This property is Off-Market

3701 NC Highway 55
Cary, NC 27519 ·

29,350 SF · Industrial For Sale

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Highway 55 Self Storage & Wine Storage

Price N/A Cap Rate 9%
Building Size 29,350 SF Occupancy 98%
Property Type Industrial Tenancy Multiple
Property Sub-type Self/Mini-Storage Facility Year Built 2010
Property Use Type Investment Lot Size 6.90 AC
Listing ID: 16749832 Date Created: 07/07/2010 Last Updated: 04/21/2011

Description

This new, Class A property in Cary, NC presents the unique opportunity to capitalize on the upside potential that comes with new development, yet, this offering is priced on the basis of existing occupancy for the property that has reached 98% unit occupancy after only three months of operation. Phase I (completed in April 2010) is comprised of 29,350 SF. Planning approval has been granted and site work has been completed for future phases of 51,650 SF, bringing the potential development to 81,000 SF of gross building area. Income flows in from conventional storage units, climate controlled units, wine storage and a booming truck rental (U-Haul) business. Until Phase II and III are built, income is also available from outside boat and RV storage.

Cary is a thriving community in the heart of the Triangle area of North Carolina, between Raleigh and renowned Research Triangle Park. The Triangle area repeatedly has ranked among the top regions in the country to live or work, to find a home or start a business, to raise a family or retire. Cary repeatedly ranks among the top places in the nation to begin or expand a business. The largest employer is SAS Institute Inc., the biggest privately-held software company in the world. Other widely known companies in Cary include MCI WorldCom, IBM, American Airlines Reservation Center, Lucent Technologies, Siemens, John Deere and Cotton, Inc. Business 2.0 magazine has put the area at the top of its boom town list measuring cities' capacity to create high wage jobs. The January 2004 issue of Money Magazine named Cary the hottest town in the East and one of six Hottest Towns in America; the August 2006 issue recognized Cary as one of the Best Small Cities in America, also ranking fifth on the magazine's 2006 list of Best Places to Live.

Highlights

  • Brand-new Class-A facility opened April 2010
  • 98% occupancy attained in 1st three months
  • Phase II and III building pads ready for construction
  • Climate controlled units; wine storage; truck rental
  • Dynamic growth area in NC Research Triangle (Cary)
  • High barriers to entry for future competition

Research

3701 NC Highway 55, Cary, NC 27519 (Wake County)

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