$3,160,000 | Storage Source One | Bristol, VA

Description

The Colliers Self Storage Group is pleased to exclusively offer to qualified investors the opportunity to purchase Storage Source One located at 3057 Lee Highway in Bristol, Virginia.  This facility offers a convenient location along the 6-lane Lee Highway just off Interstate 81 in the heart of Bristol’s primary retail corridor.

Storage Source One consists of a two-story climate-controlled building, with both floors having ground-level access, as well as a 10,050 SF building for future expansion.  This facility opened in January of 2024 and offers tenants 19,805 rentable square feet and 189 units situated on approximately 2.06 acres.  These units range in size from 4’x5’ to 16.5’x29’.

Storage Source One is located in Bristol, Viriginia, a city situated along the Viriginia-Tennessee state line.  The area’s economic drivers are focused primarily on its industrial base, including autos, electronics and food products.   Major employers in the area include Alpha Metallurgical Resources, Bristol Compressors, and Universal Fibers.  The 5-mile population is a dense 45,113 individuals which has averaged an annual growth rate of almost 1% since 2000.  According to Yardi, the saturation within five miles is just 2.11 sf per capita, with no climate controlled square footage besides Storage Source One.

Storage Source One offers its tenants excellent amenities, including access-controlled covered loading areas with keycode access, motion activated LED lights throughout, 64 video surveillance cameras, and wide asphalt drive aisles.

With an asking price of $3,160,000 and just $159.56 psf of the Phase I square footage, Storage Source One provides the investor both a strong initial lease-up of Phase I as well as multiple opportunities to create value.  There are drawings for converting the 10,050 sf Phase II building, as well as drawings for adding 91 modular units totaling 15,480 sf.  Both improvements will significantly bolster revenue, however neither has been factored into the underwriting.  Storage Source One will continue to be the market leader for climate-controlled storage in Bristol for years to come and provides the purchaser with multiple ways to generate additional revenue through future expansion.