Exclusively Listed By:
EquiCap Commercial 

DEAL SUMMARY

​

List Price:   $3,500,000

NRSF:         39,535

Units:          233

Acres:         4.62​

​​​​

INVESTMENT HIGHLIGHTS

​

PRIME LOCATION //  Located in the highly desirable Tri-Cities area of east Tennessee just off of Highway 19W that offers strong traffic counts of 26,713

RENTAL RATE GROWTH OPPORTUNITY //  A new owner will be able to push in place rental rates on day one. Majority of the rent roll are below market rents, allowing for room to grow the income within the first year.

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

​

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

​

VALUE-ADD OPPORTUNITY //  Physical Occupancy of 84%; Unit Occupancy of 67% offers multiple avenues to drive revenue and position the investment for strong long term yields growth

​

INVESTMENT SUMMARY

​

EquiCap Commercial is pleased to offer for sale Piney Mini Storage, located at 160 Emily Blvd in Piney Flats, 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 2.62 acres, providing additional expansion potential. Property amenities include 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.

​

Piney Mini Storage is owner-operated and meticulously maintained; however, it would 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 84% (73% 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.

​

Priced at $3,500,000, or $88.53 per square foot, Piney Mini Storage offers investors the opportunity to acquire a strong value-add asset with multiple avenues to drive NOI growth. With a going-in cap rate of 5.3% (based on 69% economic occupancy), a new owner can reasonably target a stabilized cap rate of 7.7% by implementing disciplined revenue management, leasing remaining vacancy, and executing the conversion of non-climate units to climate-controlled space. This is a highly executable value-add opportunity in a growing market, offering both near-term upside and long-term income stability.

​​​​​