Exclusively Listed By:
EquiCap Commercial 

DEAL SUMMARY

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List Price:   $3,300,000

NRSF:         39,535

Units:          233

Acres:         4.62​

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INVESTMENT HIGHLIGHTS

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SELLER FINANCING //  The Seller Financing allows an investor to acquire the property with positive day-1 cash flow that leads to 10% cash-on-cash within 2 years and 28% IRR return over a 5-year hold period

DESIRABLE MARKET //  Located in the highly sought after Tri-Cities area of east Tennessee just off of Highway 19W that offers strong traffic counts of 26,713

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VALUE-ADD OPPORTUNITY //  Physical Occupancy of 83%; Unit Occupancy of 71% and Economic Occupancy of 69% offers multiple avenues to drive revenue and position the investment for strong long term yield growth

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FAVORABLE SUPPLY INDEX //  The 5-mile supply index is 6.31 sq feet per capita with no new construction noted (Source: TractIQ)

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DIVERSE UNIT MIX //  The facility spans 39,535 NRSF, featuring 212 non-climate units, 13 climate-controlled units, 3 flex warehouse units and 5 outdoor parking spaces catering to a wide range of storage needs

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INVESTMENT SUMMARY

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EquiCap Commercial is pleased to offer for sale Piney Mini Storage, located at 160 Emily Blvd in Piney Flats (Johnson City MSA), Tennessee. Piney Mini Storage consists of 225 climate and non-climate controlled units, 5 open parking spaces, and 3 large flex spaces, totaling 233 units across 39,535 rentable square feet. The facility sits on 4.62 acres, providing ample room for futures expansion. The property includes a retail office, two large interior loading/unloading areas within the non-climate building, 22 security cameras and gated access serving both the drive-up units and flex warehouse. The facility also operates as a highly active U-Haul dealership, generating supplemental income and additional customer traffic.

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Piney Mini Storage is owner-operated and well maintained; however, it will benefit from a more professional or institutional management platform. This is mostly evidenced by the lack of customer rate increases past several years. While the owner has recently begun implementing modest adjustments, there is still a lot of upside through enhanced street rates and existing customer rate increases. With physical occupancy at 83% (71% by unit count) but economic occupancy at just 69%, there is a clear opportunity to bridge the gap between in-place income and market rate potential. Additional upside exists through leasing the vacant units and converting the existing non-climate interior units into climate control units, as evidenced by 85% occupancy in existing climate units compared to 73% in non-climate interior units.

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Piney Flats, Tennessee is an established and growing community located approximately 10 minutes east of Johnson City and strategically positioned within the Tri-Cities region (Johnson City, Kingsport, and Bristol). The property is located just off of Highway 19W, a primary commercial corridor with traffic counts exceeding 26,000 vehicles per day. The Johnson City MSA has experienced approximately 3.5% population growth since 2020 and nearly 8% growth over the past decade, while the broader Tri-Cities region has added over 18,000 residents in recent years, reflecting steady, sustainable expansion across Northeast Tennessee.