the area's proximity to Norris Lake and other recreational destinations, City Hall Storage is well-positioned for investors seeking an established self-storage portfolio with compelling value-add potential.
Property highlights
- Two Self Storage Properties Located Less Than Two Miles Apart and Comprised of 155 Non-Climate Units Totaling 19,200 Net Rentable Square Feet
- Both Locations Benefit From Being Located Within a Designated Opportunity Zone
- Very Limited Competition in the Immediate Trade Area Evidenced by a Market Saturation Rate of 4.4 SF/Capita for Self Storage Within Five Miles of the Property
- Below Market Rents Bode Well for the Implementation of Existing Customer Rent Increases
- Opportunity to Increase Revenue Through Maximizing Fee Income and Tenant Insurance Sales
- Facilities are Excellent Candidates for Remote Management Thanks to Their Close Proximity and Strong Occupancy
- Located Only 20 Miles North of Downtown Knoxville, the Town of Maynardville is Surrounded by State Parks, Lakes, Waterfalls and Other Natural Beauty
- The Rapidly Growing Knoxville MSA is the Third Largest in the State of Tennessee and is Home to 968,137 Residents
Broker of Record Zachary Moore Tennessee BOR License No. 331635 Firm License No. 265768 813-839-7300 FSIVS@FranklinSt.com Franklin Street Real Estate Services LLC