Creekside Storage 2-Pack Morristown TN 2 Specialty Properties Offered at $2,025,000 in Morristown, TN

Equicap Commercial is pleased to present the two Creekside Storage properties located in Morristown TN. They are strategically positioned approximately five miles apart at 318 Boyd School Rd (Morristown East) and 3303 W Andrew Johnson Hwy (Morriston West), both in Hamblen County. The properties are being sold together and are part of the larger regional portfolio under the Creekside Storage brand.
The sites consist of 29,533 Net Rentable Square Feet with complimentary unit sizes ranging from 6 x 6 up to 26 x 40, a total of 169 drive-up units of which 83% are occupied by area and 86% economically occupied. Presented at a competitive 7.70% in-place cap rate, the investor will enjoy a healthy 8.70% cap rate in Year 1 and 9%+ cap rate thereafter.
PROPERTY HIGHLIGHTS // Morristown West
Location & Market // Prime visibility along Andrew Johnson Hwy with 33,369 VPD. Adjacent to established residential
neighborhoods and the Morristown Country Club. High traffic count ensures consistent drive-by exposure for
this property with larger unit sizes and parking
Operations & Security // This facility is stabilized with predictable occupancy and achieved rents consistent in line
with market. This well-lit facility has new LED lighting installed in the last two years pole lights as well as wall
packs. A PDK gate controller with Viking motor was installed along with a closed-loop exit along with full camera
coverage with NVR and internet-enabled remote monitoring.
Capital Expenditures & Improvements // Recent tree trimming, door replacements, and lighting upgrades ensure
minimal near-term capex. Seven additional parking spots are ready to support new tenants that are in operations in the
field but have not yet been added into software as of the listing date.

PROPERTY HIGHLIGHTS // Morristown East
Location & Market // Located 5.8 miles east of the West facility off E Morris Blvd, with 18,950 VPD. Close to local
amenities such as Frank Larino Park and ongoing residential development, providing a stable tenant base and good
visibility.
Operations & Security // With consistently high occupancy and strong achieved rents compared to market, this
facility has enjoyed strong occupancy in addition to operational synergy with the West site. The site boasts full LED lighting,
a PDK gate controller for access along with 12 Hikvision cameras routed to on-site NVR.
Capital Expenditures & Improvements // Recent tree trimming, LED lighting upgrades, PDK controller and high-tech
cameras ensure this facility is in good shape for the future. The office area contains approximately 1,000 sq/ft of space that
could be converted into indoor units, or potentially climate control. Executing on this expansion/conversion would enable
the investor to collect another $10,670 per year with minimal capital expenditure investment.

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