Millers creek Storage
248 KITE ROAD, MILLERS CREEK, NC
1172 NC-16, WILKESBORO, NC 28697
$2,050,000
Miller’s Creek Storage is a value-add self-storage facility located across two parcels less than two miles apart at 248 Kite Road, Millers Creek, NC and 1172 NC-16, Wilkesboro, NC. Together, the sites serve the Millers Creek and Wilkesboro trade area with convenient access to NC-16 and US-421.
The facility consists of 190 non-climate, drive-up units totaling 26,000 net rentable square feet. The site features a simple, efficient layout that supports low operating costs and lends itself well to remote management.
The property is fully fenced and equipped with security cameras, providing a controlled and secure environment for tenants while supporting low-touch operations. Current occupancy is approximately 67%, creating a clear opportunity for upside revenue increase through lease-up and modest rent optimization. At $78.85 per rentable square foot, the offering is priced below replacement cost.
Miller’s Creek Storage is located in a supply-constrained tertiary market with limited new development. With improved management and stabilization, the property offers strong cash flow growth and a clear path to value creation.
INVESTMENT
HIGHLIGHTS
Pricing & Valuation
– Price: $2,050,000
– Price per rentable sf: $78.85
– Current cap rate: 6.72%
– Year 1 cap rate: 8.46%
– Below replacement cost entry basis
Property Overview
– Net rentable square feet: 26,000 SF
– Total units: 190 drive-up, non-climate units
– Configuration: two parcels less than 2 miles apart
– Layout: single-story, drive-up design
– Security: fully fenced with cameras
– Occupancy & performance
– Current physical occupancy: 66.9%
– Current economic occupancy: 67.6%
– In-place NOI: ~$137,800
– Clear upside through lease-up and rent optimization
Market & Location Highlights
– Serves the millers creek / wilkesboro trade area
– Convenient access to NC-16 and US-421
– Supply-constrained tertiary market
– Stable demand supported by local employers
– Management & Operational Upside
– Well-suited for remote, low-touch management
– Low-maintenance, drive-up facility
– Opportunity to add value through professional management, lease-up, and ancillary income
Broker of record: BRIAN BROCKMAN | Bang Realty-North Carolina Inc | bor@bangrealty.com | Tel: 513.898.1551 | License: 298998
