Access Self Storage in Winston-Salem, N.C., recently sold for $2.2 million. The facility had a capitalization rate of 1.8 percent due to economic occupancy of 42 percent, according to Marcus & Millichap Real Estate Investment Services, which brokered the sale. The self-storage property was bank-owned and offered at below replacement cost.
Built in 2008 on 3.84 acres, the self-storage facility features 530 units, with all but seven being climate-controlled. Onsite amenities include wide hallways, electronic gates with keypad access, intercoms, security cameras, music piped through the hallways, and a spacious apartment above the management office. The site features high visibility with a generous amount of road frontage.
Marcus & Millichap’s Stacey Gorman and Don Gilchrist represented the seller in the transaction. The unnamed buyer was from New York and represented by an outside broker.
Marcus & Millichap specializes in commercial real estate investments. The company has more than 1,000 investment professionals in offices nationwide and closed more than 5,000 transactions last year.